Skip to comments.U.S. Economic Confidence Plunges in October [Worst 1 month drop since 2008!]
Posted on 11/05/2013 8:49:24 AM PST by SoFloFreeper
Sixteen-point drop to -35 is sharpest in any month since Gallup Daily tracking began...
Americans' confidence in the U.S. economy sank for the month of October amid the partial U.S. government shutdown and partisan bickering over the federal debt limit.....
(Excerpt) Read more at gallup.com ...
I am on Disabled Social Security and before I am called a freeloader let me say I was one of those pulling the cart for 50 years before I became disabled.
I have read and believe that obozo has pulled 750 billion from Medicare and Medicare Advantage and therefore I will be paying more for medical care and drugs. I have applied for jobs and am cutting back any expenses I can. So it also applies to me and I don’t like.
I am also raising more hell then a pet ape with my socalled reps and senators though I know it is doing no good.
May the people that did this burn in hell.
It pretty much is Bush’s fault. If he wouldn’t have been a complete moron, Obama wouldn’t have been elected.
Here in NJ many of those businesses saw business start to drop off with the financial meltdown in 2007/2008, and they haven’t recovered (many have closed). There are not enough people with discretionary dollars to keep restaurants, bars, etc. open; the only people better off than 5 years ago are the public employees that survived the layoffs we’ve had, and there simply aren’t enough of them.
Most Americans seem reduced to buying staples, and if they are buying anything else they’ll visit Craigslist before they go to the mall. Now our malls are reduced to cell phone kiosks and tattoo parlors...
“The only silver lining in this dark cloud: It may be enough to cause the scales to drop from the eyes of the LIV’s who voted for the Moron-in-Chief and his Dem henchmen. Next November will be very ugly for the Dems.”
We can only hope...
Life may be good there if you are the sort to fit in there. I would rather live in the backwoods myself.
“(if indeed we ever left the last one).”
We never really did, real life is often very different from official reports. It doesn’t even have to be intentional, I have seen managers reading internal reports in businesses and making decisions based on the “information” contained when in reality they knew less after reading the report than they did before reading it. I doubt that I have ever seen a report that contained as much reliable information as people imagined it contained.
If I had to pay that for insurance EATING would be out of the question.
Her and her ilk will be trying the same thing here shortly when the October jobs report comes out.
“Here in NJ many of those businesses saw business start to drop off with the financial meltdown in 2007/2008, and they havent recovered (many have closed). There are not enough people with discretionary dollars to keep restaurants, bars, etc. open; the only people better off than 5 years ago are the public employees that survived the layoffs weve had, and there simply arent enough of them.”
Here in wino country, we have still have blocks of small mom and pop stores that were closed due to the meltdown, now serving as free art galleries with no one wanting to open up a downtown store nor wanting to fight the liberals re what businesses they want to see versus a business that can stand on its feet due to real customers and their demand.
The melt down has had a paradox impact here. People will come up here to taste good wine and eat in 4 and 5 star restaurants and stay in plush hotels for a couple of nights, because they can’t afford the 1-3 week vacations/cruises they used to go on.
People with money from Texas, NY, Asia and Canada are buying homes or bidding on them paying cash for them. As a result many if not most of the property values here are higher than they were before the meltdown. Some of the new comers will be year round residents and many will be here during the good climate months.
These new cash home buyers are creating an economic boom re contractors, bath room/kitchen remodelers, new carpet/tile sellers and other redoing providers. Most good contractors and re doers are booked up for months. This has created a boom in refinancing for the banks, savings and loans and even the money lenders associated with Indian Casinos.
Re malls, many out here have become a place where dropouts and not the nicest teens hang out. Many cruise the parking lots looking for cars to break into. They wait until someone puts stuff in the trunks or vehicles and go back into the mall. Then, the undesirables break into the vehicles and loot them. You use a smart phone in the malls, their parking lots and other bay areas and act like an atm.
We haven’t been in a mall since the meldown. We are not alone, and that has created a market of new stores/chains moving into upgraded or new shopping centers. These shopping centers have parking lots patrolled by local cops and rent a cops.
