By Michael Snyder
Source: Economic Collapse Blog
These are not good times for Joe Biden. When the U.S. economy is performing well whoever is in the White House is going to get most of the credit. Likewise, when the U.S. economy is performing poorly whoever is in the White House is going to get most of the blame. That is just the way that it is, and that is one of the primary reasons why most Americans are quite displeased with Joe Biden right now. Things are not going well at all, and the outlook for the months ahead is even worse. The American people are becoming increasingly frustrated, and a new Gallup poll that was just released discovered that “confidence” in the presidency has fallen to the lowest level ever recorded…
President Joe Biden has pushed the presidency to a place it hasn’t been in nearly 50 years.
In the latest Gallup poll, less than a quarter of those surveyed have “confidence” in the presidency, worse than during the Trump presidency and nearly as bad as the end of the George W. Bush presidency.
Going back to 1975, Gallup has never recorded a confidence reading as low as Biden’s 23%.
Other polls have come up with similarly stunning results. For example, a different survey that was just released discovered that a whopping 88 percent of all Americans believe that the nation is heading in the wrong direction…
The White House was faced with another dire poll Tuesday that found that 54 percent of Americans believe the middle class hasn’t benefited ‘at all’ from President Joe Biden’s policies.
On top of that, the new Monmouth University Poll found that 88 percent of Americans surveyed said the country was headed in the wrong direction – with just 10 percent saying it’s headed the right way – a record low.
Just think about that.
In this day and age, it is difficult to get 88 percent of Americans to agree on anything.
But almost all of us seem to agree that the country is going downhill, and according to that same survey Americans are currently more concerned about economic matters than anything else…
Nearly half those surveyed said inflation and gas were the biggest concerns currently facing their families, with 33 percent saying inflation and 15 percent pointing to fuel costs.
A lot of people out there don’t really care much about what is going on in the world until it starts affecting their personal finances.
And these days the American people are feeling a tremendous amount of pain.
In fact, the consumer confidence index that is put out by the University of Michigan just fell to an all-time record low…
The University of Michigan’s gauge of consumer sentiment fell sharply to a record-low reading of 50.2, down from a May reading of 58.4. Economists polled by the Wall Street Journal had expected an June reading of 59.
The level is comparable to the low point reached in the middle of the 1980 recession, the university said.
The American people have never been more pessimistic about the economy.
And we have a guy in the White House that has a really difficult time even putting a coherent sentence together at this point.
Of course the team around Biden is not exactly competent either.
Time after time, the Biden administration has made colossal blunders. This week, we learned that someone in the Biden administration apparently thought that it would be a good idea to send oil from our strategic petroleum reserve to China…
Because he hates Americans, President Joe Biden is shipping much-needed American oil to foreign countries, including… China.
The whole idea of the Strategic Petroleum Reserve (SPR), which is owned by the U.S. government, specifically the U.S. Department of Energy, is to hold on to about 700 million barrels of oil in the event of an emergency or disruption.
I was floored when I first read that.
Who would be stupid enough to do such a thing?
Someday we are going to need the oil in the strategic petroleum reserve, and hopefully there will be some left when that moment finally arrives.
This week we have also been getting more numbers that indicate that the economic slowdown in the United States appears to be picking up speed.
According to LinkedIn, hiring in the U.S. is really starting to fall off…
LinkedIn, a unit of Microsoft, saw its hiring rate fall 5.4% month over month in June on a seasonally adjusted basis, the lowest level since December 2021, according to new data released on Friday. On an annual basis, the employment platform’s hiring rate tumbled 11.9% in June.
LinkedIn’s hiring rate is calculated based on the percentage of the platform’s members who added a new employer to their profile in the same month the new job began divided by the total number of LinkedIn members in the United States.
And we just learned that new vehicle sales during the month of June were depressingly low…
Automakers have now reported their June new vehicle sales, or their Q2 new vehicle sales, for the US, except Tesla, which doesn’t report US sales but only global sales. All automakers, even Toyota, and now even Tesla, are struggling with the ongoing semiconductor shortages, and they started the month of June with desperately low inventories on dealer lots and in transit.
And so new vehicle sales in June plunged by 13.5% from the already horribly beaten-down June 2021, to 1.127 million vehicles, and collapsed by 25% from June 2019, the last decent year in the industry, according to data released by the Bureau of Economic Analysis today
It appears that a recession is already here, and the months ahead are going to be really tough.
So I would encourage you to get out of debt.
And I would also encourage you to build up your emergency fund.
This is not a time to fritter away your money on unnecessary things. You want to put yourself in the best position possible to weather the “perfect storm” that is ahead, because things certainly aren’t going to be getting easier from here.
As the economy deteriorates, the frustration of the American people is going to get deeper and deeper.
Needless to say, that isn’t good news for Joe Biden.