by Joshua Krause, The Daily Sheeple:
I distinctly remember the Christmas of 2008. It was unique from every other holiday season that I experienced in my childhood. For my family, every Christmas was normally a gluttonous buffet of consumer spending as each person made sure to buy a mountain of gifts to cover everybody else, even though we were far from wealthy. I’m willing to bet that this habit of decking the halls with maxed out credit cards was shared by many other middle class American families at the time.
By 2008 however, we quickly changed our tune. The financial crisis made it apparent that our annual gift buying binge wasn’t just wasteful and unessential to the spirit of Christmas, it was also no longer affordable for us. That year we mutually agreed to cut the exorbitant spending down to shadow of what it once was, and thankfully, we never looked back
Unfortunately, it appears that most Americans are falling back on their old holiday spending habits, even though they probably can’t afford it. According to a recent gallup poll, the average American family is planning on spending almost as much money this Christmas as they did just before the crash of 2007.
Last month, Gallup asked Americans the same question and received an average of $812, which was also the highest they had seen since 2007. But what makes this so shocking is that normally these polls see Americans scaling back their spending estimates between October and November, whereas this year it went up.
Meanwhile, the media is reporting on this like it’s a good thing. They see higher consumer spending as a sign that the economy is improving, when they should be viewing it as an indication that our economy is riding another bubble.
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