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OAN Staff Alicia Summers
2:17 PM – Friday, February 21, 2025
Consumer confidence is taking a hit, with the U.S. Index of Consumer Sentiment dropping to 64.7, down from 71.7 last month and significantly lower than 76.9 a year ago—representing a 9.76% decline in just one month and nearly 16% since last year. According to the University of Michigan’s survey, everyday Americans are feeling more cautious about their finances, and Eddy Gifford, a wealth advisor at TACTIVE joins Alicia Summers to note concerns about Biden-flation, Walmart’s lowered profit warning, Buffett’s record cash reserves, and a notable market sell-off raise questions about a possible recession on the horizon. With the new Department of Government Efficiency (DOGE) focusing on cutting waste, fraud, and abuse, one might expect a boost in consumer confidence. Additionally, there’s online buzz about a planned spending boycott on February 28, targeting major retailers protesting their rollback of DEI initiatives. As a counter-protest, some may choose to spend big on that day at retailers like Amazon, Walmart, and Target, which have prioritized merit-based hiring.