Newly released survey data shows that Americans are very concerned about the economy.
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Rasmussen Reports released its economic confidence data, which shows a major drop this year.
“Economic confidence increased to 88.2 in this month’s Rasmussen Reports Economic Index, a half-point higher than May, when a sharp drop took the index to its lowest point in eight years,” the group said.
Soaring inflation and record high gas prices have left Americans concerned.
“Enthusiasm about the economy surged under former President Donald Trump, reaching as high as 147.8 in January 2020 before tumbling after the coronavirus lockdown threw Americans out of work and closed many businesses,” Rasmussen said. “By November 2020, it had recovered to 126.4, but dropped sharply after President Joe Biden was elected. The index fell to 97.8 in February 2021 before beginning a three-month rebound that took the index to 123.7 in May 2021.”
Many economists have predicted a recession this year, and President Joe Biden has not announced any fiscal or energy policy changes that have given Americans hope of a turnaround so far.
The Biden collapse in consumer confidence dwarfs the time the economy was deliberately locked down. pic.twitter.com/Q7hsZB8W5I
— Phil Kerpen (@kerpen) June 9, 2022
