U.S. Consumer Confidence Hits Rock Bottom
The AFP reported Tuesday that U.S. consumer confidence had hit an all-time low.
According to the Conference Board, a business research firm, ‘its consumer confidence index plummeted to 38.0, its lowest reading since the index was launched in 1967, down from 61.4 in September.’
That is a gigantic fall. Most analysts thought it would fall to 52.0, not somewhere in the high 30s. This report indicates that Americans fear that the worst is yet to come.
Their fears are, of course, enforced by American politicians, who never fail to mention that the current economic crisis is the worst since the Great Depression, which ruined many world economies in the 1930s. This crisis left tens of millions unemployed, hungry, and homeless. Every reference to this crisis is likely to decrease consumer confidence – it’s time we start talking about consumer insecurity - with a couple of points.
Political leaders have the responsibility to behave in a manner during times of crisis that restores confidence. At this moment, most have not done so, resulting in the horrific figures reported today.
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yet another bullet point for the Democrat led Congress list of accomplishments.