THE ONLY WAY WE CAN SAVE MIDDLE AMERICA IS FOR US TO BRING WALL STREET TO HEEL NO MORE BANKSTER BAILOUTS AND TENS OF MILLIONS OF JOBS HELD BY ILLEGALS GIVEN OVER TO AMERICANS (LEGALS). THAT MEANS KENNEDY MUST BE THE NEXT PRESIDENT!
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Half of Americans Say ‘Santa Won’t Be as Generous This Year Due to Inflation,’ a Third Foregoing Gifts Entirely
Inflation is putting the “Bah! Humbug!” into the holidays this year - especially when it comes to Christmas presents - a new survey of Americans’ spending expectations reveals.
Half (50%) of all Americans say “Santa won’t be as generous this year due to inflation,” according to a national survey conducted by WalletHub. And, one in three (34%) say they’re “foregoing gifts this year due to inflation.”
More than one in four (28%) say they’ll spend less than last year on holiday shopping.
What’s more, a quarter (24%) say they still haven’t paid off all of their holiday debt from last year, and half (47%) don’t expect to pay off this year’s credit card charges on time.
In fact, one in five (19%) plan to apply for a new credit card, so they can charge this year’s holiday expenses.
And, inflation isn’t just reducing the number of gifts given to family and friends, it’s also hurting charitable contributions, according to nearly half (47%) of those surveyed.
WalletHub’s findings are supported by a number of other recent surveys, some of which provide even bleaker predictions for the impact of inflation on this holiday season.
“Forty-two percent of consumers attributed their expectation for increased spending to inflation and a higher cost of holiday items, while 54 percent plan to spend less for the same,” the International Council of Shopping Centers (ICSC) reports.
More than half (56%) of 2023 holiday shoppers won’t be able to buy as many gifts as they’d like to this year due to inflation, and a third (33%) say that, when they do, they’ll buy less expensive gifts, a NerdWallet survey finds.
U.S. consumers plan to spend an average of 2% less than last year on holiday-related items, The Conference Board reports. About six in ten cite inflation as a reason, as 59% expect the cost of gifts to rise and 55% think the cost of food will be higher.
Indeed, U.S. Bureau of Labor Statistics (BLS) data show the cost of traditional holiday-food items, such as treats and turkey dinners, is already much higher than it was a year ago:
- Cookies up 6.6%
- Sugar and sugar substitutes up 7.7%
- Candy and chewing gum up 7.5%
- Poultry, such as turkey up 6.7%
- Sauces and gravies up 6.7%
- Bread up 6.1%
- Crackers, bread, and cracker products up 6.9%
Making matters even worse, Americans’ earnings haven’t kept pace with inflation. Real average weekly earnings have fallen 0.1% over the past year, according to the latest BLS data (Sept. 2022 to Sept. 2023).
Brooks: Manchin Blocking Biden Is Why We Didn’t Have Even Worse Inflation
On Friday’s broadcast of “PBS NewsHour,” New York Times columnist David Brooks argued that even though a lot of Democrats don’t like him, outgoing Sen. Joe Manchin (D-WV) saved the Biden administration and the Democratic Party by blocking proposals by the Biden administration for massive spending that would have led to “astronomical” levels of inflation, “and the Biden administration would be in much worse shape if our inflation had hit like double digits, which it could have [been] overstimulating to that degree.”
Co-host Geoff Bennett asked, “What’s the legacy that Joe Manchin leaves behind?”
Brooks answered, “He saved the Biden administration. And so, the Biden administration, and — if you remember, a few years ago, wanted to spend $4 trillion to pump up the economy. And he said, no way, no way. It was more like 1 trillion. And, as a result — if we had spent 4 trillion, instead of 1 trillion, the inflation — which we really suffered from — would have been astronomical, and the Biden administration would be in much worse shape if our inflation had hit like double digits, which it could have [been] overstimulating to that degree. So, Democrats don’t like Joe Manchin, but he did save their bacon.”
Follow Ian Hanchett on Twitter @IanHanchett
Moody’s Investors Service Lowers U.S. Outlook Rating to Negative amid Polarization, Deficits
Moody’s Investors Service lowered the United States outlook from stable to negative on Friday, citing polarization and deficit spending.
“Moody’s Investors Service on Friday lowered its ratings outlook on the United States’ government to negative from stable, pointing to rising risks to the nation’s fiscal strength,” CNBC noted. “The ratings agency has affirmed the long-term issuer and senior unsecured ratings of the U.S. at Aaa.”
A sign for Moody’s rating agency is displayed at the company headquarters in New York (EMMANUEL DUNAND/AFP/Getty Images).
The agency said that it expects the “US’ fiscal deficits will remain very large, significantly weakening debt affordability.”
The agency added that political polarization raises concern that future governments will not be able to properly implement a coherent fiscal policy.
“Continued political polarization within US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability,” it said.
The U.S. rating will stay at Aaa as long as the nation continues to “retain its exceptional economic strength.”
“Further positive growth surprises over the medium term could at least slow the deterioration in debt affordability,” the agency said.
Deputy Secretary of the Treasury Wally Adeyemo said that the Biden administration disagrees with the rating shift to a negative.
US Deputy Treasury Secretary Wally Adeyemo (Photo by DANIEL LEAL/AFP via Getty Images)
“While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook,” Adeyemo said in a statement. “The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset.”
The negative rating comes as the U.S. government faces another possible shutdown.
“Newly minted Speaker Mike Johnson is running smack dab into the same spending problems that plagued his predecessor, raising the prospects of a government shutdown if Congress doesn’t act between now and next Friday and further exposing divisions within the conference,” CNN reported this week.
Speaker of the House Mike Johnson, R-La., conducts a news conference in the Capitol Visitor Center after a meeting with the House Republican Conference on Thursday, November 2, 2023 (Tom Williams/CQ-Roll Call, Inc via Getty Images).
“House Republican leaders were forced to abruptly pull two-year-long spending bills from the floor this week amid opposition from both ends of their badly divided GOP conference,” it added. “And Johnson is still grappling with a strategy to keep the government’s lights on without sparking a right-wing rebellion.”
Paul Roland Bois directed the award-winning feature film, EXEMPLUM, which can be viewed for FREE on YouTube or Tubi. A high-quality, ad-free stream can also be purchased on Google Play or Vimeo on Demand. Follow him on Twitter @prolandfilms or Instagram @prolandfilms.
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