Posted on 06/27/2024 1:00:30 PM PDT by TonyinLA
Americans across all age groups have dramatically cut back on spending between April and June, a recent study from TransUnion found, as many remain concerned about the higher cost of living despite declining inflation. ... 39 percent of all respondents said they had cut back on discretionary spending in the past three months. ... Among respondents who said they were concerned about inflation, the share went up to 58 percent.
Sixty-six percent of respondents said they were concerned about the rising price of gasoline; 40 percent were worried about takeout and meal delivery becoming more expensive; and 84 percent feared a rise in the cost of groceries.
(Excerpt) Read more at newsweek.com ...
"declining inflation". No-one is buying it anymore.
Butter beef cars and housing.
Add taxes.
Add historic credit card debt.
I'm so frustrated by the continual spin they (news droids) put on this.
If your airplane is descending at 1000 feet per minute, and you manage to change that to 800 feet per minute, your rate of descent has declined.
But you're still headed toward the ground at an uncomfortable rate.
Can’t spend what you don’t have
Perfect.
Pssst.... We’re in a recession.
Is that abou the time new real estate assessments came out and interest rates went up? Increasing escrow and interest payments on mortgages? Yeah, no, spending didn’t get cut, the money went elsewhere.
Suddenly? I’ve been seeing this for quite some time. A lot of people opting for cheaper food items at the grocery stores, and you can actually hear couples grumbling about this. A lot of our nicer sit-down restaurants are becoming less busy. It used to be 30-45 minute waits were not uncommon. Now, 15 minutes is usually the max, and that typically is because the restaurant is short-staffed.
And yet over Memorial Day: “Memorial Day weekend, the traditional launching pad of the summer travel season, is shaping up to set a scorching pace. The Federal Aviation Administration has forecast the holiday to be its busiest in 14 years.”
What to believe What to believe
I’ve hedonically adjusted my grocery shopping to nothing but cat food - the dry stuff.
I have been in the monument inscribing business since 1982. I have been operating my own business since 2004. Think of all the economic upheavals that have come and gone in all those years. I have NEVER seen a slowdown like what is happening now. Since the pipeline is three months on average the months mentioned in the article jibe with the timing I’ve seen. People literally are forgoing putting mom or dads name on the existing stone. This is something that really matters to people in terms of closure but they just aren’t spending the money. Average price depending on number of letters is between 325.00 and 1200.00
Food...that’s about it.
But don’t expect politicians to stop spending YOUR money like drunken Hunter.
“Suddenly?”
AND, “unexpectedly!
I just bought a new F-150 [100% ICE] last week [Monthly lease payments were fundamentally uneconomic in comparison :-(].
THAT should goose the Economy for a month.
These idiots don’t get it.
Inflation may have slowed but
prices are still too high in relationship
to wages!
And the idiots keep electing these other idiots!
I say crash it all.
My home is a place to live not a place to
flip for a profit.
Newsweek is a joke.
My vehicle purchases will suffer a significant drop next month.
And for years going forward.
Too bad I am financially supporting EV production @ Ford....
I guess the press is so used to saying "died suddenly", they forgot to say "unexpectedly".
Suddenly?! Man, I’ve been cutting back more and more each year for at least a decade.
When I was working, I made a “six figure” salary for a number of years (14 years ago). We saved like crazy so we could have a financially stress free retirement.
Today, Mrs llevrok is clipping coupons. We’ve sold one of our 2 cars in order to reduce our gas and insurance costs. A spur of the moment stop for ice cream or a McDonalds burger is a thing of the past. My every 4 weeks hair cut is now every 5 weeks. Yesterday, I went to buy Bing cherries as I do every year around July 4th. They were $7.50/pound!! (They are grown in my state for pete’s sake!) I put them back on the shelf.
Yup. No inflation effect here Mr Biden.
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