American Consumers Have Lost Faith in Obamanomics

Every month, various agencies and institutions evaluate the nation’s economy. One of those ratings is a consumer rating provided by Thomson Reuters and the University of Michigan.

In July, their overall consumer index was 63.7. Most economists believed that the figure would drop to about 63.0 in early August. However, the latest figure dropped far more than anyone predicted when it came in at 54.9, which is the lowest consumer index rating since May of 1980.

Analysts are blaming the way Congress handled the debt ceiling issue along with continued high unemployment figures coupled with no significant gain in wages. According to survey director Richard Curtin:

“Never before in the history of the surveys have so many consumers spontaneously mentioned negative aspects of the government’s role.”

In another aspect of the same survey, consumer expectations also plummeted to the lowest level since May 1980. President Obama and his administration also received the worst ratings of any other President since the surveys have been taken with 61% expressing their disapproval.

In every category of the Reuters survey, the American people expressed extreme skepticism that the economy will improve anytime soon nor do they believe that the President’s economic policies offer anything other than worry and concern.

President Obama campaigned on a promise of change and he has definitely kept his campaign promise, but I don’t believe this is the change he intended.