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

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 all the money.
Sorry, but I'll have to disagree on your point about China. That is no longer the case. And BTW, it is not good for us in the US because the Chinese population purchases goods from us and if the Yuan is devalued vs. the dollar it makes what we export more expensive and we lose money. As much as we hear about "Nationalism" it is a global economy and the US is affected by the economies of other countries.

I do agree that young people aren't planning for retirement. I see so many stories of young people moving to other countries because they want to escape the "grind" and live life to its fullest, but they have no jobs and are living off their savings. But then again, I didn't start seriously putting money in my 401k until I was in my 40's so maybe they are onto something.

The Chinese economy's decades-long run of tremendous growth has finally found its end, Ruchir Sharma wrote in the Financial Times.

Now, the world's second-largest economy accounts for a smaller share of global GDP.

"In a historic turn, China's rise as an economic superpower is reversing. The biggest global story of the past half century may be over," the Rockefeller International chairman said.

China's share of the global economy is falling by the most since Mao Zedong, and the historic turn could 'reorder the world'
 

I found a hat and shirt shop having a going out of business sale. The sale did not draw much interest. I passed the store each day, and each day the prices in the store were lowered. Finally got down to $1.00 each. Then I bought 20 hats and a dozen shirts. Some for me and the rest as Christmas presents to friends and family. It will be a very merry Christmas for me this year. 🎅
 

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.
Voting for the Tax Act of 2025, where all business and real estate profits are taxable at the rate of 0% adding trillions more to the deficit further increasing the distance btwn the haves and have nots and putting the final nail in the coffin of the middle class does not sound too good to me.
 
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.
In my working day as the general manager, I would have had you in my team. I bet you could kick ass.
 
Now, the world's second-largest economy accounts for a smaller share of global GDP.
I've read that many people are downsizing their lifestyles to manage in these inflationary times. Could it be that China is simply doing the same. Maybe they know something that other big economy players don't about what is ahead. Stay tuned.
 
Of course, Christmas is built on the spirit of the season and love of friends and family. Money and gifts are traditional in the season but should not be required. I think most everyone, except the very rich, have had very 'lean' Christmas seasons...

My whole life I honestly have a different feeling/ outlook as we go into the Christmas Season. I cannot describe it, but for me it does happen. I get the Christmas spirit...
 
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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.
Mobile home space rents are going up. I'll bet a lot of people bought a home in those places thinking it would be economical and safe, especially single/widowed women. Now these corporate share holders who are greedy will buy tons of presents for kids and grand kids, light up their mansions with lights while some old person wears 3 sweaters in their home trying to cut down on utility use because the space rent when up so much. I guess they could go get a job. :mad:
 
This a joke. Right?

interest rates are back to a more normal range. The war on savers is over.
unemplyment is low. We seem to have avoided a serious recession or any recession at all.

The only thing out of control is FEDERAL spending. That is the responsibility of the President and especially the Congress. Read the Constitution. All bills to spend money must originate in the House of Representatives.
 
Well, there will be a December 25th and the calendar will say it is Christmas. People of faith will say it is Christmas. Marketers will hope it is Christmas regardless of the prices they charge for geegaws.

I have lived through tough times and boom times. In all economic environments people inclined to do so have found some sort of Christmas.

Myself, I am having trouble getting the spirit but that's mostly because I have become old and nearly all my family is gone.
 
The economy seems to be chugging along just fine. Christmas gifts in our family? We've brought it down to nearly zero. Only the little kids get gifts from aunts, uncles and grandparents.

There are some traditional gifts I give the adult kids each year, but they're inexpensive, practical, and more of a laugh than anything else. Probably spend $200 total on them.

We have a couple of grab bag exchanges each Christmas ($15 max), plus we're about to draw names to each give a family member a cute or amusing tee shirt.

Beyond that, DH & I give our kids and grands nice checks for Christmas. The grands' go into their savings and the adults can spend it on something they want or need. (My kids and kids-in-law all work hard and contribute the max to their retirement plans, and then some. As do their friends.)

As for Christmas itself: “Then the Grinch thought of something he hadn’t before! ‘Maybe Christmas,’ he thought, ‘doesn’t come from a store. Maybe Christmas … perhaps … means a little bit more!,’"
Dr. Seuss
 
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This one looks uglier:

The ‘Fair Tax’ Act Would Radically Restructure the Nation’s Tax System in Favor of the Wealthy

Beginning in 2025, H.R. 25 would impose $30 in tax on each $100 purchase.** Proponents call this a “23 percent tax” because the $30 tax payment is 23 percent of the tax-inclusive price of $130. Yet described in more conventional terms—such as those used for existing state sales taxes—the $30 paid in tax is, in reality, a 30 percent tax on the cost of the goods or services purchased.
 
Yes there will be Christmas & yes there will be people going into debt to pay for whatever they want to go into debt for. Not likely consumers will be paying cash, more likely with a credit card.

Inflation is driving up consumer credit card debt by billions of dollars
Though inflation has fallen considerably from its 9.1% peak in June 2022, it's still higher than the Fed's 2% target, so you're spending more for less.
Inflation is driving up consumer credit card debt by billions of dollars

Unlike the ability by congress to keep spending people don't have that ability. No mystery what happens when bills go unpaid.
 


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