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

An excellent example of a non sequitur fallacy. OP's title premise has no bearing on its conclusion.

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

should be:

With the current cost of living, high inflation rate, will people spend as much on 2023 Christmas?

Economics has no affect on whether or not Christmas will occur each year. The National Retail Federation is forecasting a modest 5.3% increase in spending this season versus 2022, near pre-pandemic levels. Of course, historically Christmas is a Christian religious holiday, despite being hijacked in this modern era by retail industries and their media.

Statistics on Christmas spending.

How Much Do Americans Spend On Christmas? (Latest Data)
 

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I think we could all do with a bit less commercialized Christmas, but it ain't gonna happen. People spend money on Christmas because they feel it's necessary and because it makes them feel good. I haven't heard one person say they are cutting back on spending this Christmas.
 
... So consumption stopped, production dropped, and the working class starved with the poor. :(
What???

The point of the quote is that Christmas is more than stuff. The Grinch stole the gifts, decorations, special foods, and every other material hallmark of Christmas celebration, yet the Whos celebrated the holiday anyway.

When times were financially lean in my family, our Christmases were no less joyful or eagerly anticipated.
 
All of the individual tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) expire at the end of 2025.

Either people are confused or they are spinning hard to place blame on an individual.

Bottom line: Taxes would increase for most US households. And instead of lawmakers looking at tax hikes to slow the growth in the national debt, they’ll likely to be trying to stave them off.

I.e. from the TCIA expiring in 2025.

In addition, the TCJA temporarily changed several important provisions for corporations, including limiting their ability to immediately deduct the costs of research and equipment and deduct certain interest expenses. Lawmakers have been trying for two years to repeal those provisions, with no success.
 
...And they aren't planning for retirement. Living in the moment. Yes, I'm very concerned. Meanwhile, China is making all the money.

You might need to pay more attention to unbiased global economy reports. The US is far and away doing better than any other economy, at the present time.

Does that mean everybody is fat and happy? Not in the slightest, but that's the price we pay for a capitalist economic system, and voting for those who shred the social safety net every chance they get. We have a patchwork, dysfunctional healthcare system because that's what people voted for. I don't agree with it, but if I'm outvoted, I can't complain.

And China? You are way off on that one. The COVID epidemic devastated China due to Xi's massive mismanagement. For 2022 alone, COVID deaths in the US were just over 244K. For 2022, COVID deaths in China were 1.3 million - and for China, that was an improvement over the last 2 years!

This is a 6-page article. BTW, this was before all the articles about the massive RE implosion in China, estimated in the trillions of yuan. Just the latest August 2023 bailout will cost China's government USD$586 billion. Here's an excerpt:

China's Great Leap Backward: So much for the next dominant superpower
Salon.com by Joe Tauke, August 2023
[free link] MSN

The "Chinese century" is over.

After all the prognostications, projections and proclamations of the past 20 years asserting that China would soon overtake the U.S. as the world's dominant superpower, the People's Republic is now facing twin perpetual headwinds, and has no realistic options for countering either of them.

The first could accurately be described as the strongest long-term force driving the fates of all great powers: demographics. What was, for many previous decades, China's ultimate advantage — its never-ending supply of working-age laborers — peaked at almost exactly one billion people in 2010, according to the Chinese census. The next census, in 2020, revealed that for the first time since China's economic liberalization in the 1970s, the working-age cohort had shrunk, decreasing by more than 30 million.

The U.N. estimates that this group will continue to contract, dropping to 773 million by 2050. (In other words, between now and then China is likely to lose a number of workers larger than the entire population of Brazil.) The under-14 population will also fall in that same period, from just over 250 million in 2020 to a median projection of 150 million in 2050. Not only will the workers be disappearing, but nobody is expected to replace them.

Every age-related trend in China is going in the wrong direction. The nation's median age, once well below the Western world's, is now older than America's and headed further north with every passing year. Deaths outnumbered births last year for the first time since 1961.

The fertility rate, which normally must be at 2.1 children per adult woman just to maintain a steady population, has slipped to below 1.1 — a figure made worse by the fact that, unlike in virtually every other country on the planet, China doesn't have a relatively even gender split in its adult population, the long-term result of male favoritism combined with the central government's infamous one-child policy. Basic math dictates that tens of millions of these "extra" men will never start families of their own.

