Retailers Post Surprising Sales
By ABHA BHATTARAI
Published: June 6, 2008
Discount retailers fared particularly well as price-conscious customers spent income-tax rebate checks.
http://www.nytimes.com/2008/06/06/business/06shop.html?ex=1370491200&en=460b291eea19a794&ei=5124&partner=permalink&exprod=permalink
Wimbledon Wisdom
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I recently ran across a graduation speech by the tennis great Roger
Federer. I especially appreciated this passage:
In the 1,526 singles matches I played...
1 day ago
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6 comments:
I am always amazed at the inelastisity for the American consumer to consumer stuff. Don't get me wrong, it is what makes our economy tick, but send them money when most of them are in debt and they keep on spending. You may argue, but they are just buying what they needed and couldn't afford to buy without the check. However, I'll bet if you followed the consumers of these statistics that wouldn't be the case. Call me a skeptic.
The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy.
The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US.
-Eliot Spitzer (former Governor, New York)
Speaking as one whose SSN falls outside the range of folks who've received Stimulus packages, I can't actually say what I did with my check. But I can tell you what I am going to do with my check: spend it on gas, my SmartTrip, and the ability to consume something other than mac 'n cheese...so no, I won't be contributing much to the economy aside from putting a little cash in Exxon's pocket and feeing the rising food costs around the world. I'm a skeptic like Angel, and I definitely see the point about the destination of the money.
Honestly, I don't see this being an economic issue...this is a political issue, a literal "buying off" of the American public. More short-term thinking by a short-term (now, anyways) administration...
anyone know how much the economic stimulus package cost taxpayers, and if there has been any study suggestinng how much of it might be returned in the form of stimulus?
http://www.cbsnews.com/stories/2008/03/07/national/main3918038.shtml
this article claims that just the stupid letter letting people know they were getting the checks cost $42 million.
Good point, baby daddy Hudson...I did hear a statistic that sales are up 0.7% for the month of May (after excluding auto sales and gasoline).
http://www.nytimes.com/reuters/business/international-usa-economy-retail.html?_r=1&hp&oref=slogin
Not sure what the cost/benefit ratio would be...but it's a $168 billion package (right?) and getting 0.8% increase in sales for May...we've got til July before the rest of the checks are mailed, so I'm holding out for August when everyone will have spent their money.
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