Consumers are losing confidence in the economy, with optimism suffering a severe drop of nearly eight points to a record-low from May to June, according to a University of Michigan survey. Sentiment hasn’t been this low since the middle of the 1980 economic recession.

The number of Americans citing inflation as the largest factor affecting their negative economic outlook was the highest since 1981.

READ: Fact Check: Biden Continues to Pass the Buck on Inflation, and Still Doesn’t Have a Plan

READ: POLL: 63 Percent of Americans Feel Uneasy As Bidenflation Soars

Inflation has increased since the day President Biden took office in January 2021, and began its rise to the fastest rate in 40-years directly after Democrats rammed through their partisan $2 trillion so-called COVID stimulus.

KEY TAKEAWAYS

Consumer Optimism Is at a Record Low.

• A majority of Americans report feeling “uneasy about the state of the country,” say things in America are “going badly,” and feel that the economy is “bad,” as prices continue to rise and optimism plummets in an economy damaged by the Biden Administration. 

Democrats’ $2 trillion so-called COVID stimulus fueled the inflation fire.

• Even former Obama-Biden Administration officials like former Director of the National Economic Council Larry Summers and former Chairman of the Council of Economic Advisers Jason Furman warned against Democrats’ $2 trillion so-called “stimulus.”
• Analysis from the San Francisco Federal Reserve finds that U.S. core inflation is higher than other nations – and attributes a part of it to Democrats’ policies. These findings were echoed in a report from the nonpartisan Congressional Budget Office (CBO).

Americans Have Lost Confidence in the President’s Competency To Heal This Shrinking Economy.

• When important issues arise, 65 percent of Americans believe President Biden is slow to react. Fifty-five percent of Americans are also pessimistic about retirement with 67 percent reporting pessimism about the prospects of the stock market.