|| By FITSNEWS || Bloomberg’s Consumer Comfort Index (CCI) is at its lowest level in eight weeks … and at its lowest level all year, if you live in the American South.
The index, which measures consumers’ comfort level on a scale of zero to 100, declined to 43.7 nationwide for the week ending on May 3. That’s the survey’s fourth consecutive weekly drop. In the South, the index slipped to 39.7 – its lowest reading of the year.
So yeah, about those lower gas prices stimulating a consumer renaissance … oops.
Americans views on the economy fell from 37.3 to 35.8, while the buying-climate index fell to a six-week low of 39.8 (down from 41.2).
Hmmm … no wonder those second quarter growth projections are looking so shaky.
Even those Americans’ making decent money – more than $100,000 a year – saw their comfort index dip from 73.7 to 71.9.
What’s the deal? It’s easy: The more government grows at the federal, state and local level … the less economic growth we’ll see. America’s economy hasn’t grown at an annual rate of three percent in ten years. It hasn’t hit four percent growth in fifteen years. And it hasn’t hit five percent growth in more than thirty years.
By contrast, growth exceeded five percent in twelve out of thirty years from 1950-1980. And it exceeded four percent in seventeen out of those thirty years.
We’ve said it before, we’ll say it again: Until our leaders reverse course and engage the free market – as opposed to additional wealth redistribution, crony capitalism, welfare statism and global interventionism – don’t expect anything to change. In fact expect things to get worse.