It seems that the American People think things are not all skittles and beer.
The University of Michigan’s consumer sentiment report is down substantially from September’s 94.2 to a current 87.5. Even the most pessimistic analysts had expected 92. But wait, there’s more. The consumer expectations index dropped over 9%. Here’s The Associated Press, via the Seattle Post-Intelligencer, and here’s a very comprehensive article from Bloomberg. I particularly like Bloomberg’s explanation of why the numbers are so abysmal:
A 34 percent surge in gasoline prices this year is forcing consumers to spend more of their budgets to drive. U.S. payrolls have increased less than forecast in the last four months. Democratic presidential candidate Sen. John Kerry is running ads blaming President George W. Bush for the loss of U.S. jobs and declining real wages.
In short, things stink, and Joe Average isn’t expecting them to get better.
Meanwhile, Mr. Ashcroft has taken a break from fighting terror and crime to crack down on piracy and theft of intellectual property. Clue to the record and movie industries, try producing something people want to buy. Ashcroft’s strange priorities leave guys like Eliot Spitzer free to deal with issues like, oh, wildly inflated insurance commissions that drive up costs for everyone. It’s even costing Wall Street types money, as they furiously bail out of what they thought were good, solid insurance stocks because “nobody knows what’s next.”
“So far during the Bush administration, the Michigan index has fallen by 18.6. President Bill Clinton enjoyed an 18.8 gain over his term,” The Seattle Post-Intelligencer reports. Furthermore, the President’s approval rating is slipping. Expect a rise in the terrorist threat level any minute now, and a subsequent lack of substance from Corporate Media.