Economic Confidence Tumbles Back To 2015 Lows

Despite near-record high equity prices, it appears soaring gas prices, stagnant incomes, and unaffordable homes are weighing on the American consumer far more than talking-heads would have investors believe. Gallup's latest economic confidence index re-tumbled to -9, 2015 lows and the lowest since Nov 2014. What is worse is the spread between current conditions and the outlook is gapping with hope for the future at its lowest since the end of QE3 after peaking In Feb.

Hope peaked in February and is now tumbling.

As rising gas prices continue to weigh on the sentiument of the 'average' non-1% American...

54% of Americans no say the economis getting worse as Gallup's Economic Confidence Index averaged -9 for the week ending June 21 - 2015 lows - as only 25% of Americans said the economy is "excellent" or "good."

Source: Gallup

Comments

[Dragon HAwk]

Hi I'm from the Government and i would like your opinion... yeah like those calls really go thru... click in 5 seconds or less is positive if they wait to cuss at you, that's a negative.. rude noises are undecided.

[Ultimate_Warrior]

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[KnuckleDragger-X]

An opinion poll that pretends to mean something. Most people don't know who their elected representatives are but are supposed to be able to make intelligent replies about the economy. Have a "life sucks" poll instead. It'll be just as accurate....

[BeaverCream]

Hah, "elected representatives" good one.

[q99x2]

FRAUD can do a lot of things but I don't think it can make the economy better.

[cossack55]

Correct! However, fraud can make it APPEAR better. Perception is everything. 

[combatsnoopy]

... federal appeals court has denied a woman’s bankruptcy request and ordered her to pay back student loans of more than $37,000 despite her yearly income of $10,000. The disabled woman has been unemployed for seven years.

The Maryland court judge denied Monica Stitt, 45, her bankruptcy request on June 9, and ordered her to pay the amount.

Stitt wanted to discharge student debt through bankruptcy due to “undue hardship.” But this is exceptionally hard because the debtor has to prove the hardship and the definition of how hardship is measured is not defined by the bankruptcy code but is left to the courts to decide.

If this woman can't discharge her student debt in bankruptcy absolutely nobody can http://t.co/UkIYFSczHU

— David Dayen (@ddayen) June 22, 2015

Stitt had borrowed $13,250 in student loans which had increased with interest to $37,400 by the time she filed for bankruptcy. After the bankruptcy judge ruled she couldn’t cancel the debt, the woman appealed to the US District Court in Maryland without a lawyer, where a District judge upheld the bankruptcy court's ruling. http://rt.com/usa/268957-disabled-unemployed-student-loan/  

All she had to do was take out a mortgage for a $700K house that's really worth $250K, take out an equity line for $40K then use that to pay off the loans.  THEN file for bankruptcy and foreclose... like these people did, 

"Court documents revealed that the Greens had been dealing with financial troubles, including two bankruptcies, as the couple lived in Rancho Bernardo with their three children. Tressa filed for divorce in April." http://www.nbcsandiego.com/news/local/Man-Accused-of-Killing-Wife-Arrest...

See, you have 2 kids with another man's baby momma called your "wife" foreclose on a house you couldnt' afford in Rancho Bernardo with a $22k car, then get taken to divorce court by wifey with professionally whitened teeth, a loyal salonist, a perfect manicure - hard knocks for them.  Well until the bitter end.  You don't just end up on unemployment- FLIP HOUSES AND LOOT LIKE EVERYONE ELSE!   (until there's nobody to loot from)- only then will the government help you out. 

This is exactly what the garbage bankers and government want to happen to us, for the benefit of theiving reckless braindead baby boomer entitlements.

[Oldwood]

I always assumed that uncollateralized debt was "brain dead", but as it turns out anyone who believes anything someone else tells them, especially a politician, is brain dead as well.

Ultimately, anyone who thinks promises of payment will hold up once the shit really starts to unwind, is going to find themselves the most brain dead of them all.

[Oldwood]

The only reason to pay attention to public sentiment is that it IS what ultimately makes our economy. Admittedly it is almost always based on largely irrelevant assumptions, but if people cheap out and quit spending, you can bet the economy will grind to a halt. This is why they spend so much time and effort blowing hot air at us through constant propaganda and manipulation. They got to keep us spending, even if we must beg, borrow or steal to do it.

[Consuelo]

++++

'Sentiment' is a reasonable proxy for 'feelings', which in turn is a reasonable proximation of what this sorry state-of-ship is based upon.    Emotional distraction and all that rides along with it.

[combatsnoopy]

I wonder if the government of noobs will finally notice the state of the economy when welfare recipients and amnesty entitlement posse can't afford gas on their welfare stub and stop driving altogether.  

Since only oil and special interest matters and boomers only for the voting majority.  

[Oldwood]

Wait for benefits to be cut back and then you can see anti-austerity protests in America too. The new world order is one where only the productive must actually practice austerity, as the "entitled" must get theirs. It was always assumed that the majority of those unemployed were not the smartest of the group, but how long will those who think the answer is working harder going to find themselves as the fools? You only have rights if you have nothing for them to take, only to find they are very pitiful rights at that.

[BI2]

Everything has consequences, even if the root causes are spiritual and moral. The reason for our economic woes >>> https://biblicisminstitute.wordpress.com/2014/07/17/is-america-cursed/