Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Gallup Reports Upper-Income Spending Worst November Ever
Townhall.com ^ | December 10, 2012 | Mike Shedlock

Posted on 12/10/2012 7:25:08 AM PST by Kaslin

With the generally upbeat spending reports on black Friday and cyber-Monday, Gallup paints a different point of view in its most recent poll that shows U.S. Consumer Spending Holds Steady, Consistent With 2011

Americans' self-reported daily spending averaged $73 in November, essentially on par with September and October. It is also similar to the $71 Americans spent last November and slightly higher compared with November 2010 and 2009 -- but still much lower than in November 2008.

November 2012 vs. November Prior Years



U.S. Upper-Income Spending Sees Worst November on Record

Upper-income Americans' (defined as those making at least $90,000 per year) self-reported daily spending was lower this November -- an average of $113 -- than in any November dating back to 2008. Upper-income spending has been trending downward since September, although the decline has not been large enough to drag down the overall spending figures.



Lower-income Americans' spending in November -- an average of $61 -- is on par with the $60 they spent last November. Lower-income spending is generally quite stable from month to month and has been holding steady since March.

Bottom Line

Although November marks the beginning of the holiday season -- generally a time for spending and splurging -- Americans did not spend any more than usual this November, and upper-income Americans appear to be spending less than usual. Americans' self-reported spending in November is on par with November 2011, matching Gallup's finding that Americans predict they will spend about as much on holiday gifts this year as they did last year.
Note that both charts paint a different picture of holiday spending in the recovery. Spending levels did not recover to pre-recession levels, at least as reported in Gallup surveys.What consumers actually spend vs. what they report to Gallup might not be the same thing.


TOPICS: Business/Economy; Culture/Society; Editorial
KEYWORDS: bhoeconomy; gallup; millionaires; trends

1 posted on 12/10/2012 7:25:12 AM PST by Kaslin
[ Post Reply | Private Reply | View Replies]

To: Kaslin

I’m not remotely upper income; however, I am spending less this year than I ever have before.


2 posted on 12/10/2012 7:31:07 AM PST by MachIV
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin
Is that adjusted for inflation? Ben's been devaluing as fast as he can for the last 4 years. At best, this country has flatlined since ‘08. It's 1936 again.
3 posted on 12/10/2012 7:31:22 AM PST by throwback (The object of opening the mind, is as of opening the mouth, is to shut it again on something solid.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

This isn’t difficult to figure out. Let me help the folks at Gallup. Upper income Americans are generally upper income because they are smarter than lower income Americans. Being that upper income Americans are smarter, they see the economy going into the toilet, and Obama raping and pillaging the economic landscape for years to come. So, we are pulling back. The lower income class is enthused by the promise of more Obama bucks, so they are spending beyond their means. Just like daddy Obama.

Next year won’t be pretty, but the media will pacify the masses, telling them it’s the world economy, it’s the new normal, and their daddy Obama is the smartest man to ever live. If Obama can’t fix it, no one can. The masses will be content with that.


4 posted on 12/10/2012 7:32:34 AM PST by brownsfan (Behold, the power of government cheese.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

Which means all have spent LESS......as 40$, 50$, 60$, 70$ buy less product proportionately than a year ago.

For example air travel cost are up 9% than a year ago. and food etc.,,,


5 posted on 12/10/2012 7:33:07 AM PST by Varsity Flight (Extortion-Care is the Government Work-Camp: Arbeitsziehungslager)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

The so-called 2 percent are not stupid and are having their accounts ensure that their income is kept below the $250K levels, especially small business owners will do what it takes in cutting workers to keep their costs down.


6 posted on 12/10/2012 7:33:42 AM PST by KeyLargo
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

I’m nowhere near high-income, but like those in that range, I know what’s coming with Obama’s re-election, and I’ve all but wired my wallet shut. Used to spend around $1000 to $1200 during the Christmas season. This year, my plans are in the $50 range.


7 posted on 12/10/2012 7:35:18 AM PST by greene66
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

going Galt!!!!!!


8 posted on 12/10/2012 7:40:49 AM PST by hecht (america 9/11, Israel 24/7)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

If I were anywhere near the 1-10%, hell let’s even go 20%, I’d be hiding my money. Away from banks, away from any place the gov’ get its grubby paws on it. I don’t blame for them going offshore with it.


9 posted on 12/10/2012 7:41:19 AM PST by Thorliveshere
[ Post Reply | Private Reply | To 1 | View Replies]

To: brownsfan

Tax planning
http://www.forbes.com/sites/greggfisher/2012/07/20/start-planning-for-higher-taxes/

December 7, 2012, 3:00 pm
When $250,000 Isn’t Actually $250,000
By CATHERINE RAMPELL

Binyamin Appelbaum and I have an article in Friday’s paper about President Obama’s proposal to raise marginal income tax rates for married couples earning “more than $250,000.”

