Black Friday and Cyber Monday sales this year broke records—despite inflation. This doesn’t mean many Americans aren’t still struggling with high prices on everyday goods and Christmas gifts.
Liberal policymakers couldn’t help themselves: Ways and Means Committee Democrats, in a now-deleted post on X, cynically responded to the record-holiday shopping news report with, “And here we were thinking y’all couldn’t afford eggs!” Once again, they expose how out of touch they are with Americans’ hardship.
This holiday shopping season is off to a strong start, but that should not be confused with bountiful household balance sheets. Indeed, many consumers aren’t letting high prices hold them back from celebrating this year’s holiday season. Spending hit records on Thanksgiving Day ($6.1 billion), Black Friday ($10.8 billion), and Cyber Monday ($13.3 billion), according to data from Adobe Analytics. Perhaps because prices are high. The National Retail Federation projects that consumers will shell out $25 per person more on average this year compared to last year on gifts, food, and decorations.
One weekend or one month of consumerism won’t erase how financially stretched households feel. Even more, not everyone is spending. Many working-class and low-income Americans will alter and even skip holiday gift-giving due to high prices. A U.S. News & World Report survey found nearly 70% of Americans are worried about paying for gifts this year, with roughly 20% being “very” worried.
Holiday spending survey data from the Conference Board show that while households earning above $75,000 plan to spend more, consumers earning less than $75K will cut back on gifts and non-gift items this year.
Lost purchasing power from years of high prices has left the majority of households feeling squeezed. Two-thirds of Americans (65%) feel they are living paycheck to paycheck, up from just over half (52.5%) last year. Unaffordability is not just a poor-person problem; one out of five affluent households is living paycheck to paycheck as well. A $100 unexpected expense could financially sink 18% of all adults because that’s the most they have in savings.
While the inflation rate (or the consumer price index) isn’t as high as 2022, prices remain 20% higher than when President Biden took office.
As shoppers swipe plastic to pay for presents, they will incur sharply higher balances. Despite recent interest cuts by the Federal Reserve, the average retail credit card interest rates have risen sharply from 24% in 2021 to over 30% in 2024.
Voters were fed up with the sting of this economy when they gave conservatives a clean sweep. President-elect Donald Trump won working-class and middle-class households because he saw them and made boosting their incomes the cornerstone of his platform. Leftist elites spent the better part of nearly four years refusing to acknowledge high prices were a problem, then shifted to talking down to the uneducated masses about how great the economy was.
After weeks of post-mortems, the message from the invisible class of voters should be loud and clear. So when Democrats on the tax-writing congressional committee put out a tone-deaf tweet like this, they demonstrate obstinance, not ignorance.
There is a chance for redemption. Lawmakers on the left side of the aisle must join with conservatives to get serious about helping struggling Americans. They can start by extending expiring provisions of President Trump’s 2017 Tax Cuts and Jobs Act (TCJA). Corporate and individual tax cuts delivered tremendous benefits for workers, families, and businesses. Corporate investment rose, as did gross domestic product. U.S. companies added 4.7 million new jobs, and real median household incomes grew by more than $5,000. Real wages rose by 4.9% in the two years after the law was signed—the fastest growth in 20 years—while income taxes fell for people at virtually every income level. The TCJA also triggered a bonanza of worker bonuses and new benefits.
If the tax cuts are allowed to expire, Americans will be stiffed with a massive tax increase just after the holidays next year.
The Left can gain some goodwill from hardworking Americans for passing tax relief, even if it means delivering Trump an early win. Or they can continue to condescend and turn a blind eye to the real hardship holding back too many American households.
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
