Americans don’t expect good economic news anytime soon, according to a new poll by Discover Financial Services’ U.S. Spending Monitor:
the portion of consumers that expect the economy will get worse rose to more than half for the first time this year–up 4 percentage points at 53%–as sentiment among men worsened.
Meanwhile, people expect to spend more on necessities:
While 28% of respondents planned to spend more next month, the increase was driven mostly by an increase in anticipated spending on nondiscretionary items. About 38% of respondents expect to spend more on household expenses.
These eery echoes of the “stagflation” of the Carter era are bad news for the Obama re-election campaign (and the president isn’t exactly helping us ignore those echoes).Overall, it’s just not a good time to be an incumbent.