The Obama Boom continues to show signs of deterioration. Once again, an economic report comes in worse that expected. Consumer sentiment was at it’s lowest level since 1980.
U.S. consumer sentiment dropped to its lowest point in more than three decades in early August, as fears of a stalled recovery gelled with despair over government policies, a survey released Friday showed.
The Thomson Reuters/University of Michigan’s preliminary August reading on the overall index on consumer sentiment came in at 54.9, the lowest since May 1980, down from 63.7 in July. It was well below the median forecast of 63.0 among economists polled by Reuters.
High unemployment, stagnant wages and the protracted debate over raising the U.S. government debt ceiling spooked consumers, polled before the downgrade of U.S. sovereign debt by Standard & Poor’s a week ago.
No matter how much the media claims the economy is doing good, no one believes. Wages are stagnant and there are not many good paying jobs. Reality is destroying the myth of the Obama Boom.
Tags: Consumer Sentiment, The Obama Boom, The Obama Depression
