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Consumers Are Turning on Bidenomics as Election Nears

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You can feel election season heating up as the first debate between Joe Biden and Donald Trump in the 2024 election cycle will take place tomorrow. The NY Post reports that consumer confidence is being hit as Americans worry about the economy under Joe Biden. The paper reports:

US consumer confidence eased in June amid worries about the economic outlook, but households remained upbeat about the labor market and expected inflation to moderate over the next year.

The mixed survey from the Conference Board on Tuesday also showed consumers’ perceived likelihood of a recession over the next 12 months retreated this month after rising in April and May.

Though fewer consumers planned to buy vehicles and household appliances over the next six months, more planned to go on vacation. Labor-market resilience is driving consumer spending, underpinning the economy despite the Federal Reserve’s hefty interest-rate hikes in 2022 and 2023 to quell inflation.

Action Line: Since peaking just after he moved into the White House, Consumer Confidence has trended ever-lower while Joe Biden has been running the country. Take a look at my chart below to see the steady declining trend in American consumers’ moods. If you’re worried about what the future will bring, click here to subscribe to my free monthly Survive & Thrive letter.

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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 (RIP JB) 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.
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