Americans Losing Any Confidence They Had in Biden’s Economy

President Joe Biden reviews remarks he will deliver about the situation in Afghanistan, Thursday, August 19, 2021, in the Oval Office of the White House. (Official White House Photo by Erin Scott)

You have undoubtedly watched with some trepidation as Joe Biden has slowly dismantled all the progress Donald Trump made on the economy. Americans are feeling Biden’s failures every night as the price of dinner goes up, and every day as the commute costs them more and more.

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Xavier Fontdegloria reports for MarketWatch:

Confidence among U.S consumers fell slightly in May as concerns over inflation and rising interest rates offset a still upbeat outlook on the labor market.

The Conference Board’s consumer confidence index fell to 106.4 in May from a revised 108.6 in April, data from the private-research group showed Tuesday. Economists polled by The Wall Street Journal expected the index to decline to 103.9.

“Inflation remains top of mind for consumers, with their inflation expectations in May virtually unchanged from April’s elevated levels,” said Lynn Franco, The Conference Board’s senior director of economic indicators.

U.S. inflation stood at 8.3% in April, easing from March but close to its highest annual rate in four decades.

Americans’ purchasing intentions for big-ticket items such as homes, cars or major appliances all cooled in May, likely a reflection of rising interest rates and consumers pivoting to spending on services, Ms. Franco said.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.