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this post was submitted on 17 Mar 2025
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I don't know what all goes into consumer confidence, but I can tell you that my consumer confidence has been very low and very pessimistic since November 2024 and that pessimism went into overdrive by January 2025.
I've dropped all discretionary spending on big ticket items, even the things I have been planning for and saving for since long before the election. I've also cut way back on spending for essentials, skipping out on preferred and "luxury" brands at the grocery store and instead going for generic and brands that I like less but which are cheaper, or just going without. I've also cut way back on services. If I don't know how secure my income is or how long my savings might last, then I'm not going to speed up my ruin by spending now.
Ironically enough, the only people I know who seem to be happy with the economy are the ones who were cheering for the "I did that" stickers and asking "why is eggs so expensive" under Biden but noticeably silent on those topics once Trump became president. Unfortunately for the economy, they are almost entirely low income folks (i.e. social security, food stamps, minimum wage part-time jobs) who aren't typically drivers of the economy to begin with and who are probably going to be hurt the worst if and when things get really bad.
I hate to darken your cloud, but that makes them exactly the people who will be cut off by the administration. The economy won’t care if they die in the streets… pure capitalism has no heart as much as pure communism has no drive.