Consumer Confidence fell to 46 in February, down from 56.5 in January (1985 = 100).
One indicator of a recessionary economy is when the consumer confidence index falls below 50. This drop can be contributed to many things, but I think it’s just a normal reaction to all the uncertainty surrounding federal budget deficits and health-care reform as well as the commotion being caused by the “Tea Party movement”. A recent poll by The Economist shows that nearly one in five Americans, or about half of the Republicans, think of themselves as part of the tea-party movement. As Bill Maher reported last Sunday night on his show, “A poll showed 90% of Teabaggers thought that taxes had gone up or stayed the same under Obama. Only two percent thought they went down. The simple reality is: for 95% of working families, taxes went down. Only 2 percent of the people in a movement about taxes and named for a tax revolt, have the slightest idea about what is going on – with taxes.” The poll below also hints to why Consumer Confidence plummeted.
The moral of the story is, don’t be too preoccupied on this bad news, as it seems most Americans are just scared because they just don’t know what is going on and what will happen. Nothing wrong with that, it happens to us all.
One indicator of a recessionary economy is when the consumer confidence index falls below 50. This drop can be contributed to many things, but I think it’s just a normal reaction to all the uncertainty surrounding federal budget deficits and health-care reform as well as the commotion being caused by the “Tea Party movement”. A recent poll by The Economist shows that nearly one in five Americans, or about half of the Republicans, think of themselves as part of the tea-party movement. As Bill Maher reported last Sunday night on his show, “A poll showed 90% of Teabaggers thought that taxes had gone up or stayed the same under Obama. Only two percent thought they went down. The simple reality is: for 95% of working families, taxes went down. Only 2 percent of the people in a movement about taxes and named for a tax revolt, have the slightest idea about what is going on – with taxes.” The poll below also hints to why Consumer Confidence plummeted.
The moral of the story is, don’t be too preoccupied on this bad news, as it seems most Americans are just scared because they just don’t know what is going on and what will happen. Nothing wrong with that, it happens to us all.
For the full story: http://www.conference-board.org/economics/ConsumerConfidence.cfm
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