by Bill Conerly
Forbes
Consumer sentiment has dropped sharply since the first of the year, according the University of Michigan’s survey. The Conference Board’s Consumer Confidence measure did also. Inflation is probably the culprit.
President Biden’s supporters have argued that people should enjoy the current economy. Alan Blinder’s view ran with the headline, “The Economy Is Good. Why Don’t People Know It?” The argument that people ought to be happy includes unemployment of just 4.0%, well below the historical average. And it’s not just a case of discouraged workers not counted as unemployed. The employment/population ratio of 60.1% is nearly a percentage point higher than average.