Consumer confidence collapses under weight of war

This is an excerpt from the May 26, 2026, edition of “The Tea, Spilled by Morning Joe” newsletter. Subscribe here to get it delivered straight to your inbox Monday through Friday.

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Source: Gallup poll of 1,001 U.S. adults, conducted May 1-15, 2026; margin of sampling error: ±4 percentage points 

Last week, the White House rolled out a bright new idea to reduce grocery prices: loosening federal rules that require grocery stores to cut greenhouse gas emissions from refrigeration and air conditioning. As MS NOW’s Steve Benen writes:

The New York Times reported that market analysts agreed that the administration’s move is likely to have little impact on prices, “which are elevated because of tariffs, extreme weather and soaring fuel prices since the start of the conflict in Iran.”

The article quoted David Ortega, a food economist and professor at Michigan State University, who said, “This move is highly unlikely to produce any noticeable reduction in grocery prices for consumers. We’re talking about refrigeration, and that’s a very small share of the overall cost of food.”

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How small is “very small”? A NOTUS report pointed to per-customer savings of roughly $2 a year.

That’s not $2 per visit to the grocery store, that’s $2 per year — which works out to roughly 4 cents per week.

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