Consumer confidence at lowest level since 1980.
Filed Under: Economy
By on May 16th, 2008 at 1:43 pm
Consumer confidence at lowest level since 1980.
A new Reuters/University of Michigan survey published today finds that U.S. consumer confidence “sank to its lowest level in 28 years this month as anxious shoppers grappled with surging food and fuel costs. … A separate report revealed new construction of single-family homes dropped to the lowest level in 17 years.”
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… but all the Republican Party needs is a re-branding effort.
Right.
May 16th, 2008 at 1:44 pmIt’s Jimmy Carters fault. ;)
May 16th, 2008 at 1:46 pmCan we call it stagflation yet?
May 16th, 2008 at 1:48 pmHey, Ralph,
May 16th, 2008 at 1:50 pmYou mean reminding the American public that we need a cure for the depressing Bush Iraq Recession isn’t the best attempt at rebranding?
Damn. How about the family values party, except there are too many extramarital affairs for that to work…..
I know - SCARY BROWN PEOPLE AND TEH GAYS!
I know this is completely off topic but I just got this e-mail from the clinton campaign:
Dear —–,
Millions of voters in Florida and Michigan are depending on you to help make sure they have a voice in this race. Will you stand up for them today?
Thanks to your efforts, thanks to the hundreds of thousands of people who have already spoken out, the DNC’s Rules and Bylaws Committee is meeting May 31 to make a decision about whether or not the votes in Michigan and Florida will count.
Now I need you to urge the DNC to make the right decision on May 31. I need you to remind them that in the Democratic Party, we count every vote.
Tell the Democratic National Committee to count the votes of Florida and Michigan.
On May 31, the DNC has a chance to make it clear that the people of Florida and Michigan have a voice in our party. The decision is especially critical given the important role these states will play in November.
And your voice could make the difference for the millions of people who went to the polls in those two states to make their choice for president.
Stand with me today and tell the DNC to count the votes in Florida and Michigan.
I have consistently said that every vote must count. It is such an important principle in our party. I really appreciate you standing up for the values we share.
Thank you,
Hillary
there is a link in the e-mail that take you to this sight:
http://www.hillaryclinton.com/ action/ flmidnc/ ?sc=1855&utm_source=1855&utm_medium=e
to tell the DNC to count the MI & FLA votes.
I went and left a msg that Fla & MI knew the rules and broke them, Senator Clinton did as well, infact most of the other candidates weren’t even on the ballot so the decision should stand!
I encourage you all to do the same.
May 16th, 2008 at 1:50 pmMaybe we can re-animate Ronny Ray-gun. After all his “trickle down” economics turned this country around,right? He also knows how to deal with those pesky Iranians,too….just sell them more weapons.
May 16th, 2008 at 1:52 pmspecialist f Says:
It’s Jimmy Carters fault. ;)
YEAH! Everyone was perfectly happy until he went and talked to Hamas!
May 16th, 2008 at 1:54 pmWhile I drive here in the Los Angeles area, there isn’t a single day that goes by where I don’t see some behemoth pickup truck or SUV that doesn’t have license plates yet, signifying a recent purchase. These people are delusional, Un-American, and completely self-absorbed.
And…The patrol cop that lives across the street has TWO new Escalades and a million dollar home. Think he’s “dirty”?
May 16th, 2008 at 1:57 pmWhat’s the Dem’s plan to resolve this issue?
May 16th, 2008 at 1:57 pmIn other news, the video gaming market is doing really well. Recession-proof, they say.
Single-family homes are down, but construction of apartments are up.
May 16th, 2008 at 2:01 pmVA Voter Says:
What’s the Dem’s plan to resolve this issue?
The first part involves kicking Republicans out of office.
May 16th, 2008 at 2:02 pmBut guys, come on, things are going swimmingly for the top 1%ers, Bush and Dick’s buddies are having a hay day raping the country, that’s what counts.
May 16th, 2008 at 2:03 pmAnd McIIIrd thinks we are doing ’swimmingly’ well.
Yeah, in our sea of debt.
May 16th, 2008 at 2:04 pmBut -but - but — they’re the guys who create jobs™! We have to make it easier for them to make money! Then they can trickle it down on us, right?
