The United States is in an official recession. The global financial crisis has been escalating for about a year now along with the decline of the economy and stock market. Many industries, like the auto industry, have had to cut spending and are dealing with tight budgets for the end of 2008 and 2009. With the holidays right around the corner, I am beginning wonder what will happen to the economy? Will it decline even further, because of a lack of consumer spending? Or, will people spend excessive amounts just because it’s the holiday season? I believe that most people will not spend like they have previously spent on past holiday seasons. This is because many Americans have lost jobs along with a lot of invested money that was in the markets. Not only are the consumers suffering, but also the lack of spending has created many losses for store and business owners. The recession has created bad holiday financial situations for everyone.
What do you think will happen this holiday season? What will the consumers do? Spend, or save?
2 comments:
When I was watching Barack Obama being interviewed on Meet the Press, he brought up the fact that currently our counrty is in an official recession. Many people are not in a good financial state. I think that spending so much money on holiday gifts will only make our situation worse. People need to realize the current state of the United States and usedstand the the global financial crisis has only been getting worse. Not one person alone can change the enconomy, everyone needs to put in the extra effort to help our country.
I think that this post is very relevant to today. Our economy is going down the drain and I think that most previous spenders will be cutting back. Most people that I've talked to are taking things easy. My familys going to Florida and thats really our gift, I dont think the tree this year is going to be burping out Christmas presents.
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