Bush Economy Scares Consumers

Washington, DC - It was reported today, with gas prices at historically high levels, consumer confidence experienced its largest decline in 15 years.

"From falling wages and increasing health care costs, to sky-high gas prices and climbing poverty rates, the Bush economy is failing America's working families," said Democratic National Committee Communications Director Karen Finney. "The only thing worse than this Bush economy, is the last Bush economy."

Consumer Confidence Index: Biggest Drop in 15 Years. "Consumer confidence suffered its biggest drop in 15 years ... The Conference Board said its Consumer Confidence Index, compiled from a survey of U.S. households, dropped 18.9 points to 86.6 from a revised reading of 105.5 in August. That marked the biggest slide since October 1990, when the index fell 23 points to 62.6 in the wake of the recession. ... 'Today's numbers show that consumers are not very optimistic about the economy. As a result, we will see consumer spending reduced until we see some relief on energy prices. ... If we don't get some relief, it looks like it will be a very weak holiday season,'" said the chief economist at A.G. Edwards & Sons. [AP, 9/27/05]