Why is Consumer Sentiment so Low?

Here’s a chart of U.S. consumer sentiment that goes back to the early-1950s: Consumer sentiment is currently lower than it was during: 9% inflation in 2022 The Covid pandemic The 2008 financial crisis and bursting of the housing bubble 15% inflation and 18% mortgage rates in the early-1980s (that ended with not one but two recessions in 3 years) Stagflation and the energy/inflation shocks of the 1970s The Vietnam ...