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It`s not because of Obama or Trump. The Dow began it`s climb in 2009.
But it really took off literally the day after the 2016 election. Anyone who is not biased knows that Trump is all about relaxing regs and pro-companies and jobs and the economy responded.
BTW, according to many so-called experts the biased liberal media trotted out, to warn us that if Trump was elected, the economy would sink. Everyone on the Left was saying how the world would end if Trump “the evil Nazi dictator” became president and how everything was going to hell.
So, record numbers of people racked up credit card bills they'll be paying off for months, at insanely high interest rates, to celebrate Jesus's birthday.
Fabulous.
Pass the eggnog, and make it a double.
I know right. Some folks celebrate this like its a good thing for families to get into debt up to their eyeballs for which they'll be paying off for years and years. I know my wallet stayed closed. I vote with my pocketbook.
Now, I've been following economic stats for many years, including this particular one, which comes out every year. It's quite volatile and doesn't capture all retail sales - only ones charged on MasterCard. When the Commerce Department issues its retail sales report for December come mid-January, the results are likely to be more sedate.
And from the Fox News link ...
Quote:
In a cautionary sign, however, credit-card delinquency rates jumped 16% in the third quarter, indicating consumers may be spending above their means and could slow their purchasing next year.
So even if the numbers hold up in other reports, there is likely to be a correction in the figures somewhere in the months ahead. Pretty sure Breitbart and Geteway Pundit will ignore those when they happen.
And BTW, here is why the Commerce Dept's retail sales numbers for December are likely to be more sedate than the MasterCard numbers - people are buying fewer cars. The Commerce Dept's numbers include ALL retail sales, including cars. This trend has actually been going on for a while now.
The pace of U.S. vehicle sales is set to slow for the third straight month in December despite aggressive discounts from manufacturers, according to industry consultants J.D. Power and LMC Automotive.
Retail sales [of autos] in December are expected to fall 2.6 percent to 1.3 million vehicles, from a year earlier, the consultancies said on Friday.
They said incentive spending per unit reached an all-time high in December as manufacturers have continued with aggressive discounting to clear out record inventories of prior year.
That is just a preliminary estimate (the official numbers come out on the 2nd or 3rd of Jan), but it's usually reasonably close to the final numbers.
Basically, people are buying fewer cars, and more of other stuff. The "boom" you're reading about is really more of a wash in the grand scheme of things, once you include ALL forms of retail sales.
Also, since a lot of the Christmas stuff people buy is made-in-China stuff, while most cars these days are made in the US, the trade deficit in the last few months of the year is likely to go up, which will be a drag on GDP growth in Q4. For example, earlier this month we learned that the trade deficit widened in October to the most since January. How much it may be a drag on Q4 GDP growth, we do not know yet. But the October numbers aren't off to a good start.
Will you come back and acknowledge it when proved wrong.
I will update this thread with the numbers as they come out. If I prove to be correct in my predictions you will issue me an apology for your statement above.
I will update this thread with the numbers as they come out. If I prove to be correct in my predictions you will issue me an apology for your statement above.
Why do you feel apology is deserved.
You are doing your best in this topic to prove the OP wrong. We get it.
Bottom line, Americans are far far happier about their economic position this Christmas and their spending reflects it.
So, record numbers of people racked up credit card bills they'll be paying off for months, at insanely high interest rates, to celebrate Jesus's birthday.
Fabulous.
Pass the eggnog, and make it a double.
No
They were spending the bonus handed out by companies responding to the new tax bill.
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