FREE NEWSLETTER
I heard on the news this morning about the record sales for Black Friday and Cyber Monday. The commentator then noted the sales were driven by the wealthy who saw their wealth grow as the result of the stock market and rising home prices.
I doubt the validity of those observations, but they make attractive news by reinforcing stereotypes.
First, it was not mostly the wealthy shopping, it was average Americans many of whom were willing to go into debt to “save money” on sales. An oxymoron if there ever was one. How many of these shoppers tell surveys they live paycheck to paycheck I wonder?
Second, the so-called wealthy are unlikely to use home equity or sell stocks to buy the latest hot Christmas toy so that relationship is not logical.
Every time I hear “news” like that I wonder if there is a purpose other than to reinforce division and I also wonder why 40% of Americans not investing in the stock market don’t give it a try. Yes, most could do it starting with very little money accumulated from a few months of prudent reduced spending – that seems possible for all but the poor.
We live in a society that increasingly encourages us to take on debt and to engage in other forms of self-defeating behavior, most notably the ability to gamble online about almost anything (e.g. whether a pitch will be a ball or a strike, whether a topic will be mentioned at a press conference). It also doesn’t help that our state governments legitimize lotteries that get large amounts of publicity. And then, when millions of people find themselves buried in debt we call them irresponsible and say they have no one to blame but themselves.
The state of NH where we lived used to declare fireworks illegal because they were dangerous. Then they realized the could increase revenue by allowing the sales and then taxing them (there is no income nor sales tax). I guess that made fireworks no longer dangerous.
NJ did the same, but with sales and income taxes. 😎
Yes and no. Your point is valid, but aren’t I responsible for getting buried in debt in any case.
RQ: I second that motion. Sowing division and class envy is a staple of the Main Stream Media.
I sent a note to my children regarding Black Friday sales… pointing out that apparently I have reached the true level of “wealth”…and that is contentment. I bought absolutely nothing on Black Friday, for the 3rd or 4th year in a row.
Christmas presents are a similar issue…My wife asked for new PJs and furry slippers with