President Joe Biden has seen his popularity level plunge, with a Civiqs poll published this week putting his approval rating at 33%.
It isn’t the only number to fall, however, as the Daily Wire reported on Friday that consumer confidence is at its lowest point in seven decades.
Experts see signs of a coming recession
That’s according to the University of Michigan’s most recent Consumer Sentiment Index. It stood at 50 this month, dropping from 58.4 in May.
The Wall Street Journal noted how this figure is the lowest that the index has been at since 1952 and is widely seen as evidence of a coming recession.
“Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines,” Survey of Consumers Director Joanna Hsu was quoted by CNN as saying in a statement.
“About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009,” she went on to point out.
“As higher prices become harder to avoid, consumers may feel they have no choice but to adjust their spending patterns, whether through substitution of goods or foregoing purchases altogether,” Hsu added.
“The speed and intensity at which these adjustments occur will be critical for the trajectory of the economy,” she explained.
Yet despite those troubling indicators, the president is still insisting that Americans should not assume that a recession is guaranteed.
Biden blames rising energy prices on Vladimir Putin
“They shouldn’t believe a warning. They should just say: ‘Let’s see. Let’s see which is correct.’ And from my perspective, you talked about a recession. First of all, it’s not inevitable,” the Daily Wire quoted Biden as telling Associated Press reporter Josh Boak last week.
What’s more, Biden continues to blame rising energy costs on Russian President Vladimir Putin’s invasion of neighboring Ukraine, dubbing the phenomenon as “Putin’s Price Hike.”
“High gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,” Biden said in a White House statement on June 10.
“Even as we continue our work to defend freedom in Ukraine, we must do more — and quickly — to get prices down here in the United States.”