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Remember how President Joe Biden wanted to be an historic president — pointedly hanging FDR’s portrait over the fireplace in the Oval Office?
Turns out, as we now officially fall into bear market territory and Americans are getting poorer by the minute, Biden’s dreams are coming true.
Already, Biden has notched some historical firsts.
For example, consumer sentiment plummeted in June to the lowest level ever recorded in the 70-year history of the University of Michigan index. It is a stunning collapse, not seen even during the darkest days of the COVID-19 scare. The index fell to 50.2 from 58.4 in May – already a recession-level reading – and was far below the 58.1 projected by economists.
Stock Market Data, Stock Market and Exchange, Stock Market Crash, Dollar Sign, Moving Down
Meanwhile, the New York Federal Reserve just reported that consumer expectations for inflation hit a record level in May, as did pessimism about the stock market.
It seems the country has never been so gloomy. Way to go, Joe!
These are remarkable achievements, considering that most people who want a