May 16th, 2008 at 2:05 pmBadmoodman Says:
All the research and awareness is out there, but many Americans still don’t get it. America is a materially-obsessed nation seemingly unwilling to change its ways. I wonder how they’d like $7.00 gas if it comes to that — since they’ll be a contributing factor.
As for single family homes, viewed from my area, they’re building them too large. An uptick in green apartments and townhomes should be the next era of home building, along with better accessibility of those units to all Americans.
May 16th, 2008 at 2:07 pmThen what?
May 16th, 2008 at 2:08 pmYeah, you have to feel sorry for those 1%ers, they are paying over $4 a gallon for fuel for their yachts. How can they afford caviar with those kind of fuel prices.
May 16th, 2008 at 2:09 pmVA Voter Says:
What’s the Dem’s plan to resolve this issue?
You ask such wittle cute questions.
(Since when do progressives answer to destructive neocons, anyway?)
May 16th, 2008 at 2:09 pmVA Voter Says:
Then what?
Even cuter.
May 16th, 2008 at 2:11 pmIt’s a shame that you don’t have an answer.
May 16th, 2008 at 2:12 pmVA Voter Says:Then what?
Maybe close the hole where $4-5000 a second is going. Maybe collect back taxes from Halliburton/KBR and then put them out of work.
May 16th, 2008 at 2:14 pmMcWars Says:
As for single family homes, viewed from my area, they’re building them too large.
And the energy required to heat and cool these montrous houses drives up the price of energy for the rest of us, just like the huge SUVs drive up the cost of gas for everyone. There should be a sur-tax for the purchase of vehicles and homes over a certain size.
May 16th, 2008 at 2:15 pmIt’s the change we deserve.
May 16th, 2008 at 2:15 pmWhy would someone with no clue about Democratic economic proposals come to a blog comment forum to research such a complex issue?
Me, if I were as clueless as Va Voter seems to be, I’d go to candidate websites, party websites, get the information I seek directly from the sources. but Va Voter comes here to a user comment board.
Y’know — it’s almost as if he’s fishing for a sound-bite answer that he thinks he can ridicule.
May 16th, 2008 at 2:17 pmVA Voter Says:
Then what?
Do you just play dumb, or is it a genetic thing?
May 16th, 2008 at 2:17 pmWe want it all, and we want it NOW! That is an unsustainable lifestyle. Debts must be paid, and the books must be balanced.
May 16th, 2008 at 2:17 pmUh, consumer confidence is low in anticipation of Hitlery getting into the Whitehouse ?
Couldn’t resist.
May 16th, 2008 at 2:17 pmVA Voter Says:
What’s the Dem’s plan to resolve this issue?
What is your great Republican plan to resolve it?
Seeing that the Republicans are the ones that caused it, I believe you should answer first.
So what is your great **cough** Republican plan to fix this?
May 16th, 2008 at 2:19 pmVA Voter Says:
What’s the Dem’s plan to resolve this issue?
———
I’ll take a stab at this one.
May 16th, 2008 at 2:20 pmIs it a “fair tax”?
shoeless
100% agreed
Nobody carries the right to ruin our environment. Those would be smart taxes to implement.
May 16th, 2008 at 2:21 pmI think a “fart tax” on Fred Thompson would be ideal, along with mandatory Beano.
May 16th, 2008 at 2:25 pmI believe that’s the answer that Va Voom is fishing for, dbadass, yes.
May 16th, 2008 at 2:25 pm“he’s fishing for a sound-bite answer that he thinks he can ridicule.”
When confused, trollies revert back to that which they know. It’s why they project so much.
May 16th, 2008 at 2:25 pmRid the Congress, Senate, and White House of reich-wingers.
May 16th, 2008 at 2:26 pmBut… wouldn’t the mandatory Beano cut into federal revenues from the Fart Tax?
maybe I’m just misunderstanding how such a tax would work.
May 16th, 2008 at 2:26 pmAnd Bill Clinton’s
May 16th, 2008 at 2:29 pm#5 - thanks for posting the email from the Clinton campaign. Since TP doesn’t post strings (and to be fair, for either Dem candidate), sometimes it’s necessary to go O.T. Anyway, the attached article makes me wonder if the right hand knows what the left hand is doing.
