Consumers' Expectations at All-Time Low
Tuesday June 24, 2008
Americans' expectations about the economy are now lower than during the 1970's oil embargo and Watergate, according to the Consumer Confidence Report released today by the Conference Board. The Expectations Index, which measures consumers' confidence that things will get better, declined to 41, below the 35-year low of 45.2 reached in December 1973. The overall Consumer Confidence Index, which is a composite of present and future confidence, has dropped to 50.4, the fifth-lowest reading ever.
Says Lynn Franco, Director of The Conference Board Consumer Research Center: "Consumers' assessment...suggests the economy remains stuck in low gear... Perhaps the silver lining to this otherwise dismal report is that Consumer Confidence may be nearing a bottom. " (Source: Conference Board, Consumer Confidence Index, June 24, 2008)
What It Means to You
The Consumer Confidence Index is a lagging indicator. This means that most people don't feel the impact of what is happening to the economy until after it has already happened. The economy will probably start to improve before the Consumer Confidence Index reflects it.High gasoline and food prices coupled with rising unemployment and a declining housing market makes people feel poor. If this pessimism affects their spending habits, it could create a downward spiral, since 70% of the U.S. economy depends in consumer spending. Watch for upcoming retail and consumer spending reports to determine if this is the case.
Comments
Hello Kimberly,
Would you be so kind as to take a look at this pre-released “McCain Economic Plan”?
The McCain Economy 3R outline is not such a bad looking piece of paperwork. I can see it already implimented and ready to go as well.
What do you think?
JOHN McCAIN’S 3R ECONOMIC PLAN 2008
Abbreviated version
Progressive Republican Candidate John McCain comes through for America with his 3R economic plan. In the persona of Theodore Roosevelt, McCain’s plan just makes sense.
NUTS AND BOLTS of the plan are simple.
The US needs a separate tax revenue source before it can move away from fossil energy fuels which supply hundreds of billions of dollars in taxes for state and federal agencies.
Here is the John McCain 3R solution.
McCain’s 3R is about technical, closely monitored and rapid hands on training from pros to create new pros. Thousands of currently-job-displaced “once leaders in the manufacturing arena” will be asked to train and play instructor rolls in the 3R plan.
Paid, of course, as these new leaders will help create a whole new style of prosperous America. A massive restructure providing thousands of new American MFG companies means millions of new jobs for infrastructure alone.
1. RETHINK: America must see globally on what America is capable of in our current state of technology, engineering and meet the demands that face the world.
“RE-Think” the basic job goals involve the dwindling retirement, health care and social security plans that are failing Americans. With a strong base and a higher Gross Domestic Product (GDP) America has a new bargaining chip in the way we live and the ways we retire.
Private Sector framework is in place and current laws allow the 3R to happen. The Progressive attitude of John McCain to get things done by crossing party lines will resurrect America.
2. REFORM: The American people must demand higher quality products and less restricted trade routes for Made in USA components. We will lead the way of MFG again!
The USA will reform its dead manufacturing base to create the most innovative and green-engineered products possible. We will compete in a world market along with other high quality products. Our Private Sector teams are making this reality now.
3. REINVENT: America and Americans must reinvent themselves to reach and maintain these standards and by sheer American ingenuity, control the world’s marketplace in the competitive manner, as the USA has always been proud to be #1.
Americans are going back to McCain’s 3R-schooling program where they are paid to reinvent their skills and learn new skills to design and lead their personal LLC, Corporation or joint venture company. That’s easy enough to comprehend and just as easy to implement.
The 3R plan is designed as a six-month rapid advancement system. Graduates may return for additional skill enhancements from time to time, or step up after new advanced training in executive management.
New jobs are the mainstay for Creating a new guard for Social Security.
While manufacturing is a very important part of this plan, thousands of other new businesses must to be created to meet the new surge of 3R manufacturing industries to create a new era of prosperous Americans.
Initial estimates of 1 in 5 students will begin his or her own company and drive even more Americans into a viable lifestyle with real jobs, real benefits and a retirement to look forward to.
This 3R plan will be done without costing taxpayers (or the government) additional funds. America has the means to follow through with John McCain’s 3R plan, ready and in place across the USA. The buildings we need sit vacant for the most part. By assuming leases on abandoned stores and factories across America with MC-3R schools and mini-manufacturing training centers, the USA made products can be sold and support the stores. Building owners write off the loss in taxes over a few years if they donate the space!
This is the new place for financial speculators to invest!
The speculators who first drove the economy with mortgage investments and most recently with crude oil investments have a better arena for their investments. America as nation of industrious individuals who want to work and want to succeed will make them huge profits. The supply of eager Americans with ideas and dreams to prosper is limitless.
Although the thousands of new businesses manufacturing USA Made products is exciting enough, the real excitement comes from the massive amount of additional jobs that will be created to provide the new housing, new buildings, new parks, shopping, grocery stores, schools, government outlets and so much more.
McCain’s Progressive nature embodies Theodore Roosevelt more than any US presidential candidate in history since the original Rough Rider blazed the greatest era of growth in America.
We need John McCain to lead our nation with the same type of change.
First,
Although we do have a weak economy shich probably has not bottomed yet, the depth has been embellished by the left wing dominant media. Why? To drive home the belief that the Bush administration is solely responsible for the “crisis”.
RE: McCain 3R proposal…. Should be called the 3UP proposal. As in 3 Utopian Platitudes McCain believes the uncommited will buy. Typical progressive drivel such as “can’t we all get along”, “I should be 4 inches taller”, “I should call my mother more often” and Kum Bye Ya. No substance, no details and unworkable.
Here’s what the government should do: Back off, do nothing, let the markets correct themselves. Letting Washington regulate the markets is a recipe for more manipulation.
C