Posted on 10/07/2023 1:21:51 PM PDT by CFW
Consumer confidence, as measured by the IBD/TIPP Index, dropped to 36.3 in October, the lowest since 2011
The Six-Month Economic Outlook component reached an all-time low of 28.7, signaling a bleak outlook
Low confidence stems from factors like high inflation (16.7% since Biden took office), stagnant wages, expensive gas, student loans, and concerns about government spending
The Federal Reserve's actions to combat inflation and stock market volatility contribute to the gloomy outlook
Worries persist about the Russia-Ukraine conflict and the possibility of an economic recession
Only 25% of Americans approve of President Biden's handling of the economy
The IBD/TIPP Economic Optimism Index, a leading measure of consumer confidence, declined 6.9 points, or 16.0%, from 43.2 in September to 36.3 in October. This month’s reading undercut the previous low of 35.8 posted in August 2011.
In September of 2021, the eighth month after President Biden took office, the index fell below 50.0, defined as the pessimistic zone, and has remained there for 26 consecutive months.
Further, confidence this month is 39% below its pre-pandemic level of 59.8, recorded in February 2020.
Why is economic confidence a big deal?
But, unfortunately we have what we have and all signs point to it getting worse. A lot worse.
Wait until the markets open on Monday. We still have Sunday to “live through” if we make it.
---
It is a federal holiday Monday. Banks and federal offices will be closed, as will the the bond markets that trade in U.S. government debt. However, the stock exchanges WILL be open. It was an interesting day on Friday which you can tell if you just take a look at the graphs of the stock exchanges.
Monday however, is going to be a very interesting day.
2011?
who was president?
We should be concerned about the US, not Biden. The House should pass appropriation bills and send them to the Senate.
Each appropriation bill be small and not part of an omnibus. Each bill should highlight what is not in it. What is not in it should divide the Democrats.... the common sense from the wackos.
“Only 25% of Americans approve of President Biden’s handling of the economy”
Those 25% should be in institutions, getting medical help.
Obama,the year before he was re-elected.
“We should be concerned about the US, not Biden.”
I care less about Biden than I do about that bug I tossed out the door this morning.
2011, when another traitor, er, Democrat was in charge.
Christmas shopping will be starting soon. Santa Claus won’t be pleased.
Folks, we are at war.
Only 78 looting days until Christmas!
Bidenomics
One for you one for me
Two for you one two for me
Three for you one two three for me.........................
----
That's about it. Except when it comes to tax dollars. Then, it is "three from you, zero from me....".
If you read the linked article, below is just the first few items they mention in regards to "Bidenomics":
Bidenomics is not working. Bidenflation, as measured by the TIPP CPI, stands at 16.7%. Prices have surged by 16.7% since Biden assumed office. Paying bills and making ends meet are major concerns for Americans. Inflation is an additional tax, with each household spending an extra $700 monthly.
Americans' wages have not kept pace with inflation. Six in ten Americans live paycheck to paycheck. Many Americans have to rely on credit cards or take on a second job to make ends meet.
Gasoline prices, with a national average above $3.50 per gallon, are draining more money from wallets.
After a hiatus, student loan payments are due again, likely putting more strain on pocketbooks.
Americans face yin-yang dynamics. While the Fed is raising rates to curb inflation, Biden is increasing spending that fuels inflation. The net result is prolonged stagflation.
If you want a place to bookmark to occasionally check in on government agencies economic reporting numbers and indicators, I recommend the link below. It gives the latest on everything from inflation rate and consumer confidence to debt and on to private sector debt and spending. It's very handy when wanting to respond with facts to someone but can't remember which site to go to find the numbers.
That’s right, and thanks, I stand corrected but it will be interesting..
LOL! I carried in over a hundred bucks of groceries today in the little plastic Kroger bags........on just one arm!
Great data thanks your 100% right
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.