Vice President Harris begs for 2nd debate, as consumers’ assessments turn negative & more pessimistic about future income
WASHINGTON, D.C. (Texas Insider Report) — According to today's release of the latest survey by the Conference Board, Consumer Confidence in the U.S. has collapsed in September – with its largest monthly decline since August of 2021 – as U.S. households increasingly expect a weaker labor market, fewer job openings, and less growth moving forward.
“Confidence declined in September across most income groups, with consumers earning less than $50,000 experiencing the largest decrease. While consumers’ assessments of current business conditions turned negative, their views of the current labor market situation softened further,” said Dana M. Peterson, Chief Economist at The Conference Board, whose print and broadcast publications are often carried by CNBC, Bloomberg, CNN, Thomson-Reuters, Barron’s, FOX Business, and the Wall Street Journal.“The drop in confidence was steepest for consumers aged 35 to 54.
"As a result, on a six-month moving average basis, the 35–54 age group has become the least confident – while consumers under 35 remain the most confident."
The news comes on the heels of the Federal Reserve projecting that unemployment would continue rising through the end of the year – after already experiencing an increase of 1.4 million lost jobs since its low in Dec. 2022 – as it cut the Federal Funds Rate last week by 0.5% to deal with what it called “cooling” of labor markets.
The developments also come as Vice President Kamala Harris finds herself upside down on "the economy" in recent national polls, which Americans consistently say is the top concern this election cycle with inflation still hurting U.S. households, and incomes not keeping up as unemployment rises.
In the latest New York Times-Siena Poll released Sunday, taken Sept. 11-16 after the Sept. 10th Presidential Debate:
- Trump leads Harris 54% to 41% on who would handle the economy better,
- including 60% to 34% among men,
- and even 49% to 47% among women.
In other words, if the presidential race comes down to "the economy," Kamala Harris and Democrat Party's down-ballot candidates could be in trouble."Consumers were also more pessimistic about future labor market conditions, and less positive about future business conditions and future income," added Peterson.
Both Harris’ convention speech and her appearance at the Presidential Debate were considered to be light on details when it came to addressing the economy. As a result, after the debate the Harris Campaign has called for another one hosted by CNN, as Harris herself told reporters on Sept. 22nd.
“I would like another debate…” Harris said over the weekend, adding, “I’m hoping the former president will agree to that… we have a lot more to discuss.”
But while polls show that voters appear confident about where Trump stands on issues, with little time to campaign remaining, Harris is still seen a being something of a blank slate.
Although Harris might want to say more about her "opportunity economy," her sudden request for a 2nd Debate is seen by many analysts as an indication her campaign feels she has failed to make the sale or sufficiently outlined her vision for the future.
The campaign's strategy of avoiding serious media appearances – other than with celebrity Oprah Winfrey – and the non-answers offered during the Sept. 10th debate have left voters unsure about her future plans, and believing they are worse off today than they were four years ago.
But while polls show that voters appear confident about where Trump stands on issues, with little time to campaign remaining, Harris is still seen a being something of a blank slate.
Although Harris might want to say more about her "opportunity economy," her sudden request for a 2nd Debate is seen by many analysts as an indication her campaign feels she has failed to make the sale or sufficiently outlined her vision for the future.
The campaign's strategy of avoiding serious media appearances – other than with celebrity Oprah Winfrey – and the non-answers offered during the Sept. 10th debate have left voters unsure about her future plans, and believing they are worse off today than they were four years ago.
Confidence, once lost, can be difficult to recover, but economic slowdowns and recessions are by no means always fatal to incumbents. Richard Nixon, Ronald Reagan and George W. Bush all had recessions during their first terms, and all three were reelected relatively easily.On the other hand, Gerald Ford, Jimmy Carter, George H.W. Bush and Donald Trump all experienced recessions during their first terms, and each of them were ousted. In Trump’s case – despite the severity of the COVID-19 recession in 2020 – he only then lost as the swing states of Wisconsin, Arizona and Georgia voted for Joe Biden by a combined total of just 43,000 votes.
As economic anxiety appears to be worsening – and with less than two months until November's Election – the economy, inflation, family finances and job security will continue to be the top issues in voter's minds.
“Consumers’ assessments of current business conditions turned negative, they're also more pessimistic about future labor market conditions – and less positive about future business conditions and income,” said The Conference Board's Peterson.
The Conference Board's report that "Consumer Confidence" collapsed in September – with its largest monthly decline since August of 2021 – is a significant indication that hope may be slipping away for Democrat's ability to steer the nation into the future.
