Thanks to the wild binge spending by Obama and his Democratic Congress, consumer confidence slid to its lowest level ever in February.
Also, yesterday the market dropped to its lowest level since pre-Bush 1997.
The AP reported:
Americans’ already battered confidence in the economy went into free fall in February, sinking to new lows as consumers grow more fearful over massive job cuts and shrinking retirement accounts.
The dismal news came just hours after major retailers including Target Corp., Home Depot and Macy’s Inc. reported depressed fourth-quarter results as shoppers focus on necessities like food. And another widely watched index showed home prices tumbled by the sharpest annual rate on record in the fourth quarter and in December.
The New York-based Conference Board said Tuesday that its Consumer Confidence Index, which was down slightly in January, plummeted more than 12 points in February to 25, from the revised 37.4 last month. That was well below the 35.5 level that economists surveyed by Thomson Reuters expected.
The index, which had hovered in the high 30s over the past few months, broke new lows since it began in 1967. A year ago, the consumer confidence reading stood at 76.4.
The Present Situation index, which is consumers’ assessment of current economic conditions, fell to 21.2 from 29.7 last month. The Expectations’ Index, which is consumers’ outlook over the next six months, sank to 27.5 from 42.5.
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Obama will speak to the nation tonight on the economy.
He will explain how he is going to cut the deficit in half and still leave us with the biggest deficit in the history of the universe.