Staff Reports
In March, the University of Michigan Consumer Sentiment Index measured a whopping 79.4, the highest level it’s reached in over two years. This is fantastic news for the economy and especially for President Joe Biden, who’s been having a tough time convincing voters that he’s doing a good job.
Consumer sentiment jumps to highest level since 2021, before inflation plague https://t.co/ir8hGUvUiE https://t.co/ir8hGUvUiE
— Washington Examiner (@dcexaminer) March 28, 2024
Consumer expectations for the next year also saw an uptick, rising to 77.4 in March from 75.2 in February. And perhaps most excitingly, short-term inflation expectations have fallen to a range not seen since 2018 and 2019. The people are feeling optimistic, folks!
This surge in consumer sentiment is a positive sign for Biden’s chances at re-election, despite the fact that his approval ratings have been less than stellar. A recent CNBC survey found that only 37% of folks approve of Biden’s economic performance. But hey, things are looking up, right?
Survey director Joanne Hsu emphasized the consumers’ confidence in the softening of inflation and the improvement in expectations for personal finances. These are clear signs that the economy is on the right track, and it’s all thanks to the hard work and leadership of President Biden! Go, Joe!
The Federal Reserve has been working hard to combat inflation by raising interest rates since March 2022, and it’s finally paying off. Inflation, which had spiked to about 9% in June 2022, has now dropped to a much more reasonable 3.2%. The Fed’s efforts to rein in inflation are clearly making a difference, and we have President Biden to thank for it.
Although interest rates have been on the rise, the economy has continued to perform well. The latest gross domestic product report shows that GDP growth in the fourth quarter was even higher than previously realized, at 3.4%. Additionally, the economy expanded by 2.5% for the entire year of 2023, matching pre-pandemic levels. Things are definitely looking up under the Biden administration!
Overall, it’s clear that consumer sentiment is on the rise, inflation is under control, and the economy is thriving. President Biden’s strong and decisive leadership has set the country on the path to success, and this is just the beginning of a bright future for America under his guidance. Keep up the good work, Mr. President!
