U.S. consumer confidence hits 10-year low amid rising inflation

It’s amazing how quickly the Biden Administration is destroying the US economy that was so strong under Trump’s able leadership. MAGA 2024!

It’s amazing how quickly the Biden Administration is destroying the US economy that was so strong under Trump’s able leadership. MAGA 2024!

Sad that you seem to know so little of your world, specifically that national economies roll slowly and the effects we are seeing now are fully attributable to trumponomics and anything Biden has done will not be apparent for months yet. And most sources attribute the flagging economy to monopolization by Corporate merger over which Biden has little control (see: Congress).

And trump's star is fading faster than than your credibility as politicians take note of the Virginia election and the winner eschewing, pointedly avoiding, association with trump. You'll catch up but putting your MAGA hat and your "Stop the Steal" sign into your bottom drawer is probably a good move.

Also, it's probably past time to take a new look at the Sherman Antitrust Act, the Federal Trade Commission Act, and the Clayton Antitrust Act and update them before our consumer economy collapses completely into a deep pit of debt and bankruptcy from which, with China's help, we will never recover or will spur a much more MILITANT "Occupy Wall Street" that might only lift rope futures...

Don’t blame it on global supply issues. Keep kicking the can down the road and printing and that’s what’ll happen.

Japan, Russia, and China have been unloading T-bills.

Cia68,lots of White Republican, that never had anything, got thousand of dollars in stimulus checks and getting 300 dollars a months in money to their children, and getting thousand of dollars in federal food assistance, lots of MAGA shoppers have two basket of shopping carts full of food ,lots of it price gouging by stores

Mr. NoidallToday  08:14 am JST

But what I do know for sure is that we weren’t having all these issues when Trump was president. Everything was great except for he sent mean tweets. Well give me the darn mean tweets.

Good points. Some people are just too sensitive.

This is telling:

Survey chief economist Richard Curtin said one in four families suffered eroding living standards but lower income families were feeling the most pain.

The Limousine Liberals do not care for the American people as a whole.

It’s amazing how quickly the Biden Administration is destroying the US economy that was so strong under Trump’s able leadership. MAGA 2024!

The trade deficit was higher at the end than the beginning of Trump’s regime. The Biden administration has done more in virus aid, relief, preparedness and response.

 caused consumer sentiment to drop to a 10-year low in November,

So, America had more confidence in Trump than Biden.

price inflation jumped to a 30-year high of 6.2 percent in October, 

Not good to have on one's resume.

quercetumToday  08:30 am JST

The Biden administration has done more in virus aid, relief, preparedness and response.

True--Biden had vaccines at his disposal from day 1 thanks to Trump. And Trump lacked the benefit of vaccinations until the last month of his presidency, 

But-still, there were more coronavirus deaths under Biden than under Trump.

Even with Biden's virus aid, preparedness, and response.

A poor response to a global pandemic causing labor shortages and thus supply shortages, will do that.

It’s amazing how quickly the Biden Administration is destroying the US economy that was so strong under Trump’s able leadership. MAGA 2024!

It's not that simple. The inflation we are experiencing reflects widespread shortages of goods, much of which is attributable to choices made by thousands of companies big and small in the face of pandemic uncertainty and supply chain / transportation problems attributable to multiple factors. None of these are anything the US alone can change. Can the US government tell Americans to stop buying things on line? No, but that is one of the major sources of the backlog of ships at ports not just in the US but Europe too. Can the US tell China for example not to close the port of Dalian as they just did in the face of a single Covid infection? Not hardly but that disruption, like similar port closures in China this summer caused delays in ship arrivals and departures across the globe. Most of the public is unaware how the maritime industry could not conduct crew changes for over a year due to Covid related travel restrictions. Crews on contract for six months often were out for over a year and many were not paid. In 2019 shippers were scrapping container ships that were less than ten years old there was so little demand for container freight. It cost maybe $2000 to ship a container from LA to Shanghai. Two months ago it cost upwards of $20,000 to ship the same container from LA to Shanghai. But I will bet most people are unaware that the price has already fallen by half to about $10,000 as kinks in the supply chain are worked out. Did the US government tell oil companies to mothball wells in March/April 2020 when oil prices fell to around $30 a barrel due to the Saudis and Russians flooding the globe with more oil than it could use? Was the US government responsible for tankers sitting loaded with oil all around Asia for lack of places to store it? Does anyone remember how oil futures went negative in April 2020, meaning essentially oil producers would pay people to take their oil off their hands? So a bunch of shale oil producers went out of business, which was exactly what the Saudis wanted btw, and many other companies mothballed wells, and now oil is in relatively short supply. Once wells are shut down you can't just flip a switch and start them back up. They have to be re-drilled with a clean out rig and that takes time. In a year most of this will be well behind us assuming there are no new major pandemic disruptions. One thing I fear is a rush to add capacity at ports, rail lines, rail yard and highways, many of which will be poorly planned and ill conceived in a panic to "do something" and will sit unused or very lightly used due to lack of demand. It wasn't but a couple of years ago ports were crying for cargo and longshoremen couldn't find work.