The New Republic
What Went Wrong? by Michelle Cottle
The exclusive story of Hillary’s fall, as told by the high-level advisors, staffers, fundraisers, and on-the-ground organizers who lived it.
http://www.tnr.com/ politics/ story.html?id=f7a4a380-c4a4-4f84-b653-f252e8569915
May 16th, 2008 at 2:30 pmralph the wonder llama Says:
————————————————————-
dbadass Says:
VA Voter Says:
I believe that’s the answer that Va Voom is fishing for, dbadass, yes.
—
May 16th, 2008 at 2:33 pmexcellent. If this means the rest of you can move on, than I guess my work is done here.
Hmm…yes, there’s a contradiction. I think Beano would only cover gas from consuming vegetables. Since Fred eats regularly at McDonalds and Arby’s, I don’t think he’d need that. Therefore the revenues pour in.
May 16th, 2008 at 2:35 pmdbadass: moving on. Thanks.
May 16th, 2008 at 2:36 pmExcellent! Tax cuts all around!
May 16th, 2008 at 2:36 pmTheRadicalRightisRadicallyWrong Says:
I know this is completely off topic but I just got this e-mail from the clinton campaign:
Thanks for the link. I used it to send an email demanding they refuse Clinton’s dishonest request.
May 16th, 2008 at 2:42 pmOur first battleground is the Missouri legislature and it’s happening right now. A bill requiring voters to present proof of citizenship threatens to deny hundreds of thousands of citizens their right to vote - and Republicans hope to pass it in time to affect the November election.
from democracy for america
May 16th, 2008 at 2:46 pmI was in Chile with my wife and kids for 2 months this winter .In the time we were there the dollar lost 10% of it’s value against the Chilean pesos .
May 16th, 2008 at 2:48 pmConsumer confidence is a nice metric, but what about…
-Consumer fiscal resources
-Consumer health resources
-Consumer food costs
-Consumer fuel costs
I know ‘confidence’ relates to all of the above, but it’s just too easy to sum up a bad situation with 2 words.
May 16th, 2008 at 2:52 pmSo…what do Bush & Reagan have in common?
The lowest citizen confidence in a quarter century.
My prediction is 28% , W’s approval rating ,is going to be the high point till he leaves office and I expect it will fall precipitously as a result of major rises of gas at the pup ,skyrocketing food costs and the price of consumer goods from abroad .
May 16th, 2008 at 2:53 pm…… if he leaves office .
Ok. I asked what the Dems plan was. I didn’t really get an answer. I have no faith in ether party. But this is what I think.
More domestic drilling.
New refineries.
Coal to gas.
Nuclear power.
More research in more efficient solar and wind power.
Most of this would only require the government getting out of the way of the private sector. Let them produce more energy. Increase the supply. With China and India becoming more technology advanced, the demand is going to continue to go up.
May 16th, 2008 at 3:31 pmRight. You asked on a progressive blog, instead of researching yourself what Democrats say are their plans.
That tells me you’re not interested in “what the Dems plan was”, you’re simply interested in amusing yourself with a sound-bite debate that you hope will devolve into a fight.
That’s why no one gave you an answer.
May 16th, 2008 at 3:35 pmI just filled out the Clinton web form and submitted with this comment.
Seat the delegates in proportion. The Michigan Democratic party is just fine with a 69/59 split. Why isn’t Senator Clinton OK with that?
May 16th, 2008 at 3:47 pmralph the wonder llama Says: Right. You asked on a progressive blog, instead of researching yourself what Democrats say are their plans.
That tells me you’re not interested in “what the Dems plan was”, you’re simply interested in amusing yourself with a sound-bite debate that you hope will devolve into a fight.
That’s why no one gave you an answer.
May 16th, 2008 at 3:57 pmHey I gave an answer!
May 16th, 2008 at 4:02 pmTo VA Voter,
Any real progresssives who plan to resolve this issue start by evening the playing field among those who have raped the system by excessively consuming natural resources and those who are content to live a life in concert with the ecosystem.
Because consumer confidence in the past has been based on how much can I consume the real progressives are interested in changing the mindset of those who have been loudly and proudly proclaiming their lack of responsibility for the whole. The collapse of consumer confidence is the perfect feedback to show how the few cannot exist without the many’s approval.
