This is a somewhat bone-headed piece from The Wall Street Journal on how consumers are cutting back on spending.
https://www.wsj.com/articles/consumer-spending-inflation-economy-11675093472
Well, gee, the price of everything has gone up! What did they expect?
The comments often make my blood boil but there is a lovely one by a lady who points out that people have been struggling and stretching their dollars for more than a year now.
Wall Street Journal on consumer worries
- MackerelCat
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Re: Wall Street Journal on consumer worries
Well, remember that WSJ is very, very business oriented. And we have an economy that's based on producing and spending. Especially spending. And the 4th quarter reports are showing that, Gasp!!, people aren't spending!! So business has now taken notice.
(We're also not their target audience, so that may be why they see not spending as a novel concept.)
I shall have to read the comments on this one ...
(We're also not their target audience, so that may be why they see not spending as a novel concept.)
I shall have to read the comments on this one ...
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Re: Wall Street Journal on consumer worries
It wouldn’t let me read the story but I did listen to the synopsis. The NYT (which I love), WSJ, WP live in a different world from ordinary people. Today the NYT had a frozen pizza taste test of 8-10 pies. None were ordinary grocery store pizzas. They were all from gourmet stores or obtained by mail, some priced at $30 (for frozen)! The NYT comments today and often call out the Times for being out of touch.
I have read, and it sounds like the WSJ story confirms, that more people have exhausted their savings and are relying on credit cards. As a saver, I’m happy for higher interest rates. But for credit card users I can’t imagine the interest rates being paid especially if someone pays their bill late.
I have read, and it sounds like the WSJ story confirms, that more people have exhausted their savings and are relying on credit cards. As a saver, I’m happy for higher interest rates. But for credit card users I can’t imagine the interest rates being paid especially if someone pays their bill late.
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Re: Wall Street Journal on consumer worries
My father used to always say that if the bulk of the population lived like us (super thrifty), the economy would collapse. I believe he is right.LWolfT wrote: ↑Tue Jan 31, 2023 3:25 pm Well, remember that WSJ is very, very business oriented. And we have an economy that's based on producing and spending. Especially spending. And the 4th quarter reports are showing that, Gasp!!, people aren't spending!! So business has now taken notice.
(We're also not their target audience, so that may be why they see not spending as a novel concept.)
I shall have to read the comments on this one ...
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Re: Wall Street Journal on consumer worries
Yes - they had an article about the best rice cooker. I have one that I love that I purchased for maybe 15 dollars. But the lowest priced one they reviewed was maybe 50.floridacatlover wrote: ↑Tue Jan 31, 2023 3:30 pm It wouldn’t let me read the story but I did listen to the synopsis. The NYT (which I love), WSJ, WP live in a different world from ordinary people. Today the NYT had a frozen pizza taste test of 8-10 pies. None were ordinary grocery store pizzas. They were all from gourmet stores or obtained by mail, some priced at $30 (for frozen)! The NYT comments today and often call out the Times for being out of touch.
I have read, and it sounds like the WSJ story confirms, that more people have exhausted their savings and are relying on credit cards. As a saver, I’m happy for higher interest rates. But for credit card users I can’t imagine the interest rates being paid especially if someone pays their bill late.
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- Posts: 11446
- Joined: Fri Aug 28, 2015 9:21 am
Re: Wall Street Journal on consumer worries
And also we got used to not buying things due to the shortage or store closures during Covid. And then realized - hey we didn't need all that stuff!MackerelCat wrote: ↑Tue Jan 31, 2023 2:55 pm This is a somewhat bone-headed piece from The Wall Street Journal on how consumers are cutting back on spending.
https://www.wsj.com/articles/consumer-spending-inflation-economy-11675093472
Well, gee, the price of everything has gone up! What did they expect?
The comments often make my blood boil but there is a lovely one by a lady who points out that people have been struggling and stretching their dollars for more than a year now.