The United States is being confronted with a crisis of unusual proportions as the government shutdown continues and consumers are beginning to lose confidence in the country. Reuters reported on Oct. 11, 2013, "Washington drives U.S. consumer sentiment to nine-month low." In October U.S. consumer sentiment deteriorated to its weakest level in nine months due to the first federal government shutdown in 17 years which has undermined the faith of many Americans in the economy.
The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 75.2 in October, which was down from 77.5 in September. This was the lowest recorded figure since January. Economists had predicted a government shutdown would cut at least 0.1 percentage point a week from the gross domestic product. It has been said the damage would intensify if the shutdown
continues for more than two weeks.
Bloomberg has reported, "Consumer Sentiment in U.S. Fell in October to Nine-Month Low." As the shutdown heads into a third week and the deadline looms for raising the debt limit in order to avoid a default, households are becoming pessimistic about the economy. However, it is felt due to increasing wealth, lower gasoline prices and a resilient job market, the economy will be able to bounce back once lawmakers reach a compromise.
This is a very hard time for Americans and clearly new answers to the chronic problems of the economy are necessary to help rejuvenate the economy and get Americans back to work and on track to realizing the American dream of great wealth. It's at times like this when everyone is talking business instead of just politics, realizing that without economic freedom there really is no freedom at all.