Retail sales are down across the board. You may be seeing crowds but they aren’t spending nearly as much as they did earlier in the year. My company sells consumer goods to Target, Walmart and Costco. Sales are down from all of those retailers. We missed our sales projection by $10 million and that rarely happens during what is typically the best time of year for us.
The school loan repayments instantly sucked hundreds of millions of dollars out of the economy overnight and it will continue to have a huge impact because the population sector with school loans also spends the most money on retail. So, if it was just school loans for boomers, you would be ok. However, it’s mostly millennials and some Gen Y folks. All the people who complained about forgiveness never think about how it might actually impact their job. It will help slow inflation though. So, that’s good news.
I resemble that remark. I make a lot of money though. So, I have stop spending to pay off the cc debt.