by Gene C. Gerard

A new survey released last week shows that Americans are increasingly worried about the economy. The Consumer Confidence Index declined by three percent in July. Economists monitor the index closely because consumer spending accounts for two-thirds of all economic activity in America. The Conference Board survey determined that more consumers expect the economy to worsen over the course of the next six months. The number of people expecting fewer jobs to be created in the next few months increased, while those expecting their personal incomes to increase declined. Americans who believe that business conditions are “bad” increased according to the survey, as did those who responded that jobs are “hard to get.” Consumers who expect business conditions to improve declined in July, while those anticipating business conditions to worsen increased. The Bush administration responded to the decline in consumer confidence by fawning surprise. However, it’s hard to believe that anyone else was caught off guard....

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