‘Pessimistic’ and ‘Defeated’: Biden’s Failing Economy

Surveys and economists say consumers are feeling almost as ‘pessimistic’ about the state of the economy as they were in the early days of the COVID-19 pandemic. As inflation surges and real wages decrease, consumer spending is falling and Americans say they are less confident with their family’s financial situation.

WSJ: Consumer perception of current economic conditions in December was almost even with April 2020 levels, when sentiment bottomed out following the first major restrictions to control the coronavirus pandemic.

While Americans’ feelings about their personal finances slid through much of 2021, concerns about buying conditions—amid continuing worries about inflation—fell drastically for much of the year.

Household income has declined. . . at the same time, decades-high levels of inflation have tempered enthusiasm for spending.

Supply chain disruptions and rising prices — driven by the BIden-Harris Administration’s mismanagement of the economic recovery — are adding to working families’ anxiety about the state of the country’s economy.

WSJ: Now, supply chain and other problems are driving an increase in prices for everyday items and services. Data on Wednesday showed that inflation as measured by the U.S. consumer-price index rose 7% in December with rising prices for rent, groceries, gas and more.

Financial advisers and economists say some consumers feel defeated.

Some of these Americans are still unsure about spending their savings given new virus variants. Others are unhappy that their pay isn’t keeping pace with inflation. Those who held off on spending for a while say they are being outbid for all types of items, from cars and homes to rental properties and construction equipment.

“Prices have gone up so much. It’s frustrating when you’re trying to plan,” said Dr. Ann Kier-Schroeder.

Bottom Line: Americans are worse off because of the Biden-Harris Administration’s mismanagement of the economic recovery.