Biden economist Jared Bernstein gave a baffling press conference at the White House yesterday boasting about the condition of the economy.
Too bad almost no Americans agree with him.
A University of Michigan survey of consumer sentiment has tanked with personal finances continuing their precipitous fall – printing at 50 for June and 51.1 for July. The previous low was 51.7 in May 1980. So Americans are more glum about the economy today than during the depths of the pandemic and after the economic/financial crash of 2008.
Households’ expected future financial conditions are at the lowest level since the 2009 financial crisis. The recent mild decrease in gas prices has not been enough to improve inflation expectations from levels not seen since the double-digit inflation of the late 70s and early 80s.