Economic confidence is taking a big hit under Biden’s leadership. A majority of people think the U.S. is in a recession, and consumer confidence is at its lowest since 2011.

More & more people are becoming red-pilled as they see through the “Everything is Awesome!” narrative propagated by the MSM.

This lack of optimism is driven by factors like high inflation, stagnant wages, expensive gas, and concerns about government spending. The Federal Reserve’s actions and worries about international conflicts are also adding to the gloomy outlook. With consumer spending being a significant driver of the economy, this loss of confidence has broader implications. Bidenomics doesn’t seem to be working, and the economic outlook is worse than it has been in years.

Bidenomics Crushes Economic Confidence

54% believe the U.S. is in a recession.

• Consumer confidence, as measured by the IBD/TIPP Index, dropped to 36.3 in October, the lowest since 2011
• The Six-Month Economic Outlook component reached an all-time low of 28.7, signaling a bleak outlook
• Low confidence stems from factors like high inflation (16.7% since Biden took office), stagnant wages, expensive gas, student loans, and concerns about government spending
• The Federal Reserve’s actions to combat inflation and stock market volatility contribute to the gloomy outlook
• Worries persist about the Russia-Ukraine conflict and the possibility of an economic recession
• Only 25% of Americans approve of President Biden’s handling of the economy

The IBD/TIPP Economic Optimism Index, a leading measure of consumer confidence, declined 6.9 points, or 16.0%, from 43.2 in September to 36.3 in October. This month’s reading undercut the previous low of 35.8 posted in August 2011.

In September of 2021, the eighth month after President Biden took office, the index fell below 50.0, defined as the pessimistic zone, and has remained there for 26 consecutive months.

Further, confidence this month is 39% below its pre-pandemic level of 59.8, recorded in February 2020.

Why is economic confidence a big deal?

Consumer spending accounts for two-thirds of the economy. Optimistic consumers spend money on automobiles, home improvements, new homes, and other large-ticket items.

The IBD/TIPP Economic Optimism Index is the first monthly measure of consumer confidence. It accurately predicts monthly changes in sentiment reflected in other well-known surveys by The Conference Board and the University of Michigan.

 

Bidenomics Is Working? Economic Outlook Index Plunges To Record Low In IBD/TIPP Poll (Net Savings As % Of Gross National Income Negative For 2nd Straight Quarter)

As Biden sleeps through the Hamas invasion of Israel, that is nothing new. Biden is sleeping through a disastrous downturn in the economy and pretending that Bidenomics is working. It isn’t Joe!

The IBD/TIPP U.S. Economic Optimism Index sank to a 12-year low in October as confidence in the near-term economic outlook crashed to the lowest level in the poll’s history. The survey casts doubt on the Federal Reserve’s justification for turning more hawkish last month: robust consumer spending.

The overall IBD/TIPP U.S. Economic Optimism Index dived 6.9 points to 36.3, the lowest since August 2011. Readings below the neutral 50 level reflect pessimism. The 6-month economic outlook index cratered 9.6 points to 28.7, a record low since the IBD/TIPP Poll began in early 2001.

That means the outlook suddenly appears worse than it was at the depths of the dot-com crash, the great financial crisis and the coronavirus pandemic.

And on the personal savings front, net savings as a percentage of gross national income was negative for the second straight quarter.

 

h/t Simian_Stacker