Americans Have $1.7 Trillion to Burn in Revenge-Spending Binge
Bloomberg 4 days ago
(Bloomberg) Shoppers are out for vengeance.
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A year into a pandemic that’s devastated lives, jobs and the economy, those who are lucky enough to have disposable income are ready to go out and splurge even if they still have nowhere to go in that stunning dress or those brand new sneakers. Some are calling this “revenge spending.”
U.S. retail sales are near record highs and employment and vaccinations are on the rise. Americans have amassed a massive stockpile of excess savings Bloomberg Economics estimates it to be about $1.7 trillion since the beginning of the pandemic through January. And that’s about to be bolstered by a new round of stimulus payments. As the economy reopens, consumer spending over the next two quarters is likely to be the strongest such period in at least 70 years with a rebound in services leading the way, according to economists at
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coming out of the 2008 election. the economic crisis then was the number one priority. covid and how it impacts the economy, the number one priority right now. what are the two or three things joe biden needs to do? well, first of all i think we made a mistake with this blunt instrument of the lockdown. you do the things that everybody can engage in. masks, hand washing, social distance. apply the testing and the tracing in targeted areas, get medical supplies to poor communities, people of color and the elderly so you can contain it in that way. in the other piece of this, the first part of the stimulus is about creating a floor so the economy doesn t sink anymore. you can t get an economy growing if states and companies are laying people off. the second piece, what are the things we have to do to rebuild? mainly on infrastructure, and there s going to be people like jcpenney and other retail, those jobs are not coming back. give them the tools, six months you will become a computer
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