A reader writes in:
Consumer confidence falls to near 16-year low
Now there’s no doubt that consumer confidence is impacted by real events (housing and gasoline being tangible negatives to economic confidence). However, there also can be no doubt that consumer confidence is hugely driven by perception and by media leading the way.
Sixteen years. Now what would have been happening 16 years ago? Oh yeah, a Republican president in power and a Democrat media darling running for office. There was a reason the media wanted the public to be panicked about the economy. It would help their favored son win office.
If you read the above article about the last time consumer confidence was this low … October 1992. One month before Clinton was elected. How convenient.
It’s happening again this election cycle but the media powers are five months ahead of schedule. Don’t doubt the power of the media to shape this “statistic.” I guarantee you consumer confidence will “leap” within weeks after the election.