May 22, 2026
You haven’t felt this crappy about the U.S. economy since — well — ever.
That’s according to the brand new consumer sentiment report released today that found because of high gas prices and inflation increasing again, you just really hate what’s going on.
This is the consumer sentiment chart from the University of Michigan, which has been studying how you feel the U.S. economy impacts your personal finances since the 1950s. And you can just see it right here — April 2026, just in the tank. The lowest level ever.
And what this chart shows is consumer sentiment is worse today than it was when inflation was 9.1% and national gas prices were averaging more than five bucks a gallon in June of 2022. It’s worse than it was during the 2008–2009 recession. And believe it or not, worse than during any war we’ve been in since they started keeping track in the 1950s — including Iraq, Afghanistan, and even Vietnam.
The report says the cost of living continues to be your number one concern. Fifty-seven percent of consumers say that high prices are eroding their personal finances, which is worse than last month. Lower-income consumers and those without college degrees felt worse overall about this economy than everyone else. But it wasn’t just them. The University of Michigan measures consumer sentiment based on political party. Obviously Democrats were very unhappy, but independents — which will be critical in the midterm elections — and even Republicans reached the lowest consumer sentiment numbers of either of Trump’s administrations.
And this all checks out. According to today’s national average for gas, no state in the country has an average gas price lower than four bucks a gallon. In fact, the average price for a gallon of regular today is $4.55. And according to the most recent inflation number, as of April, inflation is 3.8% higher than it was in April of 2025.
And all these economic headaches are going to fall squarely in the lap of Kevin Warsh, who was just sworn in today by Justice Clarence Thomas as the new chairman of the Federal Reserve. He said he plans to reform the Fed.
It’s no secret that President Trump nominated Warsh to take over the Federal Reserve because Warsh believes in lowering interest rates. But with inflation going up, that may be a really bad idea. President Trump said today he wants Warsh to make his own decisions.
Read the Consumer Sentiment Report here.
Watch Kevin Warsh’s swearing in ceremony here.
Check out average gas prices today here.
