What Would Mary Do?
by Pat LaMarche
The Black Friday numbers came in a week or so ago. Shopping’s down, spending’s down and the per capita expenditures are down. Retail spin-doctors cite a whole host of reasons the numbers might be headed south. Nestled in among the, “Gee Virginia, don’t depend on Santa Claus,” rallying cries is the supposition that it might just be because — according to the National Retail Federation — “consumers report they expect to have tight budgets this year, despite a recovering economy.”
Tight budgets? I’ll say.
An April 2013, My Budget 360 report entitled, “US Household income continues to fall in midst of recovery,” states that over the past five years or “since the recession started, household income is down 7.3 percent.” And the cost of living over the same period went up about the same. Heck, according to Bloomberg News, the cost of living went up 2.3 percentin 2012 alone. So as resources get ever dearer and purchases outstrip consumers’ grasp, it’s likely more and more people in the United States will find it difficult to play Santa at all this year. (more…)