In the wake of the Donald Trump victory, consumer confidence climbs to levels that have not been seen since George Bush’s first term.
As consumer confidence climbs still more, one wonders who would win the “popular vote” now. Consumer optimism has gone up from a decade-long high to a fifteen-year high.
In the video above, the newscaster says consumer confidence is the highest since 2004, but a Bloomberg story claims a longer record:
Consumer confidence climbed in December to the highest level since August 2001 as Americans were more upbeat about the outlook than at any time in the last 13 years, according to a report Tuesday from the New York-based Conference Board.
The implications of that claim are staggering. This means consumer confidence has reached a level not seen since the attack on the World Trade Center!
Another interesting aspect of this story is that Bloomberg seems to have given up trying to deny Donald Trump the credit for the improvement as they did before.
American households are expecting a Donald Trump administration to deliver. They are more upbeat about the prospects for the economy, labor market and their incomes, according to the Conference Board’s report. The results corroborate surveys by the University of Michigan and the National Federation of Independent Business, which showed jumps in household and business sentiment on Trump’s pledges to boost jobs, cut taxes and ease regulations.
“The post-election surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement. “Looking ahead to 2017, consumers’ continued optimism will depend on whether or not their expectations are realized.”
I would like to think that Bloomberg has seen the error of its ways, but I can’t allow myself to indulge in such a pleasant fantasy. There is a reason they now are crediting Trump when consumer confidence climbs to a record height.
Despite Barack Obama using George Bush as an excuse for his horrible economic record for eight years, the media plans to blame Trump for the next economic crisis.
If Donald Trump fulfills his promise to lower taxes and deregulate the economy—especially the energy industry—the economy will be objectively better than it would have been otherwise. Nevertheless, a recession is overdue. We’ve got the damage of eight years of “quantitative easing” to deal with. Trump knows what we’re facing, declaring that the Federal Reserve has created “a false economy.”
So, the question is: Can Trump keep the faith and loyalty of Americans when a recession hits? The media will do all they can to hang any financial crisis on the Trump Administration. I suspect the “Never Trump” Republicans will join in and blame Trump’s opposition to transnational trade treaties (“free trade,” supposedly). Pointing out that the recession would have hit no matter who was elected, and that the economy would have been worse under Hillary, will be hard to do because there will be no tangible evidence.
So, will people see through the lies or will they blame Trump? I don’t know the answer to the question. Only time will tell.