if the economy is bad, why were there record sales last weekend??

anybody that has watched the news , even fox

https://www.foxbusiness.com/retail/...-reach-record-level-according-adobe-analytics

claims record sales this weekend, despite a bad economy

how can this be??

I see videos of people begging for money on tik tok

I read my local message board and see people there also begging for money

could it be people are living beyond their means?? could people just be lazy and deadbeats??

every person I know has a $1200 Iphone in their pocket..

when the new I phone came out last september, the lines were around the block at apple stores nation wide ...you would think they are giving them away

and think about the taylor swift concerts, she sold out stadiums, in some cities multiple times. some paid thousands for a single ticket , then add travel expenses and a T shirt

also, anybody been to a costco lately?? yes it is crowded but what baffles me is
the gas staitons at costco, yes gas is a few cents cheaper there than the corner gas station

people are in the line driving land rovers , Merecedes , Beamers and huge SUV all costing $75-$100K..these people wait in line to save maybe a single dollar on a full tank..a 3 cent discount on 20 gallons is .60 cents saving..again these people are sitting in cars worth a $100K

part of the problem is the general public has become ignorant when it comes to managing money...

between credit card companies , auto finance companies, phone companies , there is no restraint on a persons ability to spend..

I suggest the problems of the economy today are not because of the current political policies...this started back in Reagans term when he coined the phrase "trickle down economics" and for some reason people bought into it...Reagan printed money, the rich gobbled it up. Clinton balanced the budget with all of reagans printed money, then the idiot Bush came along and cut taxes after declaring a war, and the country has been in debt ever since

why is it everybody wants to blame the government on their own failures?? even the conservatives seem to have boarded the blame game train

again

if the economy is so bad, why are there record sales last weekend??

 

Have you looked in to CC debt?

Clearly that's part of the spending..

 

Easy - everything cost more and the data goes by total dollars spent. Its called inflation.

 

I made this point...there are few guard rails of what a person can spend ..credit card companies are surely part of the problem
so are phone companies and car finance companies ...going into debt is pain free!!

I am surprise people over 75 has the highest debt..maybe they think since they are gonna die soon it, the money they owe dont matter

 

I was too!

 

Republicans are betting on inflation to get them back into power in 2024. Problem is that there is still a year to go. And salaries are catching up. There is no reason why they haven't caught up already other than businesses wanting more profits. But the low unemployment rate ensures they will, so long as it stays under 5%

 

That's true too.

 

Everyone you know wasted $1,200 on a phone?

Wow that sounds like a real exclusive crowd.
Do they have country club memberships as well?

 

spending was up 7.5% inflation is at 3.1 %

again . why do some believe current policy is to blame?

I say this happened over many different administrations ...not just the current one

dont just blame one administration for todays financial woes ..it takes more than one to screw things up

just look at congress !! lol

 

Pass the debt along to their kids....lol.
That'll teach those little greedy pot lickers!

 

do you go outside??

look around, every person has a cell phone...and in my circle of friends the apple is the trend

even a non apple phone goes for $6 or $700

 

More items from China, inflation has increased prices of items, larger population (legal & illegal), easier credit, spoiled people who want everything and have a credit card. It's only normal that we would show more dollars spent than any other year. Probably go up again next year if inflation continues and the border stays open, duh. Are we better off -- no!!!

 

Inflation forces people to work that normally dont, my opinion, those that were living on SSI.

https://www.investopedia.com/articl...s booming,unemployment is unchanging) or only

 

are mastercard and visa and amex handing over credit cards to illegals??

seems to me the illegals are the only group that are debt free and willing to work a week to get paid a week

 

It gets pretty complicated to say that the "economy is bad." There are several metrics we could go by, and they are often mutually exclusive to a degree. We want growth to be high (and it is), and that's normally our top indicator. We also want employment to be high/unemployment low (again, we're winning on that point as well). Wages are also up, last I checked. However, you can't have all of those things being high without also driving inflation up. And to keep inflation down, or to slow it, it means lower growth, fewer jobs, and higher interest rates. It creates a perfect storm for anyone who wants to blame whoever is in the White House -- Growth, employment, and wages high? Whine about inflation and the interest rates we are increasing to combat that. Inflation low? Then whine about the others. There will always be a metric to whine about.

