Holiday Spending Plans Collapse
by Tyler Durden
It seems, as Jim Quinn notes, the 99% are not cooperating with the 1% plan for economic recovery. As Gallup reports, average Americans plan on spending 10% less for Christmas gifts this year than last year. Not only that, but they are spending 19% less than they spent in 2007 and 18% less than they spent in 1999. The average American is spending less because they have less as the talking heads on CNBC and the rest of the MSM tell me that things are great. Opening stores on Thanksgiving will not save anyone and perhaps more critically, the last 2 times the November forecast for holiday spending slumped – the US entered recession!