People are spending more because everything is substantially more expensive, you obtuse peanuts. People are dipping into their savings because they’re running out of money.
Who has savings?
He means credit card debt
I’ve still got like 80% of that stimulus check from a few years ago. Interest alone kept me going for quite a while.
Interest on $1200 (I forget how much it was) kept you going for a while?
How could it not?
You buy one 20 pound bag of rice and one 20 pound bag of beans and then canning supplies and you sell limited edition holiday dried and rice bean mixes. When you sell out, you buy 40 poinds of each.
Within 5 generations you have now become the rice and bean king of New Hampshire and have only spent $40 of your initial stimulus seed fund.
True, I remember my days as rice and bean king quite fondly.
Exactly! You remember those math problems where Walter went to the store and bought twenty 40lb bags of rice, and x 50lb bags of beans? That’s where I got the idea!
Two things this article doesn’t consider:
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people who are upset often buy things to make themselves feel better, even if they know they shouldn’t.
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with the rate prices have been rising by for a while, some might feel that it makes sense to spend now before products become me even more unaffordable.
We just redid the kitchen and put new flooring in. We’ve had the money but the prices of shit hasnt come down much. I finally got sick of listening to it (my wife) and puked the trigger. Your #2 is exactly why.
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Except our current economy excludes the average American from home or vehicle ownership. So, we should probably be loudly demanding change.
Are you blind, or getting kickbacks for touting corporate bullshit?
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Who knew that people still need to buy food to eat /s
People have jobs but not enough to get major quality of life things like nice car or their own home and getting those things seem out of reach so they are spending on what makes them forget how depressing it is they can’t have those things.
And if people started speeding less, we would have wave of articles screaming that the economic end times were upon us
I think it’s because lots of people might be in better place financially but still fucked overall. Especially when your factor in student loans which are basically going to be there wether I save for them or not.
I know that since covid I’ve been willing to spend to do fun things. What’s the point of saving when it removes all joy from my life.
is the just ‘profits are up’ because they artificially doubled the priced of everything, and then some of us got a mild pay bump. yay. thats not ‘spending like its great’. thats still ‘spending to fucking get by’
Ok…
What income bracket is spending the most?
They also blew right past inflation without really explaining how much of the extra “spending” was due to the rise in costs across the board, everything from streaming video to groceries to cars have taken a big jump in cost.
I’m not spending more because I think the economy is great, I’m spending more because everything costs more and corporations are quite happy to keep jacking up prices for their massive profits.
I used to think I was healthy middle class. Then my dog got sick and even pet bills maxed my credit cards and has me paycheck to paycheck.
This is the best summary I could come up with:
In a CNN poll released Tuesday night, 72% of all Americans say things in the country today are going badly, and 66% said the economy will be “extremely important” when deciding who to vote for next year.
But just 2% of voters say the economy is excellent, according to a separate New York Times-Siena College poll released earlier this week.
Folks don’t tend to shell out thousands on Taylor Swift tickets and steak dinners and vacations when they’re worried about where their next paycheck is coming from.
Of course, to pay for it all, Americans are dipping into some dangerous places — something you don’t typically do unless 1) you’re desperate, or 2) the labor market is booming and you feel like your job is secure.
Your morning cup of coffee still costs 60 cents more than it did before the pandemic, and there’s no incentive for Starbucks (or wherever) to bring prices down now that they know you’re willing to pay for it.
It now takes nearly 41% of the median household’s monthly income to cover the principal and interest payment on a median-priced home.
The original article contains 622 words, the summary contains 184 words. Saved 70%. I’m a bot and I’m open source!
I was at a Gamestop recently to turn in some old games, and five people ahead of me (and at least 30 years younger) were all in line to buy new PS5s. I’m not judging them but, they were so young and as someone twice their age, I wonder how they afford it. I couldn’t and I’m pretty well off financialy now. It’s not my job to go on a boomer rant about it - but it’s true that people are in some ways overspending more now (in my view).
Recently at work a woman complained she had spent bus fare only to show up our hospital and be told her appointment was the next day. She was moaning about how she had to spend money for another bus fare back again - while pulling out the latest brand new iphone and headbuds from her Gucci hand bag (i’m not kidding).
People complain about the economy partly because they’re conditioned to think of any non-discretionary spending as a pain in the ass. It’s always been this way. I’m 60 now and I don’t remember a time when the economy was better than today - but I do remember gas lines in the 70s and how bad the economy was back then. A new game system would have been out of the question for families back then, even if such things existed then.
Big “avacado toast” energy lol
