Crisis Accelerates: Food Banks Running Out of Food, Bubbles Are Everywhere, Income Gains Stagnate, Food Stamps, Holiday Spending “Hopes” Crumble, Oil Prices Just Hit A 4-Month Low

Tuesday, November 5, 2013
By Paul Martin
November 4th, 2013

Holiday Spending “Hopes” Crumble As Income Gains Stagnate

But this year was supposed to be different… Early-year prospects for a revival in consumer spending quickly faded in the wake of the lagged impact of the $148 billion tax hike that began the year. As Bloomberg’s Joe Brusuelas notes in the following brief interview, combined with a slower pace of hiring and sluggish wage growth, the result will probably be another in a string of disappointing holiday shopping seasons. It is increasingly doubtful that consumers have the wherewithal to meet the ambitious National Retail Federation forecast for a 3.9% increase in holiday spending to $602.1 billion. Brusuelas believes a 2 to 2.5% increases appears closer to the mark given the economic and policy challenges in place this year.

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