As we note, there are lot of couples earning more than $250,000 whose tax liability would not be affected.

http://economix.blogs.nytimes.com/2012/12/07/when-250000-isnt-actually-250000-2/


10 posted on 12/10/2012 7:41:33 AM PST by KeyLargo
[ Post Reply | Private Reply | To 4 | View Replies]

To: Kaslin

We’re going Galt!


11 posted on 12/10/2012 7:42:04 AM PST by dfwgator
[ Post Reply | Private Reply | To 1 | View Replies]

To: KeyLargo
The so-called 2 percent are not stupid and are having their accounts ensure that their income is kept below the $250K levels, especially small business owners will do what it takes in cutting workers to keep their costs down.

Since California has just proven that you can go back a year later and change the rules retroactively, the joke may be on them.


12 posted on 12/10/2012 7:44:44 AM PST by Buckeye McFrog
[ Post Reply | Private Reply | To 6 | View Replies]

To: Buckeye McFrog

Dean Exposes Obama’s Need For Middle Class Tax Hike
Investors Business Daily ^ | Dec 6, 2012

Posted on Monday, December 10, 2012 9:52:59 AM by KeyLargo

IBD Editorials

Dean Exposes Obama’s Need For Middle Class Tax Hike

Posted 12/06/2012 06:52 PM ET

Taxes: The president says all he wants is for “the wealthiest Americans to pay a little more.” But far-left Howard Dean just reminded us Obama wants a lot more from all taxpayers.

http://www.freerepublic.com/focus/news/2967368/posts?page=1


13 posted on 12/10/2012 7:56:28 AM PST by KeyLargo
[ Post Reply | Private Reply | To 12 | View Replies]

To: Kaslin

Any idea if spending “Obama Money” has increased?


14 posted on 12/10/2012 8:07:03 AM PST by ConservativeStatement (Having an abortion is "progressive"?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin
Food is nontaxable. We're giving food baskets. Baskets can be bought at the dollar store. That saves a lot of money on consumers taxes.

Home made goods are gifts from the heart. Everyone this year will be getting home made jams and jellies, plus holiday quick breads and cookies.

The kids will get cash. Of course, we'll tell them to save it for another day, because they're going to need it more at a later date. They're good at taking our advice, so we know they'll stash it rather than spend it.

In the end, we get through the holidays without feeding the beast. Making sure everyone else in the world get's their free christmas bling is not our responsibility.

15 posted on 12/10/2012 8:15:22 AM PST by concerned about politics ("Get thee behind me, Liberal")
[ Post Reply | Private Reply | To 1 | View Replies]

To: MachIV

We also. Our Christmas this year is just to not spend at all. We have what we need, thus we are not going to spend more money just to help Obama out. We are trying to save what we can because with the cuts and more and more they are taking away from military retirees, we are now making less than we did five years ago.


16 posted on 12/10/2012 8:21:51 AM PST by RetiredArmy (1 Cor 15: 50-54 & 1 Thess 4: 13-17. That about covers it.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Kaslin

Not spending a single buck on travel or gifts or decoration. Last year I did $4K shopping.


17 posted on 12/10/2012 8:29:32 AM PST by jennychase
[ Post Reply | Private Reply | To 1 | View Replies]

To: ConservativeStatement
Any idea if spending “Obama Money” has increased?

Heck no. The elites are hoarding theirs. Don't you even suggest touching their stash!

As far as spending everyone elses money.....they're printing 4 BILLION a month (QE3), and borrowing 4.8 BILLION a DAY!

To put it bluntly, our economy has already crashed. We have no money left. The American people just haven't noticed it yet. We're still throwing around useless paper and arguing over who's going to be blamed for it when the chaos hits.

18 posted on 12/10/2012 8:31:22 AM PST by concerned about politics ("Get thee behind me, Liberal")
[ Post Reply | Private Reply | To 14 | View Replies]

To: Kaslin

We’ve been told over and over that November was a record. Why are we now getting the truth? Why is the headline saying the “upper income” is not spending? So the masses will say “Well, if they won’t spend, raise their taxes.” It was the press that helped the Founding Fathers create a new nation. Can’t count on ‘em today.


19 posted on 12/10/2012 8:47:54 AM PST by Terry Mross (I haven't watched the news since the election. Someone ping me if anything big happens.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: concerned about politics

Maybe it isn’t in NY, but it is sure in TN where I live


20 posted on 12/10/2012 9:00:50 AM PST by Kaslin ( One Big Ass Mistake America (Make that Two))
[ Post Reply | Private Reply | To 15 | View Replies]

To: Kaslin

Can’t spend what you don’t have,unless your Obama.


21 posted on 12/10/2012 9:24:26 AM PST by Vaduz
[ Post Reply | Private Reply | To 1 | View Replies]

To: hecht
"going Galt!!!!!!"

Yup.

I went today and ordered flowers for Christmas...I asked the owner of the shop how she preferred payment, credit card, check or cash. She said cash..."I'm not going to claim this one."

I know a number of business owners with that attitude. (I'm all for starving the beast but, they need to be more careful.)

22 posted on 12/10/2012 10:15:57 AM PST by blam
[ Post Reply | Private Reply | To 8 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson