Consumer Confidence Reaches a New Low

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Poor economic choices have consequences, especially when they come from the US federal government. This is a reality the nation is forced to live with every single day.

Gas prices, groceries, and other necessities to survive are reaching ridiculously expensive levels. Meanwhile, the supply chain holdups are making it harder (and more costly) for Americans to purchase goods, Christmas gifts, and other things they may want or need.

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When it comes to the economic problems facing America, the Biden administration has repeatedly tried to spin the situation into something it’s not. Yet, regardless of how many lies come from the White House, the data and numbers will always speak the truth.

According to Breitbart News, the president’s inflation crisis has caused consumer confidence to reach a new low.

The Downfall of US Consumer Confidence

Economic data from the Conference Board shows during October, consumer confidence index levels fell from 111.6 to 109.5. Within a five-month timeframe, this is exactly the fourth time US consumer confidence declined.

There’s no mystery regarding precisely what is causing declines of this magnitude. Right now, the issues bothering consumers at hand include not just the COVID delta strain, but also apprehensions about price increases.

Growing numbers of Americans are finding it harder to purchase cars, residences, and even home appliances. Quite frankly, inflation is literally pricing Americans out of the market. Let’s not also forget the supply chain problems make certain goods harder to come upon.

To this day, the White House has not addressed the fall in consumer confidence. However, Biden is using his Twitter feed to go after Republicans who aren’t supporting his efforts to pass yet another costly, trillion-dollar spending package through Congress.

A Spending Problem

The Biden administration believes they can spend their way out of inflation. Biden, himself, has said this. The 46th president stated weeks ago at a CNN town hall that passing more spending bills will provide relief and ease inflation.

As many Americans pointed out later, it simply does not work this way. The more the federal government spends money, the more they increase inflation. The more inflation increases, the higher prices will rise.

The higher prices rise, the more consumer confidence will decline. The nation’s spending problem is like a negative domino effect. The only way to stop everything from falling is to address the root cause of the problems: wasteful government spending.

Until this issue is taken care of, consumer confidence and other economic indicators will continue to get lower and lower.

What do you think about the latest economic data tracking consumer confidence in the United States? Do you believe this problem is going to get worse before it improves? We’d like to read your thoughts in the comments field below.