(FreedomBeacon.com)- Gone are the days of President Donald Trump’s “Super V” economic recovery and in are the days of mass inflation and declining consumer confidence. That’s the message from the University of Michigan’s latest survey of consumer sentiment.
The polling found that an increase in consumer expectations for greater inflation dragged down consumer sentiment by 6.2% from the final April read, dropping to a score of 82.8. Economists had hoped that the consumer expectations forecast would increase from 88.3 to 90.3.
But President Biden said that America was coming back!
Richard Curtin, the chief economist behind the survey, said that consumer confidence in early May dropped because of higher inflation and rising prices. He explained how it was the “highest expected year-ahead inflation rate as well as the highest long-term inflation rate in the past decade.”
Well, that doesn’t sound good.
The index also includes a “current conditions” section, which saw a drop of 6.6 percent down to 90.8.
The U.S. economy really isn’t doing well, and it was compounded this month by the news of a major foreign hacking of the nation’s biggest pipeline, the Colonial Pipeline. The attack, which reportedly ended after hackers were paid some $5 million in ransom, led to a nationwide shortage of gas and significant hiking of prices at the pump.
Economist Curtin said that the average net price mentions for buying conditions for homes, vehicles, and household durables were “more negative than any time since the end of the last inflationary era in 1980.”
Officials from the Federal Reserve have argued that the conditions are temporary, but with people not going back to work and remaining on unemployment benefits kept high by the Democrats in C Congress, that seems unlikely.