Good thing Biden’s on vacation at Camp David yet again this weekend. Sure, sure, he can do pretty much everything there he can do at the White House, but, unlike previous presidents, Biden doesn’t seem to do a damned thing on the weekends, just sleep and get ice cream
US consumers are ‘in a deep funk’: What that means for the economy
As concerns around inflation soar, American consumers’ outlook on the trajectory of the U.S. economy has deteriorated, worrying some experts that negative attitudes could dampen expenditure and put a dent in economic growth.
The University of Michigan’s closely-watched consumer sentiment index fell to 61.7 in early February, hitting the lowest level since October 2011. January saw a reading of 67.2.
Recent declines in the measure have been driven by weakening personal financial prospects amid rising inflation, less confidence in the government’s economic policies, and the least favorable long-term economic outlook in a decade, the University of Michigan said in its latest report Friday.
The reading follows fresh CPI data out Thursday that showed U.S. inflation accelerated last month in the fastest rise since 1982, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions.
“Incredibly, the consumer is polling negatively on almost everything when it comes to the economy, and if their confidence doesn’t improve, the economy could be headed towards the cliff of recession,” FWDBONDS chief economist Christopher S. Rupkey said in a note. “We almost have to recheck our figures because the consumer is clearly in a deep funk and if they decide to call it quits then the economic growth we have seen is going to fade fast.”
Almost every single move the Brandon admin has made has hurt the economy and consumer confidence. Even his talking points hurt. Say what you will about Mr. Mean Tweets, Trump was focus on the economy and helping the middle and lower classes.
“The big drop in consumer sentiment through February is concerning,” Bill Adams, chief economist for Comerica Bank, said in a note, pointing out the indicator is down 26.6 points from its recovery-to-date high in April 2021 through the February preliminary release.
If we go by Democrat talking points, that would mean that the sentiment was high due to the work of the Trump admin, and then Brandon crashed it.
Morgan Stanley chief economist Seth Carpenter told Yahoo Finance Live that the data shows as long as job gains continue, consumer spending tends to hold up.
“Consumer sentiment numbers are a bit of a cautionary tale… but fundamentals still look pretty good,” said Carpenter.
And, hopefully this turns around, which would be in contradiction to Biden’s policies. Of course, the “new” jobs are mostly just replacing those lost during the Chinese coronavirus.
Read: LGB: Consumer Sentiment Falls To Lowest Level Since 2011 »
It was Democrats who nearly a decade ago first labeled the opaque funneling of millions of dollars into various political influence operations “dark money” and railed against the then-GOP-dominated practice.
Federal officials warned that a trucker convoy protesting COVID-19 vaccine mandates — inspired by the ongoing demonstrations in Canada — could target the Super Bowl this weekend, but law enforcement doesn’t see it as a major threat.
President Joe Biden often says America’s best days are ahead. It just doesn’t feel that way right now.
Sixteen youth plaintiffs are suing the state of Montana for their right to access a clean and healthful environment in a case scheduled to go to trial next year.
So far, four states — Connecticut, Delaware, New Jersey and Oregon — have announced that they’ll do away with requirements that K-12 students and teachers wear masks at school. Others may soon follow suit. It’s time.
The highways in Colorado, one of the nation’s fastest-growing states, are frequently clogged with suburban workers driving into Denver, skiers heading high into the Rocky Mountains and trucks rumbling across the Interstates.
