Despite the happy talk from David Frum and others, most Americans don’t see it that way. Consumer confidence has fallen to a 2 year low. Keep in mind that it was 2 years ago this summer, the Obama Boom was declared. As we all know, it was a myth invented by the media to create false confidence in the economy. Once again, this was called unexpected or in this case, short of expectations!
U.S. consumer sentiment deteriorated in early July to the lowest level since March 2009 on increasing pessimism over falling income and rising unemployment, a survey released Friday showed.
Confidence in government economic policies also curdled, the Thomson Reuters/University of Michigan survey showed.
U.S. lawmakers are wrangling over a budget deal that would allow the government to raise the debt ceiling—needed so the United States can fund its obligations next month.
The preliminary reading for the consumer sentiment index dropped to 63.8 in July from 71.5 the month before, falling far short of expectations of an increase to 72.5, according to a Reuters poll of economists.
How’s that Obama Boom working out?
Tags: Consumer Confidence, Stagflation, Stagnation, The Obama Boom
