Do you remember some of the words to the song about the “Grinch?”
“You’re a mean one
You really are a heel
You’re as cuddly as a cactus
You’re as charming as an eel
Mr. Grinch, you’re a bad banana
Mr. Grinch, with the greasy black peel”
That’s how some people must be feeling about our president’s terrible policies that are having such a severe impact on the economy that it is ruining many Christmas seasons for millions of American families.
The National Retail Federation conducted a survey asking families how much they plan to spend for the 2022 holiday season. The findings indicated that the average family intends to spend $832 on “core holiday items.”
That includes everything from presents to decorations and dinners, soup to nuts. That is a significant decrease in average spending compared to 2021.
Now, add the sadness of less spending and the reality that according to the National Retail Federation, basic household expenses will increase by 6% to 8%. So Americans are spending less on the holiday and having to pay more.
Thanks, Joe, you’ve got “termites in your smile,” President Grinch.
A November survey of 1,000 consumers by RetailMeNot came to a similar conclusion on average American families. They found that “roughly half of shoppers say they’ll be buying fewer things this year.” And they also found that roughly 25% of consumers said they would decide on cheaper versions or more practical gifts like gas cards. Not the gift that will generate cheers and giggles.
People are not less generous than before, it is this nagging inflation that has stolen the dream of sugar plum fairies and Christmas joy. Biden has consistently pushed for massive new spending and stimulus programs without fully offsetting the new spending with increased taxes. This means that trillions of dollars have been thrust into the U.S. economy at a time when large amounts of money had already been printed because of the COVID-19 pandemic and the government-enforced lockdowns.
Under Biden’s leadership, with Congress’s help, we now have a $1.2 trillion infrastructure plan, long-term subsidies for Obamacare which they call the American Rescue Plan, an increase of 10 million more people on Medicaid, and the student loan fiasco.
The White House administration has increased unemployment benefits and given out $1,400 stimulus checks to almost every American family. This is including households that never lost their income during the pandemic.
In the fiscal year 2021, the national budget deficit was $1.48 trillion, and in 2022, the deficit topped $1.38 trillion. On Biden’s watch, the inflation rate has increased by more than 14% according to the consumer price index. That is the largest increase in 40 years. And wages have been lower than the rate of inflation for seven of the last nine quarters.
As people try to figure out what they can afford for the holiday, they can’t assume that things will be better in 2023. Many of Joe Biden’s policies are still in the beginning stages, and without additional tax revenue, more money will have to be pumped into the economy by the Federal Reserve to cover the massive government spending.
And if taxes are raised to cover this budget deficit, there is the risk of dragging the economy down even more.
There doesn’t seem to be any signs that Biden is planning to reverse his policy of reckless spending, so inflation continues to loom on the horizon for the next two years.
So the bottom line is that Santa’s got to tighten his big, black belt this Christmas.
“You’re a foul one, President Grinch.”