As a result of the above, our city has a surplus of tax money versus expenses for the first year since the meltdown.
However, what we are recently seeing since the Obozo Care mess, is a definite lack of locals in the medium to good restaurants for lunch and shorter dinner hours due to fewer customers. Then, the zillion little so called beauty spas seem to really be hurting. Their business again depends on locals having disposable income..
So apparently even in an area where the melt down impact is basically gone, we may be seeing the beginning of a new meltdown from the negative financial impact of ObozoCare.
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This article is on the internet:
US consumers tapped out as holidays approach
HOLIDAY SPENDING, RETAILERS, CONSUMERS, SURVEYS, SCALING BACK, ROSENGREN, FEDERAL RESERVE, TAPERING, CONSUMER SENTIMENT, CONSUMER SPENDING, PERSONAL INCOME, ECONOMY, TARGET CORP, BANK OF AMERICA CORP, MICHAEL KORS HOLDINGS LTD, BUSINESS NEWS
CNBC.com | Friday, 8 Nov 2013 | 6:00 AM ET
American shoppers have a way of rallying when the holidays roll around. But years after the Great Recession, consumers’ budgets remain badly squeezed by flat wages, higher payroll taxes and a weak job market.
Millions with cancelled health insurance policies will be faced with higher monthly fees. The government wants their first pint of blood this December.
In 1964 we moved to the upper Napa Valley and that summer fires broke out all over the valley and surrounding hills. The following winter it rained for 40 days and 40 nights and the Napa River flooded so badly we kept watching for Noah's Ark!!!
My Brother In Law kept bugging me about having moved to "God's Country!" I finally told him it looked and acted more like the land of "Hell & High Water!!!"
I noticed a recent downturn in my on-line business. We could see a real reduction in spending this Christmas. But Christmas spending is remarkably resilient. It’s the rahoo-doray spirit.
We aren’t seeing that kind of recovery here in NJ; in fact, we have the famous Xanadu mall right next to Giants Stadium in the Meadowlands that was finished years ago (complete with an indoor ski slope) that never opened (you’ll see it at next year’s Super Bowl - it is a mutli-colored monstrosity). People and jobs are still leaving the area (which is why we have a de facto amnesty here - without illegals and their anchor babies, we’d have a lot of unoccupied housing and empty schools). A few years ago my town got its first pawn shop; the family businesses that closed are replaced by tattoo parlors, hair & nail salons, Latino fast food dives, and laundromats (for the increasingly transient population living in illegal apartments). Our train service to NYC has been discontinued, and anyone with money looking to settle down has too many nicer options within a half hour’s drive (with lower taxes and more Americans).
I couldn’t imagine how the remaining working people are going to pony up the thousands of additional dollars ObamaCare will cost them; we have nothing left.
I was flat-out stunned at how few kids we got for Holloween, and at how few a number of houses actually had their lights on.
We had one family, our next door neighbors.
I’m still waiting for our liberal mediots to tell us how Halloween Sales this year compared to past years.
In spite of our current economic boom which is dependent on visitors with more disposable income, we have seen the same so called boom the past 4+ years:
“the family businesses that closed are replaced by tattoo parlors, hair & nail salons, Latino fast food dives, and Laundromats.”
Discount chain stores like Walmart and Target are doing great. Other discount stores are in the process of having new buildings built in existing shopping centers. A couple of new ones will be free standing with rental spaces for small foodie and whatever shops in their new areas.
I hope it works out for you.
We are probably up to 95% on line purchases for Christmas and birthday gifts.
My wife gives me a list of gifts to order. We will start ordering after the so called black Friday.
While Americans appreciate the low prices offered by discount stores, they don’t offer much in terms of meaningful employment. We had a new Dollar General store open nearby, and I’m shocked at how few people work there. There just isn’t a viable economy in many areas in the northeast anymore, and if it wasn’t for food stamps and welfare those discount stores wouldn’t even expand as they do.
I appreciate it. Hope it works out for everyone.