The University of Michigan has been compiling their Index of Consumer Sentiment since 1978. This index reflects consumer views on their personal financial situation, the year-ahead outlook in business conditions and buying conditions for durable goods. Their preliminary results for June 2022 dropped to a record low of 50.2 with gas prices weighed heavily on consumers concerns. Throughout 2019, the last year before the COVID-19 pandemic sent the economy into recession, the sentiment index had averaged around 96.0.

 America had been energy independent prior to the Biden Administration taking office. In January 2021 inflation was 1.4% and gasoline was $2.38 per gallon. By February 2022, prior to Putin’s Ukraine Invasion, inflation had risen to 7.9%. Since Putin’s invasion of Ukraine inflation has risen an additional 0.7% so much for the “Putin Price Hike”.  Now inflation is 8.6% since May 2021 and the national average for gasoline is $5.01.  Home heating oil, natural gas and propane costs are also projected to continue to rise as the heating season approaches later this year. The only thing this administration’s “New Green Deal” has done for most Americans is leave them less to spend on essentials. As Dr. Phil McGraw would say “How’s that working for you?”