For some strange reason — could it be the booming economy? — Americans have decided times are pretty good this year and they intend to spend rather robustly on holiday gifts.
Bad news perhaps for January when the credit card bills start arriving. But it’s quite a contrast from the eight long stagnant years of the Obama administrations.
It’s also super news right now for the country’s retailers to cap another year of positive growth when the economy expanded at a 3.5 percent annualized rate in the third quarter and unemployment dropped to historic lows.
It’s quite possible the widespread positive feelings entering the 2018 holiday season have something to do with President Trump’s economic and regulatory policies along with the major tax-cut legislation the GOP Congress passed and Trump signed last holiday season.
As we described here, out on the midterm campaign trail Barack “Me-Me-Me” Obama is trying to claim credit for the booming Trump economy. He wants to elect Democrats who promise to block Trump’s future tax cuts and economic policies, to rescind those already in place and quite likely attempt the impeachment of this president.
In less than two weeks, voters — at least those who bother to go to the polls to look out for themselves — will decide whose vision of economic growth they like: The one they’re living under now with a Republican Congress or the darker ones Nancy Pelosi and Chuck Schumer offer.
Funny how opinion shifts, but Gallup has discovered that under recent Republican presidents economic optimism has climbed. While under Obama, it declined. For instance, during 2005 and 2006, Americans anticipated spending $907 and $909 respectively.
In Obama’s third year in office, their expectations plummeted to $709 and barely climbed back to $785 in the Nobel Peace Prize winner’s last year
This year consumer expectations are to spend $885 on holiday purchases about $21 off last year.
Gallup says consumers often exceed their early October expectations.
However, the outfit also warned that actual spending could soften if circumstances change, such as Nov. 6 election results they see as ominous or a stock market crash.