US Consumer Confidence falls to levels not seen since Carter Administration

Color me shocked, shocked I tell you!

U.S. consumer sentiment grim but retail sales jump

(Reuters) – U.S. consumer sentiment worsened sharply in early August, falling to the lowest level in more than three decades, after retail sales posted the biggest gain in four months in July.

By Pedro Nicolaci da Costa and Alexandra Alper | Reuters UK

High unemployment, stagnant wages, gridlock in Congress, and a stockmarket slump all contributed to a consumer mood that was as grim as when Jimmy Carter was President during the recession of 1980 and interest rates were more than 20 percent.

And, as Glenn “Instapundit” Reynolds has been repeatedly noting, Carter II is now the best we can expect from the Obama Administration.

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  • Carter at least cared enough about the country to bow to reality in his third year and bring on Paul Volcker to be the Bad Cop and straighten out the mess.

    Obama would rather see the country destroyed than admit he was wrong.

    • Anonymous

      Let’s bring Volcker back now.

      • Anonymous

        We did.  Obama hired him to run the President’s Economic Recovery Advisory Board.  After the Board filed its report last year, Obama… promptly ignored it, mostly because it said that we needed to lower the base corporate tax rate, simplify all tax laws, and make it simpler for large US corporations to bring foreign income back into the US without being taxed into oblivion.

        Many of the options under the report were in the various Republican budget proposals, but the Left won’t hear of using them.

        Volcker left the PERAB in January.

        • Anonymous

          Correct.  Volcker also wanted to rein in the banks’ trading, and Timmy the Tool of Goldman Sachs didn’t.

    • Anonymous

      Carter didn’t even do that.  He hired Volcker, told him he couldn’t do a lot of the things that he wanted to do, and Volcker had to wait until the Reagan administration to actually get anything done.  The one thing that he mostly campaigned for (and which did the trick) was increasing the federal funds rate – which happened in June 1981.

    • Anonymous

      He can’t admit he’s done anything wrong.  Socialist “truth” is the ONLY “truth”.  All those years of upbringing and association with other extreme leftists doesn’t allow for thinking outside the socialist box.  Barry believes he can fix everything, given MORE time and MORE money.  He’ll “get it right” this time.  After all, he’s The Smartest Man in the World.

      • jim_m

        The corollary to Thatcher’s “sooner or later you run out of other people’s money”, is: To the socialist, as long as anyone has even a penny’s worth of wealth, you haven’t run out of other people’s money.

        It’s never been about “tax the rich”.   The rich are merely the low hanging fruit on the tree of confiscated wealth.  The left views all money as property of the government.  Once the rich have been reduced to poverty then so will the rest.  The left sees the government as having priority claim on all money and those who work for the government (ie them and their supporters) second.  The actual productive members of society come last.

        The American left will never accept that their ideology is wrong.  America would have to be reduced to less than the state of North Korea, where its citizens eat grass, before any on the left would ever question their beliefs.  There is always one more cent to extract from a helpless and supine public. 

        Plus the left never feels the squeeze because under their system they re second at the table.  They are fat and happy while everyone else starves.  As long as their government paycheck keeps coming they can;t see anything wrong with the world. That is the state the seek and desire.

  • Anonymous

    Must be the cumulative shock of realizing that “Dear Leader” hasn’t a freaking plan or a clue, beyond blaming others.  It’s always the fault of someone else. 

  • Anonymous

    Time for some fireside chats with Barry.  He could sell us all on the good he has brought and remind us how proud we should be to be united with him in these trying times. 

    Now excuse me as I go hurl..

  • So, if the Obama presidency were a TV sit-com, then it would be called “Welcome Back, Carter”.

    • Anonymous

      Let’s just hope this disaster of a sit com gets cancelled after 1 season.

      • Anonymous

        oooh oooh oooh oooh!

    • Anonymous

      Kaplan had his ‘sweat hogs!’  Barry has his ‘debt hogs!’  

      Chicago hope has been a dismal failure.. With ratings lower then Overbites, public funding has been DC’d

  • Anonymous

    our “confidence” as Consumers is completely shot.

    We are deferring any and all purchases we can…indefinately.  We are eliminating any unneccessary trips anywhere.  We’re going to have the most minimalistic Christmas ever this year…and scaling back all other gift purchases to little more than greeting cards.  etc…

    all this until November 2012. 

  • Anonymous

    This is an indication of a failed presidency that is completely out of touch with the American people.  Confidence is down across the board including in the democratic party.  

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