James Pethokoukis of the American Enterprise Institute on the continuing economic malaise following six years of disastrous policies under Barack Obama:

Americans have lost a lot of confidence and replaced it with fear and concern that if something goes wrong things will get even worse. People no longer have that feeling that if they fall down they can pick themselves back up. And I think that’s expressed in the expectation variables. The economy needs to put in stronger numbers for people to feel that they are on more solid ground. And it's fair to say that the politician simply don't get it and don't accept the blame for their contribution to this difficult situation. I was not very optimistic about what the Michigan index would do this week. But the survey managed to come in bellow my expectations. It's a very depressing report.

Economist: 'Americans have lost a lot of confidence and replaced it with fear'