All things considered, yes, we are doing well. Key metrics are up and even the inflation is well-managed when we look at the rest of the globe. But I'd be careful about celebrating those record sales. What it really shows is that people are willing to tolerate the inflation we currently have, which means it will likely go up.

 

Sales were up for a few very obvious reasons:

1. Discounts on products (which already had jacked-up prices because of inflation).
2. Americans are diving into the "buy now, pay later" scheme. Who cares about debt...?
3. Americans, who have already run up a record $1.08 TRILLION dollars in credit card debt, do have some headspace left on their cards and they're gonna have a good time this "holiday" season, no matter what!

. After all, who gives a **** about tomorrow?

 

I get outside plenty. The phone I'm posting on cost $100.

It gets unlimited internet for 55 a month and makes phone calls and I can take pictures and video just fine. In fact every picture you see me post here came from this phone if it's not a screenshot off the internet or a meme

No way would I waste $1,200 on a cell phone. But to each their own. If I do know people that have a $1,200 phone it is likely that they are 30 years old or less. But I'm not sure because I don't pay a bunch of attention to what phones my friends have.

I blow my money on things like bike parts and hunting gear.

I wish I would have taken a picture a couple of days ago because the Charlotte county Sun newspaper ran an article that many shoppers were staying away from Black Friday

 

Online sales are trending higher. Have been for some time. And, of course, the economy is doing well.

GDP surged 4.9% in the third quarter, defying the Fed's rate hikes
https://www.cbsnews.com/news/gdp-third-quarter-4-9-economic-growth/

 

Obviously you are one of the few that uses a $100 dollar phone. What happens to most is they go to
A phone store and when signing up for the service they get hit with the ole. “As little at $25 a month you can get the new model”. Everybody likes new stuff

and then the person is in debt for hundreds and too stupid to realize it

and I am sure the charlotte county sun is a fine publication ..if you read it there it must be true

 

Cumulative inflation is what matters here, not the current rate. Goods are approximately 19% higher in price than in 2020.

If people had purchased the same quantity of goods today as in 2020, spending would be up 19% compared to 2020, not 7.5%.

Inflation is desired by all government, regardless of party. But they are all misleading you on how it affects you as demonstrated by your lack of understanding above.

 

I go into debt as little as possible my good man. I still owe the hospital $600 from my broken ankle in the springtime but other than that I am completely without debt.

I carry cash and if I can't afford something I either find a way to improvise it or I save up for that thing.

My vehicle and motorcycle are both 100% paid off.

I mean if people want the latest iPhone good for them but I only need a phone to take pictures and get online and make phone calls.

The phone I have now I have had for about a year and the one I had before that was basically the same phone and I had it for about 16 months before I dropped it off the bike on the road and the phone was $40 at that time.

Believe me I bristled it paying $100 for what's basically the same phone

 

and how much were goods up from 2016 to 2020?? The answer will depend on whose data you read I would guess

 

Possibly due to healthcare cost.

 

Why would you use anything but US Bureau of Labor Statistics? Are you aware of someone not using their CPI?

What you asked:

From 2020 to now.

Source

https://www.officialdata.org/us/inflation/2020?amount=100

 

The headline in my newsticker said it was also a record for delayed payment purchases. I'll see if I can find it again... but it appears there's simply more people willing to go into (deeper) debt for the holidays. Not really a sign of anything good...

Ah, here we go.
Americans broke a record for spending on Black Friday, but it's just hiding a bigger problem for the economy (msn.com)

"According to Adobe, buy now, pay later financing was up 47% this Black Friday compared to last year" and "this comes at a time when Americans also have a record $1.3 trillion in credit card debt."

Sounds to me like a lot of folks have simply given up and are just living off credit for as long as they can.