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By Michael Snyder – The Economic Collapse Blog
Has there ever been a major holiday more focused on materialism than the modern American Christmas? This year, Americans are planning to spend an average of 830 dollars on Christmas gifts, which represents a jump of 110 dollars over the average of 720 dollars last year. But have our incomes gone up accordingly? Of course not. In fact, real median household income in the United States has been experiencing a steady long-term decline. So in order to fund all of our Christmas spending, we have got to go into even more debt. We love to pull out our credit cards and spend money that we do not have on lots of cheap, useless stuff made on the other side of the world by workers making slave labor wages. We do the same thing year after year, and most of us have grown accustomed to the endless cycle of growing debt. In fact, one Pew survey found that approximately 70 percent of all Americans believe that “debt is a necessity in their lives”. But then we have to work our fingers to the bone to try to make the payments on all of that debt, not realizing that debt systematically impoverishes us. It may be hard to believe, but if you have a single dollar in your pocket and no debt, you have a greater net worth than 25 percent of all Americans. I know that sounds crazy, but it is true.
Overall, when you add up all forms of debt (consumer, business, local government, state government and federal government), Americans are more than 60 trillion dollars in debt.
Let that sink in for a bit.
40 years ago, that number was sitting at about 3 trillion dollars.
We have been on the greatest debt binge in the history of the world. Even though we were “the wealthiest, most prosperous nation on the entire planet”, we always had to have more. We just kept on borrowing and borrowing and borrowing from the future until we completely destroyed it.
And we still haven’t learned anything. Instead, this Christmas season we will be partying like it’s 2007…
Americans are planning on celebrating Christmas like it’s 2007.
A November survey by Gallup found that US adults are planning on spending about $830 on average on Christmas gifts this year.
That’s a huge jump from last year’s $720 average.
Notably, American consumers haven’t suggested a number that high since November 2007, when they were planning on spending $866 on average.
Sadly, our incomes simply do not justify this kind of extravagance. As Zero Hedge has pointed out, household incomes “actually peaked at least 15 years ago in 81% of U.S. counties.”
So why can’t we adjust our lifestyles to match?
Why must we always have more?
Continue reading at The Economic Collapse Blog: The Triumph Of Materialism: The Average American Will Spend 830 Dollars On Christmas In 2015
About the author:
Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.
Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream.
Read his new book The Beginning of the End
Filed under: Economy, News/ Current Events