For many Americans, there was a strong belief that the end of the coronavirus pandemic was set to usher in a new era of prosperity. Perhaps a new “roaring twenties” was right around the corner, as folks forced to save money during the crisis would suddenly be ready to spend again.
Instead, the fiscal fracas has been made worse by a Democratic President who seems to have no real clue as to what he’s doing on the subject of the economy, surrounded by advisers who’ve only now begun to admit that they, too, were sorely mistaken about their abilities.
This has led to a renewed concern about consumer confidence.
The index of consumer confidence fell to 95.7 in July from a revised 98.4 in the prior month, the Conference Board said Tuesday.
The decline was larger than expected. Economists polled by The Wall Street Journal had forecast a decline to 97 from the initial June reading of 98.7.
And that wasn’t all:
The part of the survey that tracks how consumers feel about current economic conditions fell to 141.3 this month from 147.2 in June.Advertisement - story continues below
A gauge that assesses what Americans expect over the next six months ticked down to 65.3 from 65.8.
Biden’s economic unreliability has been a key issue in driving down his approval rating, which now hovers at an historically low level.
If the administration has botched the seemingly inevitable post-COVID boom, there is no reason that they should be allowed a second term to muck it up even more.