To compound the problem even further, women in China have indicated lower interest in having children than ever before; more than two-thirds have expressed "low birth desire." According to Prof. James Liang of Peking University, fertility rates in Beijing and Shanghai have fallen to an astonishing 0.7, "the lowest in the world."

In Japan, economic stagnation produced a period that was called the "Lost Decade." That stagnation eventually persisted so long that some began to refer to it as the "Lost Generation." In China, an even more ominous buzz-phrase has become popular online: The "Last Generation."

===========

Also, China's vaunted expansion into Third World countries was accomplished by loaning more billions to build highways, bridges, etc. The result is that China is owed money - but the percentage of non-performing global loans they made has risen from a normal 3% to a devastating 60%. Basically, many of those countries are essentially bankrupted, and China has little chance of repayment since they have insufficient reserves to take advantage of repossession by more investment.

As a measurement of performance, if a US bank had 60% of non-performing loans in their portfolio, they would be shut down immediately.

I also disagree with this idea "the Fed is out of control". The Federal Reserve operates to regulate banks and financial institutions. Period. Congress has forced them into the position of inflation control, which is actually NOT part of their mandate. Bernanke and Powell have done a very good job, however. It's a shame Congress can't get their act together, but that is mostly certainly not the Fed's fault.
 
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!
Congress has been doing this last-minute budget panic thing for years now, so it's obvious they benefit from it. Problem is, it's like crying wolf, so how would we know if we're really in a catastrophic situation or not?

That's my thought on that.

I always see a light at the end of the tunnel. Not sure if I'm pixelated, plain stupid, or have too much faith, but that light is on.
 
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.
And who do you think lowered rates so low that it almost crippled this country and that's why we're trying to get back to "normal". A crazy person, that's who. Who made sure all his "friends" never paid any income tax? Who made sure China got more and more of our industry?
 
And who do you think lowered rates so low that it almost crippled this country and that's why we're trying to get back to "normal". A crazy person, that's who. Who made sure all his "friends" never paid any income tax? Who made sure China got more and more of our industry?

Pretty obvious who you mean. But go back and look, you'll find that is incorrect on point after point.
 
lol - you musta missed the 1970s. Fact is, price of food and utilities have been going up since pretty much forever.

Here are some numbers for you:
Price of food
Your link shows the rate for one year from August 2022 thru August 2023. I look at the last two years and how the average family is paying around $400 to $600 more each month for their basic needs (many links to the numbers).

I don't think that prices will go down. With inflation things like our PP taxes will have to go up. Workers have to get higher wages to keep up. Basic economics 101.
 
Why do some confuse the "economy," say of the US, as whatever their own personal circumstances are? Obviously they're are a good number of people in the US struggling mightily to get by, but it isn't because the "economy" is bad.

Pls look up the definition of economy and GDP to get an idea why we're talking past each other. Pls note the steepening line beginning in 2021 indicating the economy is doing well.

fredgraph.jpg
 
Your link shows the rate for one year from August 2022 thru August 2023. I look at the last two years and how the average family is paying around $400 to $600 more each month for their basic needs (many links to the numbers).

I don't think that prices will go down. With inflation things like our PP taxes will have to go up. Workers have to get higher wages to keep up. Basic economics 101.
Great - please share one of those many links with us. And you need to define "basic needs", since that could be anything, plus the relevant time period. . And my link did show that food cost were up 3.7% in '23 versus '22, and restaurant meals are up 6% for the same time period. The big hit on inflation was in 2022, not 2023.

And median (not average) household income (2022 data) is about $75k. so $400 a month doesn't sound so bad. Less than the average new car lease...

Glad you understand basic economics, sorta. Were you in one of my classes I taught at ******** University?
 
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Great - please share one of those many links with us. And you need to define "basic needs", since that could be anything, plus the relevant time period. . And my link did show that food cost were up 3.7% in '23 versus '22, and restaurant meals are up 6% for the same time period. The big hit on inflation was in 2022, not 2023.

And median (not average) household income (2022 data) is about $75k. so $400 a month doesn't sound so bad. Less than the average new car lease...

Glad you understand basic economics, sorta. Were you in one of my classes I taught at ******** University?
Thanks for asking hear are two. You need to get up to speed on the effect of inflation.
 

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