UMich Confidence At 14 Year High As 'Rich' Lose Faith, 'Poor' Love Trump's Policies

UMich Sentiment slid from its earlier flash print, but at 102.0 was the highest since April 2004.

Notably, 'current conditions' hit a new record high, while hope dipped a little...

 

Most notably, as UMich's Curtin points out, all of the March gain in the Sentiment Index was among households with incomes in the bottom third (+14.1); those in the middle third were unchanged, while the Index fell among households in the top third (-5.6)

"Households with incomes in the top third cited significantly greater concerns with government economic policies than last month, especially trade policies, with net references falling from +31 to just +1, offsetting their positive reactions to tax policies"

Recent financial progress was reported by 57% of all households in March, which tied the 1998 all-time peak since the
Michigan survey first began in 1946.

Income gains were cited by 46%, the highest level since 2000, and rising home values.
were cited by 62%.

While six-in-ten consumers reported that the overall economy had recently improved, half as many anticipated additional gains in the pace of economic growth during the year ahead.

Comments

j0nx g3h Thu, 03/29/2018 - 10:24 Permalink

I don't see why this is. I have an old buddy that makes about $500k between him and his wife and he is seeing an $11k a year savings in taxes and apparently was complaining that it was too much savings because he's a Trump hater. People told him if he thinks that then he can always send the IRS a check. No pleasing these folks...Either way the rich are doing a lot better under Trump when it comes to taxes. My meager $2k a year savings is a big boon to us I know that.

In reply to by g3h

Ghost of PartysOver j0nx Thu, 03/29/2018 - 11:00 Permalink

Lets see here,  during the Obama years the wealth gap expanded to ridiculous levels on the Gravy Train know as QE while Main Street got screwed.  Now that the Gravy Train has pulled into the station for repairs the Rich are complaining.  Mean while back on Main Street things are starting to improve.   Reversion to the mean.  There is a huge benefit to a strong Middle Class and I think the cycle is moving to their favor. 

In reply to by j0nx

overmedicatedu… Thu, 03/29/2018 - 10:18 Permalink

 Trump should watch out his aid to Main street America rhymes with.. Tiberius Gracchus murdered by the elite senate for daring to

equalize the wealth of ROME.

"Tiberius Gracchus was a Roman populist and reformist politician of the 2nd century BC. He was a son of Tiberius Gracchus the Elder and Cornelia Africana. As a plebeian tribune, Tiberius Gracchus caused political turmoil in the Republic with his reforms of agrarian legislation that sought to transfer land from wealthy, predominantly patrician landowners to poorer citizens.More at Wikipedia"

Nomad Trader Thu, 03/29/2018 - 10:18 Permalink

Anyone else just get the message from AWS about an EC2 hardware failure? Super weird.. "EC2 has detected degradation of the underlying hardware hosting your Amazon EC2 instance (instance-ID: i-047383388bc1e7). Due to this degradation, your instance could already be unreachable."

Deep Snorkeler Thu, 03/29/2018 - 10:22 Permalink

The poor and uneducated,

unknowing hordes of 

downwardly mobile mind-children.

Victims of the global pursuit of the cheapest labor,

in a frenzy of self-disinformation,

slaves to constant misinformation,

functionally unaware.

 

MoreFreedom Thu, 03/29/2018 - 10:35 Permalink

I'd say people who have more income are typically smarter than those who have less income.  They see the train wreck from government spending that's coming.  And they see Trump can't do anything about it, because Congress controls the purse, and gives Trump a choice: sign the huge appropriations bill or shut down the government which most of DC including Trump says would be terrible.  Trump of course could fight, but he can't beat Congress given that the RINOs controlling the GOP are against him.  This thanks to conservative voters voting for uniparty RINOs over Democrats and ignoring the Libertarians.

GreatUncle MoreFreedom Thu, 03/29/2018 - 16:10 Permalink

Some comments are so fucking hilarious.

If I hand you $1B you instantly become more intelligent right seeing as that is how money is made at the highest level under QE and pay-2-play economics.

Zero all taxes you only pay for those things you need and if you can afford them and no more bailouts. Too many people are never able to hang onto their real total incomes because it gets stolen through taxation to pay for other fuckers.

Hence ... more QE everybody gets an equal share and you only spend it on services you want not forced to pay.

Lets see who is more intelligent in such a scenario or how fast the elite can lose their clothes of superiority.

In reply to by MoreFreedom

itstippy Thu, 03/29/2018 - 10:51 Permalink

The average citizen has no grasp of the debt problem in this country.  It's only discussed on "fringe" economic sites like ZeroHedge.  The Man In The Street thinks that lowering taxes and increasing spending is the road to prosperity.  They applaud low interest rates and easy credit.  The next financial crisis has been years in the making, is unavoidable, and will be brutal, but when it strikes you'll again hear "no one could have seen this coming!".  

" - - - rising home values were cited by 62%."

Ain't that special!  Remarkably, 64% of U.S. households are homeowners.  So once again, if houses are going up in value the homeowners think the Nation's economy is doing well.  They have NO IDEA why houses have gone up in value, and they really don't care as long as they are going up.  

1033eruth Thu, 03/29/2018 - 12:11 Permalink

Consumer confidence survey is another propaganda stat just like unemployment.  Uh huh, unemployment is lowest since 1973?   Government will fake anything and media will publish it in order to keep consumers spending.  The mirage of a healthy economy.  

We're going to be like Puerto Rico in 10 and Venezuela in 20 because we're addicted to deficit spending.  These sorts of fake stats where you survey ignorant people have no more value than the hole in a donut.  

Slow Burning Rage Thu, 03/29/2018 - 14:34 Permalink

But the media told me that Trump would crash the economy...or give everything to his Wall Street buddies...or start a nuclear war with North Korea.  It had to be true.  My blue collar pay raise and lower withholding say that was a lie.  Hillary can suck it.  Trump is still winning!