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Autumn of wreckage: Economic confidence plunges

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By Michelle Malkin  •  September 14, 2010 10:02 AM

The latest from Gallup on how Americans’ confidence in the economy has tanked over the past year:

Although economic confidence in the U.S. appeared to be improving at this time last year, just the opposite is the case in 2010. Consumer perceptions of the U.S. economy are now substantially below the depressed levels of a year ago.

During each of the first two weeks of this month, 47% of Americans rated current economic conditions as “poor.” While in September of last year, fewer Americans were giving the economy “poor” ratings than was true earlier in the year, that is not the case in 2010. In fact, consumer ratings of current economic conditions are worse now than they were a year ago.

…The continued weakness in Gallup’s Economic Confidence Index during the first two weeks of September suggests that consumer confidence is slightly worse now than it was in August. In turn, this implies that Friday’s Reuters/University of Michigan Consumer Sentiment preliminary estimate is also likely to show a decline from August.

While economists may argue about the relationship between consumer confidence and the economy, there is no doubt that declining consumer sentiment is not good for incumbent politicians as they approach the midterm elections. Worse yet, the current trend in economic confidence continues to deteriorate and now trails that of a year ago — making it harder to argue that the economy is now heading in a better direction than it was at this point in 2009.

Goodbye, Summer of Recovery. Hello, Autumn of Wreckage.

No doubt the White House will launch another “reeducation” campaign ASAP.

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