The Grinch stole Holiday Sales
Yep, the 2007 holiday shopping season seems to be the slowest in five years, as US consumers face a housing slump, a credit crunch and higher prices for food and fuel.
Let's just hope you've been holding on to your spending money until the after Christmas sales....
From the New York Times, December 26, 2007:
"....Spending between Thanksgiving and Christmas rose just 3.6 percent over last year, the weakest performance in at least four years, according to MasterCard Advisors, a division of the credit card company. By comparison, sales grew 6.6 percent in 2006, and 8 percent in 2005.[..]"
"....Spending between Thanksgiving and Christmas rose just 3.6 percent over last year, the weakest performance in at least four years, according to MasterCard Advisors, a division of the credit card company. By comparison, sales grew 6.6 percent in 2006, and 8 percent in 2005.[..]"
I'm no financial whiz but spending that's up 3 percent in a period when inflation is running 4 percent isn't actually up.
"Retailers see only slight holiday increase"
From Associated Press: NEW YORK — Early holiday sales reports are weak, with Target Corp., the nation's No.2 retailer, warning that its sales may have fallen in December.[..]"
From Associated Press: NEW YORK — Early holiday sales reports are weak, with Target Corp., the nation's No.2 retailer, warning that its sales may have fallen in December.[..]"
It's worth noting that MasterCard’s spending data is based on purchases made by more than 300 million MasterCard users, and it covers not just store purchases, internet buys and gift cards--it also includes gasoline and meals at restaurants, both have seen big price increases this year.
Slow downs in retail will continue to hurt the housing market...manufacturers are hurting, wholesalers are hurting and retailers are hurting because of a 3rd consecutive year of slow sales.
How I wish Bush could see that deficits DO matter. Massive trade deficits DO matter. Paying governments who don't have our best interests in mind to borrow money from them is... well, just plain stupid. Bush has run up our government credit card tab 40 percent.
Problem is, Bush never had to be responsible for himself or his actions. First Poppy, now we the US taxpayers, are left to settle his accounts.
Meanwhile, China builds its military on our dime.
Where will we be when George Bush finishes destroying our standard of living and the value of our life savings?
Meanwhile we continue to borrow from China to finance war...a war NOT in the budget.
Talk to a blue collar worker - the American economy sucks and is rigged to benefit those who already have wealth. That's all you need to know.
The good news is that many retailers, from the high-end to the low, will start slashing prices this morning.... 60 to 70 percent. Open up any newspaper, and you will see.
The bad news? Americans are still falling behind on their credit card payments. Credit card delinquencies and defaults have soared to double-digit percentages.
Except me...I pay my ONE credit card off in total every month...those suckers have never gotten ONE penny of interest from me in over 25 years. My family taught me well--don't live beyond your means.
If only GWBush's folks had taught him not to live on a borrowed dime...
