Sort of. It may be more perception of the economy rather than the reality. There was a lot of “economically stressed” people who voted for Trump in 2016, even though all the data suggests they were not stressed, and the US economy overall was fine.

A year ago, there was data that suggested you could go either way. It was easy to come up with arguments for or against a looming recession, and you didn’t have to cherry pick that hard. People seemed to expect there was going to be a recession, but it kept not happening.

Most indicators now suggest the economy is mostly fine. Inflation still needs to come down. GDP is up. Unemployment is at historic lows. But people are still expecting things to be bad.