With the cost of living out of control, will there be a Christmas this year?

Sean2109

Sean2109

New Member
I can’t believe how badly our economy is. The Federal Reserve has lost control and today so many Americans are dealing with the uncertainty of Christmas. What are your thoughts? Do you see a light at the end of the tunnel? I’m concerned!
 

Huh? The economy is doing just fine. Inflation is coming down, wages are going up. Unemployment is at 3.9% as of October, probably a little lower now with seasonal employment for the holidays.

If you're concerned, you've been reading/listening to a lot of misinformation. There's no need to panic; there's always a need to be frugal. That is, you don't have to be a penny pincher, but nobody needs to drive a Ferrari and dine on lobster and caviar.

In short, the sky is not falling. We aren't in immediate or even short-term danger of standing in bread lines or only getting meals from soup kitchens.

Want more money? Spend less. Want a job? There are plenty of them out there.
 

squirrelwhisperer said:
Most people live above their means. They don't plan/save for the future.
Nobody needs a $1,000.00 cell phone, or an expensive car that costs them $300.00+ a month to lease. And then complain that they are living pay check to paycheck. If you can't afford it, don't buy it until you can, is a good motto to live by.
Click to expand...
I'll drink to that! Make mine a small beer🍺
 
@Buckeye My last "real" paycheck from a full-time job was in 2002. I'm still here, too. And the Fed hasn't lost control as near as I can tell.

BTW, my paychecks are still "real," but they're from a part-time job;)

I don't think I have blinders on, but I'm not a purveyor of gloom and doom, either.
 
One thing that needs to happen is the removal of sales tax on food in those US states that charge them, like Idaho.

It is a VERY regressive tax, and really hurts the poor and elderly and it's even worse in already high food costs areas (like where I live.) The extra 6% they don't collect will immediately be pumped back into the local economy anyway. The state of ID has over a billion in surplus $$$ and has for the last few years and have been handing back money to the wealthy taxpayers.

(And the legislators call themselves Christians, it's really Christians in Name Only.)
 
I love all the replies, but I can’t help to notice higher cost of food, higher gas prices, higher utility costs, higher property insurance costs and even a candy bar is so much more expensive today. Credit card usage broke over $ 1 Trillion dollars a couple months back and now people who have over extended their access to credit will be missing Christmas this year. I’m even seeing an uptick in foreclosures. So be fiscally responsible for the foreseeable future.
 
Georgiagranny said:
Huh? The economy is doing just fine. Inflation is coming down, wages are going up. Unemployment is at 3.9% as of October, probably a little lower now with seasonal employment for the holidays.

If you're concerned, you've been reading/listening to a lot of misinformation. There's no need to panic; there's always a need to be frugal. That is, you don't have to be a penny pincher, but nobody needs to drive a Ferrari and dine on lobster and caviar.

In short, the sky is not falling. We aren't in immediate or even short-term danger of standing in bread lines or only getting meals from soup kitchens.

Want more money? Spend less. Want a job? There are plenty of them out there.
Click to expand...
The cost of essentials like food, utilities are up.
 
oldmontana said:
The cost of essentials like food, utilities are up.
Click to expand...
Yup. And when I was a kid, a candy bar was a nickel. A loaf of bread was 10 cents.

In 1944 the median yearly income was $2500 and skyrocketed to a whopping $3200 by1948, up by $150 over 1947. Minimum wage was $.40/hr.

In this metro area, rents are coming down along with home prices and mortgage rates.

Relax. Life goes on. We adjust, except for those who would complain if they were hung with a gold rope.
 
Sean2109 said:
I can’t believe how badly our economy is. The Federal Reserve has lost control and today so many Americans are dealing with the uncertainty of Christmas. What are your thoughts? Do you see a light at the end of the tunnel? I’m concerned!
Click to expand...
I agree and the only light I see at the end of the tunnel is the election coming up in 2024...if it's not already too late. Our vote is our voice.

On top of what Sean has mentioned, Amazon is making it way too easy for everyone to use credit and shop away at our fingertips. And other online incentives are pulling them in.

And Credit card companies are allowing people to keep getting multiple credit cards that offer no interest for certain periods of time...but these young buyers aren't thinking ahead about maybe they won't have the money to pay off the card and then the cards start adding interest they can't pay and don't realize how fast interest grows.

And they aren't planning for retirement. Living in the moment. Yes, I'm very concerned. Meanwhile, China is making money on everything Americans buying
 
Last edited:
Sean2109 said:
I love all the replies, but I can’t help to notice higher cost of food, higher gas prices, higher utility costs, higher property insurance costs and even a candy bar is so much more expensive today. Credit card usage broke over $ 1 Trillion dollars a couple months back and now people who have over extended their access to credit will be missing Christmas this year. I’m even seeing an uptick in foreclosures. So be fiscally responsible for the foreseeable future.
Click to expand...
Maybe you are looking at other factors like these. Bond market inversion, impact of the dollar not being used in international trade & the deficit. Yes we are enjoying return to jobs but what kind? Yes the border situation is causing expenses paid for by taxes & yes the cost of living is far more of an impact on those less fortunate. So all in all when looking at more than the ability to pay for internet service I think your input has merit. A caveat deficit isn't a problem as long as eventually the amount of taxes collected begin to reduce it. The big question is when or if that will happen.

One of the more intriguing financial trends of 2023 has been the de-dollarization movement. This is an effort by a growing number of countries to reduce the role of the U.S. dollar in international trade. Countries like India, China, Brazil and Malaysia, among others, are seeking to set up trade channels using currencies other than the almighty dollar. With so much of the world economy reshaping itself in the post-pandemic landscape, is the reserve status of the U.S. dollar going to be the next domino to fall?
https://money.usnews.com/investing/...India, China, Brazil,the next domino to fall?

Inverted Yield Curve: Definition, What It Can Tell Investors, and Examples
Inverted Yield Curve: Definition, What It Can Tell Investors, and Examples

In FY 2023 total government spending was $6.13 trillion and total revenue was $4.44 trillion, resulting in a deficit of $1.70 trillion, an increase of $320 billion from the previous fiscal year.

Treasury Department (.gov)
U.S. Treasury Fiscal Data › americas-finance-guide
National Deficit | U.S. Treasury Fiscal Data
 
I think Christmas will be just fine.

After soaring inflation took a wrecking ball to holiday budgets in 2022, U.S. consumers are feeling much more confident about their finances heading into the 2023 holiday season. Spending on holiday travel is expected to rise by about one-third this year vs. last year, according to a new survey from Ally Bank, while spending on gifts should rise by 10%.

The Average American Spends This Much on the Holidays — See How You Stack Up (and How To Pay it Off in 2 Months)
 

Last edited:
You must log in or register to reply here.

Back
Top