Nearly One-Third of Americans Expect to Be Poorer in a Year

[mystery-ak]

Nearly One-Third of Americans Expect to Be Poorer in a Year

John Carney 25 Mar 2022

Never before have so many Americans felt their prospects are so rotten.

The University of Michigan’s survey of consumer sentiment showed on Friday that 32 percent of Americans expect the financial condition of their household to worsen over the coming year, a record high share, largely due to rising prices

“When asked to explain changes in their finances in their own words, more consumers mentioned reduced living standards due to rising inflation than any other time except during the two worst recessions in the past fifty years: from March 1979 to April 1981, and from May to October 2008. Moreover, 32% of all consumers expected their overall financial position to worsen in the year ahead, the highest recorded level since the surveys started in the mid-1940s,” said Richard Curtin, the chief economist of the survey.

Consumer sentiment has declined sharply in Biden’s first year in office, with the University of Michigan measure dropping 30 percent from a year ago. What’s more, just 16 percent say they have confidence in the country’s economic policies, one-third as many as those who say they do not have confidence.

About seven in 10 Americans say the nation’s economy is in bad shape, and nearly two-thirds disapprove of Biden’s handling of the economy, according to a poll released Friday from The Associated Press-NORC Center for Public Affairs Research.

https://www.breitbart.com/economy/2022/03/25/nearly-one-third-of-americans-expect-to-be-poorer-in-a-year/

[The_Reader_David]

In nominal dollar terms they are likely to be wrong.  In purchasing power terms, the 2/3 who don't expect to be poorer are certainly wrong:  all of us are already poorer and are likely to continue becoming even poorer at least until late 2023, and that's assuming the GOP controls Congress after the mid-terms and forces Biden to govern from the center for the next year, and the Fed follows through on the expected interest rate hikes.

[catfish1957]

Based on dollars and cents, I've done pretty will on paper since Pedo Joe started. But with why I believe is a  12-15% inflationary adjustment, this has pretty much netted out IMO.  In fact, considering overblown P/E ratios, and lagging earnings, I expect a healthy correction any moment now. 

That will be when stagflation will be the rule.

[IsailedawayfromFR]

Based on dollars and cents, I've done pretty will on paper since Pedo Joe started. But with why I believe is a  12-15% inflationary adjustment, this has pretty much netted out IMO.  In fact, considering overblown P/E ratios, and lagging earnings, I expect a healthy correction any moment now. 

That will be when stagflation will be the rule.

Better be whittling down those 401ks and IRAs 'cause the big guy is gunning for you and your wealth.   Confiscation will be the order of the day.

Remember, tax rates jump significantly when Trump tax cuts expire at end of 2024.

[rustynail]

We may be millionaires.