Consumer confidence in the United States is practically on life support these days — and we most certainly cannot fault consumers for that.
After more than two years of federal “stimulus” that was unsuccessful in holding down unemployment, President Barack Obama’s new recipe for reining in joblessness is — more stimulus!
And he wants to raise taxes, too, while giving only lip service to needed reductions in annual federal deficits and our $14.6 trillion national debt.
None of those failed prescriptions for our economy gives the average American consumer any reason for confidence that things are going to turn around soon.
In fact, recent reports show that consumer confidence has now fallen to its lowest level in almost two and a half years. The Conference Board’s Consumer Confidence Index dropped in August to 44.5. For perspective, a reading higher than 90 is considered good — so we’re currently at less than half that level.