Posted on 11/16/2022 9:36:30 AM PST by dennisw
And household debt soars to $16.5T as Americans tap into credit to make ends meet Amazon founder Jeff Bezos has outlined his top tips for surviving a recession The entrepreneur said people should hold off on big purchases until the future
Families without cash reserves could be hit hard by a downturn with mass layoffs Household debt is up and personal savings are down as inflation hits families Amazon is reportedly planning to lay off up to 10,000 employees this week
Americans can 'take risk off the table' by keeping their cash for a rainy day, said the Amazon founder
Speaking to CNN Business, the entrepreneur said people should hold off on big purchases and keep some 'dry powder' for the future.
He added he couldn't predict how long the downturn would last, but said the US would likely be in a downturn 'very soon' if it was not in one already.
The warning was extraordinary coming from the founder of one the country's largest retailers, which relies on robust consumer spending to drive revenue.
Hammered by inflation, consumers have stretched to make ends meet and increasingly tapped lines of credit, with new data this week showing that household debt surged to $16.51 trillion last quarter, rising at the fastest rate since 2008.
Though annual inflation dropped last month to 7.7 percent, its lowest level since January, many economists believe a sharp recession marked by major job losses could be inevitable within the next year.
Layoffs could be especially hard on families who have drained their savings to keep up with the rising price of groceries, gasoline and utilities.
Commerce Department data shows personal savings balances, which surged during pandemic lockdowns as people were st
(Excerpt) Read more at dailymail.co.uk ...
Uncle Jeff has no idea that quality TVs are going for only $500. And that when you get fired you can watch a lot of it. And play video games on it.
You want to really economize. Start cooking and eating split peas and beans at home. Lentils also cook fast.
He’ll cease that advice once he starts selling cars on Amazon.
But, seriously, how out-of-touch can he be…..DUH!
In the case of new cars, you’ll have new stuff that is too expensive to fix and loose half they value when the warranty is over, especially Euro Crapmobiles.
dog food with a lot of hot sauce is actually very tasty
Beans and Rice! Rice and Beans! :)
That’s a lot of employees to lay off during the Christmas ship season. Did AZ sales crater or are they closing smaller warehouses around the country in favor of supersized ones?
Or are the layoff “reports” just made up media clickbait swill?
Not even EV’s Jeff? What about putting in Solar Panels, you ok with that?
Thank God, I love rice and beans
Every day I hear advertisements that Amazon needs seasonal employees. So where are these 10K layoffs coming from?
Well, I made the mistake of putting off purchasing kitchen appliances and now I’m screwed. Even the cheapest white appliances are expensive, if available at all.
A few rounds of the hospital and surgeons got me this year.
Pay it off someday.
Yes, Jeff. We’re all in this together.
We may not be in this mess if Jeff’s Washington Post and other liberal outlets didn’t derail the last presidency. These evil bastards did great harm to our nation.
I took my old Nitro in for brakes this am. Priced a new vehicle. Over $65.000. Insane.
Apparently, this is what Gen Z voted for. Good luck with that... Enjoy the BIDEN SUCK ECONOMY.
Probably just not in the right areas. Amazon employees 1.5 Million people. 10,000 is 0.67%
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