Nearly 200 million American shoppers took advantage of deals over the Thanksgiving weekend and broke spending records from previous years.
On Black Friday alone, shoppers spent at least $9.6 billion, while spending on Cyber Monday was an all-time high, netting about $12.4 billion, according to the Deseret News.
The White House is happy to credit the return of consumers willing to spend even as voters have grown more pessimistic about the economy, while pointing to the success of „bidenomics,” the nickname for President Joe Biden’s economic plan. .
Jared Bernstein, president of the Council of Economic Advisers, cited consumer spending trends, including Black Friday, as „driving the economy forward.” Fox News.
„We’re moving in the right direction. We have more work to do to reach the average American, who is telling us through their consumer behavior that they feel better about their own financial conditions,” Bernstein said.
Last Monday — the same day Biden pardoned the national Thanksgiving turkey — White House spokeswoman Karine Jean-Pierre insisted that inflation was slowing and evidence of record consumer spending ahead of Thanksgiving.
„As we begin preparing the Thanksgiving meal, grocery inflation is at its lowest level in two years, with prices for eggs, milk, pork and fresh vegetables lower than last year,” he said. Press conference Nov. 20
He cited the US Farm Bureau Annual Thanksgiving dinner cost tracking„Prices are down on turkey, stuffing, peas, cranberries, pie crust and whipping cream.”
„With rising wages, this Thanksgiving dinner is the fourth cheapest as a percentage of median income,” Jean-Pierre said.
This record spending is almost as high as a credit card debit $1.08 trillionThat’s the highest since the Federal Reserve began tracking it in 1999.
EJ Anthony, a research fellow at the Heritage Foundation who specializes in fiscal policy, blamed the Biden administration for 40 years of high credit card debt.
„Because prices have risen so much faster than wages, people’s purchasing power or what they can buy with their earnings,” he said. wrote In an article. „Americans are turning to buying groceries with credit cards to make ends meet.”
Wells Fargo economists said in their latest report that Thanksgiving weekend spending levels are expected to last through the end of the year, before tapering off in early 2024. Rising housing costs, interest rates and mortgage debt are linked. Low savings can play a role in this change.
Wells Fargo economists said inflation is slowing, but they also noted declining overall consumer confidence in the economy, the Deseret News reported.
Recent Poll Says US Voters Are Not Happy With „Bitenomics” An October census Bloomberg News Only 26% of voters from swing states approve of Biden’s economic policies, compared to 51% who say the economy is better under former President Donald Trump.
The latest Fox News The poll found that three-quarters of voters said the economy was in bad shape. About 66% said they saw no signs of improvement.
Republican Utah Sen. Even Mike Lee on Sunday asked, „Have you had enough of Bitenomics?” He said that. In a post X, formerly known as Twitter.
in another Mail On November 15, the Utah senator, the entire country „Introduction to Bitenomics and the class is terrible!” Along with it, Biden attached a graphic that read, „Inflation costs Utah families $1,213 more per month.”
Lee’s disapproval of Biden’s economic agenda is shared by some Democrats. The Washington Post’s Lee Ann Caldwell said Democrats should move away from Biden’s economic message. NBC’s „Meet the Press”
„’Bidenomics’ has become a really negative word,” Caldwell said, „and it’s not working, especially among Democrats.”
The reporter said he texted some Democratic lawmakers over the holiday weekend saying he didn’t think it „looked good for President Biden.”
„These members said it’s not good for President Biden politically, and if the election is held today, he’s going to lose some swing states,” Caldwell said.