USA Today Offers More Evidence Obama Is Hurting The Economy
The media is so locked into a mostly liberal narrative, they can report the facts separately; yet, never connect the dots. Day after day, they carry stories of Obama's class warfare and demagoguing against the so called "wealthy," code for upper middle class for all practical purposes.
Today USA Today points out the unease among those within middle and upper-middle income brackets and how important they are to the American economy. But you don't hear that aspect highlighted when they're reporting on Obama's latest attack on that very same group, calling for tax increases that impact them.
Why should they have confidence in their having the ability to buy goods at a level the economy requires for recovery when Obama is routinely out there bashing them, while saying he wants to take more of their money away to support his big government agenda? It's absured to think they aren't connected.
The shaky economic recovery may depend on wealthy consumers to keep spending — and they may not have the confidence to do the job.
That's one upshot of Friday's report on second-quarter economic growth, which showed U.S. gross domestic product rose 1.5%, down from 2% in the first quarter and a newly revised 4.1% in the last three months of 2011. Growth in investment is slowing and government spending is down. That leaves consumption, which was 71% of GDP last year, to pick up the slack.
But consumers with the most to spend have just as little confidence in the economy as everyone else, some surveys show. The Thomson Reuters/University of Michigan Survey of Consumers shows that the consumer confidence index among those who make more than $75,000 annually has fallen 20% since last year. Even confidence among millionaires has dropped to a nine-month low, according to market researcher Spectrem Group.