I’m not remotely upper income; however, I am spending less this year than I ever have before.
This isn’t difficult to figure out. Let me help the folks at Gallup. Upper income Americans are generally upper income because they are smarter than lower income Americans. Being that upper income Americans are smarter, they see the economy going into the toilet, and Obama raping and pillaging the economic landscape for years to come. So, we are pulling back. The lower income class is enthused by the promise of more Obama bucks, so they are spending beyond their means. Just like daddy Obama.
Next year won’t be pretty, but the media will pacify the masses, telling them it’s the world economy, it’s the new normal, and their daddy Obama is the smartest man to ever live. If Obama can’t fix it, no one can. The masses will be content with that.
Which means all have spent LESS......as 40$, 50$, 60$, 70$ buy less product proportionately than a year ago.
For example air travel cost are up 9% than a year ago. and food etc.,,,
The so-called 2 percent are not stupid and are having their accounts ensure that their income is kept below the $250K levels, especially small business owners will do what it takes in cutting workers to keep their costs down.
I’m nowhere near high-income, but like those in that range, I know what’s coming with Obama’s re-election, and I’ve all but wired my wallet shut. Used to spend around $1000 to $1200 during the Christmas season. This year, my plans are in the $50 range.
going Galt!!!!!!
If I were anywhere near the 1-10%, hell let’s even go 20%, I’d be hiding my money. Away from banks, away from any place the gov’ get its grubby paws on it. I don’t blame for them going offshore with it.
We’re going Galt!
Any idea if spending “Obama Money” has increased?
Home made goods are gifts from the heart. Everyone this year will be getting home made jams and jellies, plus holiday quick breads and cookies.
The kids will get cash. Of course, we'll tell them to save it for another day, because they're going to need it more at a later date. They're good at taking our advice, so we know they'll stash it rather than spend it.
In the end, we get through the holidays without feeding the beast. Making sure everyone else in the world get's their free christmas bling is not our responsibility.
Not spending a single buck on travel or gifts or decoration. Last year I did $4K shopping.
We’ve been told over and over that November was a record. Why are we now getting the truth? Why is the headline saying the “upper income” is not spending? So the masses will say “Well, if they won’t spend, raise their taxes.” It was the press that helped the Founding Fathers create a new nation. Can’t count on ‘em today.
Can’t spend what you don’t have,unless your Obama.