To fix it a real progressive knows that a good beginning is a complete and total rejection of the Empire. The free market does not exist if all media, energy, pharma, and other market based tangibles are owned by conglomerates.
In order to send a very loud signal to Empire the public must choose Earth community OVER Empire. Whether the many realize it or not they are doing that right now because the economic empire has expanded beyond the point of sustainibility of the ecosystem. The few need to be brought on board as well.
Thus one of the ways to boost the confidence of the consumer is to see that everyone is participating in the rewards/sacrifices in a more equitable manner.
Enter rationing. First water, (already happening in many places), then fossil fuels, (peak oil taking place will result in rationing as well as the alck of leadership on celan enrgy sources) and soon electricity will begin to be rationed because of heavy loads and the need to cap carbon emissions.
Join in VA voter. Anytime you want.
May 16th, 2008 at 4:10 pmVA Voter Says:
What’s the Dem’s plan to resolve this issue?
And the Republican plan? What would that be? More of the same, I’m sure tax breaks for the wealthy. Because that really worked, didn’t it?
Oh, wait and there’s that economic stimulus check!
May 16th, 2008 at 4:11 pmOnly one Dem supports the fair tax. So I would say it’s not their plan. Maybe they should look into it.
May 16th, 2008 at 4:12 pmGee VaVo, how does your “plan” to get the government out of the way of the private sector coincide with the Bush administration’s insistence that domestic drillers won’t drill without massive incetive payments (you know, the primary plank of what passes for the Bush energy plan)? How does your “plan” explain the stunning lack of interest by refiners in building new refineries (they expand what they have because it is cheaper to do so — unless they get another government handout which certainly would not constitute the government getting out of the way). Nobody is stopping the coal industry from building gassification plants with its own money as long as the operators comply with the incredibly modest regulatory scheme left by the Bushies (oh, am I getting warm on what your post really distills to — repeal of the Clean Air Act and huge government subsidies for energy company boondoggles?). Nuclear? Great, as long as your precious private sector first comes up with a plan for storing the waste (how about your basement?). Solar and wind? Also great. Why does Exxon’s board of directors oppose the same shareholder resolution every year asking the company to engage in R&D in those very areas? It is easy to say the best way to get out of an energy crisis is to find more energy. Saying the private sector is the answer is naive at best, especially after 7+ years of deregulation and an energy policy (such as it is) that was written by Cheney and a bunch of energy lobbyists the administration refuses to identify. Your belief that anyone with a financial interest in an energy company wants to expend funds on R&D that would lower energy prices is beyond naive. You are asking an industry to expend capital to reduce its profit margins. Good luck. If you crawl out of your Reagan cocoon for a minute you will notice that every technological advance over the last century from flight (the Wright Brothers’ first major sale was to the Army) through satelite technology (NASA contracts) through the development of the internet (extrapolated from the old ARPAnet) has been funded at least in part by the federal government. A program combining regulation (higher mandatory CAFE standards including passenger cars and trucks) with financial incentives to develop alternative energy sources (hydrogen fuel cells, solar, wind, etc.) should be a national security priority.
May 16th, 2008 at 4:13 pmSeems to me like you’re seeking the answer to the wrong question.
See, this thread is about Consumer Confidence. While energy costs are certainly a part of the current economic malaise in which we find ourselves, it’s hardly the whole problem, as you seem to think.
It starts with middle class income declining (in real terms) over the two terms of George Bush. It continues with job losses, the soaring cost of keeping one’s family healthy, the collapse of the housing bubble (which sustained the illusion of Bush’ “economic recovery” as long as it did) and the weak dollar.
Energy costs are a single component of that witches’ brew that Chimpy and Darth have cooked up for us. You treat it like it’s the Golden Key.
May 16th, 2008 at 4:18 pmHow many republicans support your cause? VA Voter? Party aside, why do you think this “fair tax” thingie of yours is going nowhere?
May 16th, 2008 at 4:18 pmI suspect you’re clever enough to have figured this out, but dbadass was making sport of you.
May 16th, 2008 at 4:20 pmHow would a tax on carnivals help>?
May 16th, 2008 at 4:20 pm