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clvngodessDec 31, 2010
Did the consumers actually spend more? If we did spend more, does this take into account that things cost more?
mercypoliticsDec 31, 2010
As indicated in the article, and according to the folks of MasterCard tracking it, consumer spending between November and Christmas Eve was up by 5.5 percent from 2009. Further, most department stores carried big discounts from Thanksgiving to Christmas in order to compete and boost sales, so on average prices were not subjected to inflation. But what is highly significant is the sharp increase in luxury goods and jewelery purchases, which is an indication that rich people with plenty of disposable income went back to a pre-2008 spending behavior.
clvngodessDec 31, 2010
Thanks, Gilbert.
analogassassinDec 31, 2010
I bought my wife a few nice things, some jewelry, but I'm not "rich, with plenty of disposable income." I have SOME disposable income, together we might make about $100k per year. With two kids, I think that's hardly rich.
clvngodessJan 1, 2011
Well, let's put that in perspective. The average family of 3 or 4, in the U.S. lives on less than 40k a year, and doesn't own property --actually unless the house is owned outright, you don't own it. The bank does. They may or may not (these days far more may not) have health coverage for themselves or their kids. They usually don't have any disposable income, and most likely no savings whatsoever, let alone a retirement plan.
So... I'd say you might want to count your blessings and be grateful for your abundance.
analogassassinJan 1, 2011
I am grateful, but also wary that in classifying me as "rich" that the government will try to take more of what I make. Which, after taxes and all other deductions, isn't all that much. Probably half of my earnings is overtime, and that is taxed heavier than the rest.
goweigusJan 1, 2011
what about the inflation? will someone please think of the inflation?
*cries hysterically*
geroncoDec 31, 2010
I don't get this article
bdbrDec 31, 2010
There is considerable income and wealth disparity in the US; consequently some people are doing quite well while many aren't. Sales of luxury items and jewelry drove up the consumer spending figures.
geroncoDec 31, 2010
Thanks @bdbr for the help and the reply :)
NewsMeBackDec 31, 2010
Regarding one part of this text, often people when have so little money or have debt and feel powerless they spend what they don't have. It's some kind of self therapy.
taiyoryuDec 31, 2010
FTA: General Motors, a company bailed out by the Obama administration with US taxpayers’ money, is now making more cars in China than in the US.
The article fails to mention that GM is also selling more cars in China than the US. Assembling locally is cheaper and/or offers tax incentives. That's why many foreign automotive brands in the US setup assembly plants here.
riverstyxDec 31, 2010
Inaccurate use of the term "Schizophrenia". Schizophrenia means 'Split Mind'. The 'Ups and Downs' are associated with Bi-Polar Disorder.
bdbrDec 31, 2010
Individual psychological terms don't even make sense when you're talking about two different groups of people. It's must more of Gilbert Mercier trying to make it some sort of class warfare.
angeladtaoDec 31, 2010
It's the conservative media that's trying to make this about class warfare. When their policies and actions that further the real and growing division in our country between the ultra wealthy and the rest of us are pointed out, It's the conservative media that scream 'class warfare'! But it's not the liberals who are creating this situation. Did you know that the division between the ultrawealthy and the rest of us is now at the level of that which exists in Venezuela, Guyana, and Guatemala? Yes, really! We have become a Banana Republic just like the ones we used to laugh at in the movies! When that disparity in the difference in the income difference between the two classes that exist in a county is simply pointed out, it isn't the people pointing it out that are at fault. It's the people who created it that are. Take a look at the Bush tax cuts that funneled our wealth from the Middle Class upward for the ten years the Republicans controlled the Congress and the policies passed by the Republicans that unleashed the monsters on Wall Street to ravage the savings and investments of the little people who didn't really understand and couldn't protect their investments from the complex monetary attacks. Just look at what the big banks and corporations are still doing these days. They are hoarding their ill-gotten
gains instead of investing them in the America from which they stole them.
gains instead of re-investing it in the Middle America from which it was
stolen. And the income of the Middle America that was once our country's strength has, at best, remained stagnant while the poor have lost ground. And the uberwealthy? They have skyrockedt! Take a look at this graph of just where our money has gone! So the liberals are at fault for just pointing it out? Do you want to remain the ignorant ostrich with your head in the sand or do you want to see clearly who and what your enemy is? Try not just listening to your Republican legislators. Try actually following up on what they say by actually going to thomas.gov and seeing how they actually vote! Believe me, I do! And they don't vote what they say!
angeladtaoDec 31, 2010
I ran out of time looking for a link so I couldn't correct my entry above. You get the drift, though. And the article I was looking for that shows just how bad the division of income in this country has gotten is this one although there are many more that I could have selected:
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/04/09/businessinsider-15-charts-about-wealth-and-inequality-in-america-
2010-4.DTL
The liberals are declaring class warfare? You ignorant people are so brainwashed that you don't realize that you are being sucked dry by your Republican corporate masters by their 'don't spread the wealth' propaganda. They aren't talking about YOUR wealth! They have tricked you into defending THEIR wealth by inserting jingoist memes into their conservative media. Socialism. Naziism. Communism. What a joke!
We liberals would find it hilarious if it weren't so sad. Middle income and poor Americans defending the 'spreading the wealth' of their uber wealthy Republican corporate masters......so sad! They have even gotten you to agree that you should cut your own benefits such as Medicare and Social Security rather than touch THEIR riches. How can you be so dumb??? Oh......
apselfstorageDec 31, 2010
consumer confidence index is not true, its way those keep track to make money that's all
cactus1erDec 31, 2010
more stuff... to trash later! Idiots...
dralezeroDec 31, 2010
I feel victim to Steam's sales, and having to return the gift giving favors to friends and then having to buy a game for all gamer friends because just giving one copy of a multiplayer game to one friend in return wouldn't be fair if we all couldn't play together.
gkiltzJan 1, 2011
A lot of this is pent-up demand.
people have been paying down their credit cards and cutting back. Meanwhile their microwaves, TV sets, washing machines, etc continued to age. Along with things like furniture, and computers. A lot of everyday stuff is at the end of the road. and the credit is available.
Also, unusual weather ALWAYS triggers a lot of clothing sales, and storms ALWAYS trigger sales of things like batteries, flashlights, bottled water, etc.
Let's see if it holds once these two factors work through.
drewdfraserJan 2, 2011
Could it be that the people spend first on emotions & think last about their futures?
drewdfraserJan 2, 2011
Could it be that the people spend first on emotions & think last about their futures?
peterlavelleJan 4, 2011
I think you're right. But replace the second part of that hypothesis with 'then panic blindly.'
makowJan 2, 2011
It is not only in the US, it is the same old story in Europe as well as other developed countries. If ever there is a message that needs to be heard loud and clear, it is, DO NOT BUY WHAT YOU DON'T NEED. There is such huge urge in people to buy items that are unnecessary that we have never ever seen before. Why? I really have no answer. http://baby-bath-seat.blogspot.com/
peterlavelleJan 4, 2011
Odd article. It starts off talking about inconsistencies in consumer confidence figures and then becomes an economic diatribe. Pretty unfocused I'd say.