A poor response to a global pandemic causing labor shortages and thus supply shortages, will do that.

In the US at least the labor shortage considerably predates the pandemic. Manufacturing firms in the US have been complaining for years they could not find employees with adequate skills and no drug addictions to fill their open positions.

The trade deficit was higher at the end than the beginning of Trump’s regime. The Biden administration has done more in virus aid, relief, preparedness and response.

The long term US trade deficit will not be reversed until the US runs annual budget surpluses for an extended period of time. Achieving that will require a level of self discipline from both Congress and the public at large that one simply does not seem achievable in todays political environment. Would the public accept the reduction in public services a balanced budget would necessitate? Could Congress bring itself to raise taxes in the places that would have the most effect in order to increase revenues? I am not by nature pessimistic but I do not see this happening in the short term but absent balanced budgets the trade deficit cannot be reversed. It is the abundance of US debt instruments that gives US trade partners the means to soak up the excess Dollars they earn from their own trade surpluses, and that acts to keep the value of the US Dollar artificially high in trade perpetuating the US trade deficit. With a balanced budget there is no need to sell T-Bills to finance debt and without those debt instruments on the market US trade partners will see the value of the US Dollar fall in trade while the value of their currencies will rise, reversing the terms of trade so that US goods become cheaper while imports become more expensive. This is how trade imbalances are supposed to be self correcting but US debt stops this beneficial process from occurring.

The trade deficit was higher at the end than the beginning of Trump’s regime. The Biden administration has done more in virus aid, relief, preparedness and response.

Well, if that were the case then his approval ratings should be through the roof, but they're not, they're sinking faster than the Titanic. From Afghanistan to the border and to the pump, race relations are at an all-time low, Americans are not feeling it from this admin and 72% of Americans think the country is on the wrong track. The confidence is low and will remain low for the next 3 years unless he moves to the center and quickly.

It was bound to happen no matter of the president was.

American voters have short memories. This article says "consumer confidence hits 10-year low" in the USA. Ten years ago was late 2011, three years deep into the Obama-Biden administration. Yet they elected Mr. Biden and now are surprised to be having more economic troubles? Foolish people with short attention spans.

In the US at least the labor shortage considerably predates the pandemic. Manufacturing firms in the US have been complaining for years they could not find employees with adequate skills and no drug addictions to fill their open positions.

Quite true, but the bungled and catastrophic pandemic response made it worse. This is the report of every reputable financial news agencies in the world.

Yet they elected Mr. Biden and now are surprised to be having more economic troubles?

Because Obama and Biden eventually fixed the previous problems left by Bush Jr.

Well, Biden had to be elected to oust Trump. As good as things were under the Trump administration, Trump himself was behaving like a idiot, and I’d have voted for Biden too if I were an American voter.

But Biden was supposed to be the moderate Democratic Party candidate. He has been anything but. His senator Joe Manchin has speaking a lot of common sense and Biden would do well to let Manchin call the shots from here on.

fxgaiToday  07:34 pm JST

Well, Biden had to be elected to oust Trump. As good as things were under the Trump administration, Trump himself was behaving like a idiot, and I’d have voted for Biden too if I were an American voter.

Behaving like an idiot (whatever that means) sounds like a personal issue.

Running a country's economy down the drain is a different problem.

Thankfully, the US voters are slowly coming to their senses, and are voting in Republican governors, representatives, and of course a new Republican president next election.

American voters have short memories. This article says "consumer confidence hits 10-year low" in the USA. Ten years ago was late 2011, three years deep into the Obama-Biden administration. Yet they elected Mr. Biden and now are surprised to be having more economic troubles? Foolish people with short attention spans.

Exactly

Because Obama and Biden eventually fixed the previous problems left by Bush Jr.

Yes and then made things worse by more borrowing, saw a lack of growth within the private sector, fewer investments, and a sluggish recovery economy.

https://www.wsj.com/articles/the-obama-biden-economy-redux-11597793116

A little basic macroeconomics, the Equation of National Income.

GDP = C + I + G + ( EX - IM ).

In words, gross domestic product is the sum of consumption, investment, government spending and net exports. For the US that last term is always a negative number due to our decades of deficit spending (read my comments above). If GDP is declining such as during a recession like we are just exiting, that means C and/or I are declining. The last thing you want to do is also decrease G, government spending. Doing so, austerity, simply accelerates the decline in GDP. If your nation's GDP is declining the smart course of action is to increase government spending. The arithmetic is pretty obvious.

Where the US always fails is, when GDP is growing steadily G should either be reduced or taxes raised to pay back what was borrowed during the recession. Mr. Bush and Mr. Trump both cut taxes during periods of strong GDP growth and in the process both accelerated the growth of the national debt. Oh, and not too surprisingly the trade deficit increased during this period as well as all those T-bills being sold to finance the resulting budget deficit were used by America's trade partners to soak up the excess US Dollars they earned from their respective trade surpluses with the US, thus keeping the value of the US Dollar artificially high. It makes my head spin to see politicians simultaneously whine about the trade deficit then vote to cut taxes and increase the national debt.