On the local news tonight they were talking about Halloween being the beginning of the holiday season and are forecasting a 3.7% increase in sales of Christmas items. They did break the spending estimates down by age and say the over 65 crowd has a lot more money to spend and will contribute the most to the sales increase.
Their next story was on the fact that people on Social Security not only will not be getting an increase next year but their insurance premiums will rise on January 1, some by as much as 60 percent.
Had just a little problem following the logic of all of this. Most people I know are cutting way back this Christmas. I’m not sure who the seniors are that have all this extra money to spend. Certainly not me or my friends.
Also, one household out of 20 has a net worth of $1 million dollars. a lot of that is in house's value, but there is nothing wrong with that.