Again, the primary cause of all the economic trouble is China fooling around with coronaviruses, with an assist from Fauci and the NIH. Then, along come Joe Biden, who’s not only done little to mitigate the economic issues, but, worked to damage certain areas of the economy
Consumer sentiment falls to record low in June as inflation persists
Consumer sentiment hit a record low in June as Americans continued to face elevated prices for gas, food, and other goods and services.
The University of Michigan’s closely watched Surveys of Consumers consumer sentiment index was revised lower to 50.0 in the final June survey.
This marked the lowest level on record in data for the series, which spans back to the mid-1970s. In the preliminary monthly survey, the index registered 50.2.
Inflation, which last increased at the fastest pace in more than 40 years as of May, remained a pressing concern and a key contributor to the further erosion in sentiment.
Well, hey, it’s an historic administration, right? Might as well have historic numbers
“About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009,” Hsu added. “Inflation continued to be of paramount concern to consumers; 47% of consumers blamed inflation for eroding their living standards, just one point shy of the all-time high last reached during the Great Recession.”
Hey, who was vice president during that time period?
The University of Michigan’s print also came following a number of other reports pointing to a deterioration in key parts of the US economy and a slide in sentiment among businesses. The preliminary S&P Global Composite Purchasing Managers’ Index (PMI) for June came in at 51.2, the weakest level since January, and S&P’s manufacturing output index slid into contractionary territory and a two-year low.
Two years ago everything was rather shut down due to the Wuhan Flu. How low can the Consumer Sentiment go when food shortages hit?
(MoneyWise) However, some experts say that halting the federal gas tax — which currently sits at 18.4 cents per gallon — might not be as beneficial as you’d think and are calling for other forms of relief.
“The average adult in the U.S. uses about one gallon of gasoline per day,” says Jay Zagorsky, senior lecturer in markets, public policy and law at Boston University.
“If President Biden is able to push through a gas tax holiday, the typical adult will save a bit less than $6 a month. In a time when inflation is over 8%, an extra $6 will not make much difference.”
I can get a Bojangles chicken biscuit combo once a month….would have to pony up some change for the tax, though.
The White House acknowledges that a gas tax holiday will not relieve high costs on its own but may provide Americans some breathing room during the Russia-Ukraine war, which has crimped the global supply of oil.
$6 a month is breathing room? No wonder the consumer sentiment is so low.
De Haan suggests indirect relief would be the best approach and recommends sending out a $50 or $100 check that Americans don’t necessarily need to use toward gas. This could help alleviate inflationary pressures for everyone, not just motorists.
Um, no. That’s part of the reason we’re seeing inflation. It made sense when so many were out of work in 2020. It didn’t make sense when people could start working again in 2021.