Posted on 06/29/2022 11:13:01 AM PDT by george76
Roaring inflation is tanking Americans' confidence in the economy..
U.S. consumer confidence tanked in early June, reaching the lowest level ever recorded as soaring inflation batters Americans' budgets and fuels concerns for the economy at large.
The University of Michigan's consumer sentiment index released Friday shows the index plunged to 50 this month, a 14.4% drop from May and the lowest reading since the survey began in the late 1970s.
...
The survey indicated declines in every component, reflecting a bleak vision from respondents: The year-ahead outlook tumbled 24%, while Americans' assessments of their personal financial situations worsened by 20%.
More than half of consumers surveyed said they expect their incomes to go up over the next year. But at the same time, 53% responded that they anticipate that inflation will outpace any rise in income.
...
The latest consumer price index from the Labor Department shows inflation unexpectedly surged 8.6% in May, the fastest pace since December 1981.
The rising prices have eaten away at Americans' earnings as inflation has outpaced wage gains for months, sparking recession concerns as households brace for faster price increases.
(Excerpt) Read more at foxbusiness.com ...
President Retard did that 🤪
đź“Śđź“‚
We are in Biden’s Recession, so what’s the surprise here? The challenge is to get everybody to recognize that before November, otherwise Republicans will get blamed for it once they win in November.
Certifiable. And not funny.
âś”
We went to town yesterday in a rare back to back Tuesday excursion after me having been self isolated here on the farm for about two months. What I saw furthers what I have seen every day in the last two months, much less traffic on the road and then hardly anyone eating at the restaurants we usually find crowded even in the post lunch time frame. Many restaurants had exactly ZERO cars in the parking lot.
What I also saw:
Baring shelves in the grocery store, some items simply gone and the shelves blanked off, chicken and beef in particular.
Bread up about 35% in two months. Ditto for cereal stuff.
Fresh produce still in relative abundance. Interesting.
The section of consumer goods is piled high with stuff, it has always been useless junk to me but it once sold and now it looks like it doesn’t so much.
Truck traffic seems to be slowing but the freight statistics will show that if they are honest. I still see lots of FEDEX, Hobby Lobby and Walmart trucks thought.
People buying less. This is confirmed by the sales tax collection numbers posted by the state. Even with inflation collections and sales are down about 10%.
It looks like things are grinding down to me. I sat on the front porch yesterday evening and listened to the quiet punctuated from time-to-time by the sound of a distant car growing louder, passing and the sound fading into the distance. That has not happened in the 6 years since I retired and returned to the farm from Houston since there has usually been a drone of cars day and night in a steady parade.
Let’s Go Brandon! How low can you go?
Certifiable. Not funny....and
Dangerous. All of them.
If only some of those “81 million” had some common sense. He said he was going to do this loud and clear many times.
Wal-Mart.
Monopoly
Jimmy Carter takes a sigh of relief.
But, but, but Joey Crappy Pants says the economy is roaring. Is he by chance LYING ?????
over 75 million people have been thrown into poverty..
https://freerepublic.com/focus/chat/4074825/posts
The true number of unemployed is the 99.3 million not in the labor force plus the 5.95 million recorded as unemployed or 105.25 million. This represents 40% of the civilian population of working age ..
ht to Soul of the South.
https://freerepublic.com/focus/f-bloggers/4074261/posts?page=3#3
“The true number”
They really do play all kinds of games with the way statistics are kept these days. One constantly hears that if they kept the stats the old way, constant new record lows would be hit.
Illegal ballots have no common sense.
Rates to stop inflation of 8% would remove about 600 billion from government omnibus budgets because they have to meet debt service payments.
That’s yearly.
You wouldn’t notice based on the vehicles and traffic in and around H-town. Lots of trucks on the road and businesses around here are booming for the most part
Grocery shopping the other day, had meat in the freezer so I didn’t buy any, and the cashier commented as she rang me up, “no meat…again.” I asked her about it, she said nobody’s buying. Apparently the high cost is really denting sales.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.