by Martin Armstrong, Armstrong Economics:
Americans have lost faith in the economy after a year of runaway inflation and incompetent leadership. The Economic Confidence Index (ECI) fell to -33 last week, similar to levels seen during April 2020 when the world economy went on a hiatus. With inflation running at its highest level since 1982, it is no wonder that the public has lost confidence in the government’s ability to handle the economy. Even President Biden recently told the public that there is no solution at a federal level to combat the effects of covid.
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About 67% of respondents said that the economy is worsening. Around 29% said that the economy was their greatest concern, and among them, 11% cited general concerns, 6% cited employment constraints, and 2% cited class differences. Around 21% said poor government leadership was of utmost concern and 13% noted the ongoing coronavirus. Gallup stated that 40% of Americans would rate the economy as “fair,” while 42% feel it is “poor.”
“As 2021 comes to a close, morale is low in the U.S. COVID-19 continues to rage on, perceptions of the U.S. economy have worsened, Biden’s job approval rating is slumping, and Americans’ overall satisfaction with the direction of the country is low,” the report concluded. “Six months ago, the public was much more optimistic, but the delta and omicron variants of COVID-19, supply chain problems and rising inflation have dampened spirits.”
This is how the pendulum swings from public to private waves.