The Trump Effect: Record Holiday Sales Near $600 Billion… Spending Pace Not Seen Since Great Recession
I expect that record will be broken for next Christmas. As a matter of fact, a whole bunch of records will be broken, within the next 7 years all to the benefit of the American people.
Retailers are reporting record holiday sales this season of $598 billion as of Christmas Eve, fueled by confidence in the pro-business, pro-jobs economic policies of President Donald Trump of cutting Obama-era regulations and enacting major tax cuts and reforms. Yet media reports by CBS, AP, and the Wall Street Journal all failed to mention President Trump in their reports on the record sales.
— Deplorable News (@DeplorableNews) December 26, 2017
The Drudge Report however is leading Monday night with a photo and headline crediting Trump with the boom in sales over a link to the WSJ article that doesn’t credit Trump, “GREAT AGAIN: RETAILERS FEEL CHRISTMAS CHEER”
CBS News reported Monday night without mentioning Trump at all:
Trending: Trump’s Lawyer Decimates CNN’s Cuomo
Total retail sales this holiday season added up to a record $598 billion dollars — up $33 billion from last year.
“This is literally the best season since before the recession,” business owner Craig Johnson said. Johnson’s company, Customer Growth Partners, analyzes all things retail. He credits low unemployment and a booming stock market for this humbug-free holiday season.
“The single biggest drive of retail sales is growth in real disposable income,” he said. “And when real income goes up, people have money in their pocket and they’re able to spend it.”
The AP also cited Johnson about the sales boom and failed to mention Trump at all:
Experts have issued rosy forecasts for the season. Shoppers seemed to be in the mood with unemployment at a 17-year low and consumer sentiment at its highest level since 2000.
…Shoppers have been spending at a pace not seen since the Great Recession, says Craig Johnson, president of retail consulting group Customer Growth Partners.”
Using a different source, the Wall Street Journal (also via Fox Business) reported sales were up almost 5%, but did not mention Trump at all:
Retailers are enjoying some extra Christmas cheer.
Fueled by high consumer confidence and a robust job market, U.S. retail sales in the holiday period rose at their best pace since 2011, according to Mastercard SpendingPulse, which tracks both online and in-store spending.
Sales, excluding automobiles, rose 4.9% from Nov. 1 through Christmas, compared with a 3.7% gain in the same period last year, according to the Mastercard Inc. unit, which tracks all forms of payment. E-commerce continued to drive the gains, rising 18.1%.
…Unlike in past years, when spending was driven by high-income shoppers, this holiday season a broader swath of the population opened their wallets, encouraged by rising wages and low unemployment, analysts and economists said.
“Fewer people are living paycheck to paycheck,” said Chris Christopher, executive director of economic-research firm IHS Markit. “There is a lot more spending from the lower- and middle-income groups, while the upper-income groups are splurging.”
The failure of the media to even mention President Trump’s policies as a factor in the record holiday sales is yet another example of why his poll numbers are low. In contrast, the media gave former President Barack Obama credit for every meager sign of growth such that it was lampooned by South Park in the Margaritaville episode about the Great Recession (via Wikipedia):
In a scene resembling that of the Last Supper, Kyle and his friends go out for pizza where he laments that he feels they will not be able to get together like this anymore because he thinks one of his friends will betray him. The next day, Kyle sets up a table with a credit card machine in the town and begins “paying everybody’s debts” with his American Express Platinum Card. Kyle’s mother begs him to stop because he will be in debt for life, but Kyle feels he must to help everybody in the town. After paying for the debts, he passes out and the people carry him to his bed.
Soon enough, the economy takes a turn for the better. Malls and shops start opening again for business and the now debt free people start purchasing again. Read more at TGP.