[RoosterRedux]

Statistically speaking, families with more income have more so-called “excess” spending and therefore more opportunities for trimming.

[metmom]

Exactly.

And they are seeing the handwriting on the wall.

[EBH]

Yes, article actually indicates a the trimming is about 10% in those over 100K and 5% in those under 99k.

[HamiltonJay]

Exactly.

A larger percentage of their spending is discretionary so they can cut spending the most.

If you are barely able to cover your living expenses you can cut some.. buy the generic brand, buy pork instead of beef, etc.. but you really don’t have many discretionary spending to cut.

Once you comfortably have the necessities covered you spend on things you don’t need but want.. when you decide to cut back the want things can go, higher earners have more money being spent on wants so they can cut back the most when they choose to

[fatboy]

“Statistically speaking, families with more income have more so-called “excess” spending and therefore more opportunities for trimming.”

________________________________________

True statement in terms of total dollars spent. However, the lower the income the higher the percentage of that income is spent on “wants” vs. “needs”. For example, I might want a $1500 iPhone 14 complete with a $80/month unlimited data plan with 2 year contract but all I need is a used $160 iPhone 7 on a pay as you go monthly $30 plan.

Add to that homes they cannot afford, cars they cannot afford and vacations they cannot afford. Savings in the bank? How quaint.

The real economic crash will come when the bulk of the middle class upper/mid/lower defaults on car and home payments. This is going to happen the only question is when. The unwillingness to part with the iPhone 14 at the expense of the roof over their heads will be the result.

I have read that 40% of American families age 60-79 that own homes have a mortgage on their primary residence. That means that a large number of retired or near retired homeowners are making monthly mortgage payments. Nothing screams “I’m unprepared for retirement” quite like taking a mortgage with you for the retirement ride.

[9YearLurker]

Good ol’ “discretionary spending”.

[RoseofTexas]

Yep, our property taxes have gone up. Our gas bill has gone up. Electricity has gone up. Our car insurance has gone up …feeding and housing has gone up. The invaders have added an additional burden on our income that was meant for Americans well being. I have not bought fresh eggs in so long that even the price of eggs is driving our spending habits to the limit. We don’t buy luxuries anymore and this Christmas was very very limited on what we spend on our grandkids and our children. My husband and I decided to bypass anything special for each other this Christmas. And for my birthday which just came and went I too requested nothing specially from the kids, who are struggling to meet their expenses.

I hate liberals, and I hate the vegetable! I hate the globalists! And I despise that satanic group who gathered at Davos! Those Republicans who participated in that demonic meeting need to pay a price. All they did was put a heavier boot on the necks of the American people that are already struggling. They want to kill you. They want you to stop breathing, they want you to stop eating they want you to stop having babies so that the world will belong only to them. So that they can have their filet mignon, lobsters and champagne along with travel around the world as they please. This group is so freaking evil.