The Taylor Swift Economy Gets Mauled By A Bidenomics Bear

Contact Your Elected Officials
Peter Navarro's Taking Back Trump's America

FOR THOSE OF YOU WHO HAVE YOUNG ONES IN THE HOUSE WHO ARE “SWIFTIES”, HERE’S A WAY TO TEACH THEM A BIT OF ECONOMICS….

The Commerce Department has reported a white hot 4.9% third quarter GDP growth. So why are Americans so bearish on the economy?
Part of the problem is indeed an over-reliance on a Taylor Swift economy. We’ve reached a peculiar Bidenomics inflection point where a pop star’s concerts and related bling sales can have more stimulative effects than a bevy of factory workers.

Here, when you deconstruct the 4.9% GDP growth number, you will see consumer spending accounted for a full 2.7%. At the vanguard of this consumer spending growth catalyst has been Ms. Swift, whose concert performances are boosting tourism from Philly and Chicago to Cincinnati, Colorado, and Las Vegas. 

Don’t believe me? Then believe the Federal Reserve’s Philly branch where some closet Swiftie no doubt talked his or her boss into doing an economic study of the Swift economy.

Now here’s our reality check: This type of consumer driven Swiftie hyper-growth likely can’t last because fueling consumer spending has been an orgy of government assistance to individuals and corporations alike to help them through the ravages of the pandemic. 

The inability of consumers to initially spend during the pandemic coupled with massive government handouts allowed consumers to dramatically boost their savings rates and accumulate a nice little nice egg. Now, in a classic case of unleashed pent-up demand, America consumers have been splurging on travel, restaurants, and all manner of luxuries, including Taylor Swift concerts which command an average ticket price of $1,300. 

As the adage goes, however, this, too, shall pass. Savings rates are now plummeting as nest eggs are being scrambled into Swiftie bling omelets — the savings rate swooned from 5.2% in the second quarter to 3.8% in the third quarter alone.

Meanwhile, credit card debt is at its highest since 2005. With the average interest rate on that debt now a whopping 23%, more and more consumer dollars will be spent financing that debt than using credit cards to buy new Swiftie tickets.

By Peter Navarro

Read Full Article on PeterNavarro.substack.com

Substack
Substackhttps://substack.com/
Substack believes that great writers, bloggers, thinkers, and creatives of every background should be able generate income from their audiences on their own terms.

Hamas’s Stubborn Grip on Arms Signals No Desire for Genuine Peace

Hamas’s rhetoric reflects its founding ideology, prioritizing armed resistance over civilian welfare or diplomatic progress.

Off the radar

In the longstanding and brutal ledger of religious persecution, Nigeria now occupies its own grim chapter with its enduring pogrom against Christians.

The New Jackboots? A Wake-Up Call on Antifa and Fascism

An analysis of whether Antifa truly opposes fascism by comparing its tactics and behavior to historical signs and movements of fascist regimes.

If Federal Food Assistance Programs End, Theft Begins

Many patriotic Americans well versed in American History have...

Tucker EN FUEGO: Taking Stock of MAGA, Ten Years on

Draining of the Swamp has yet to come anything close to fruition, as the creatures that populate said Swamp yet cling bitterly to power.

Dallas Doctor Surrenders License After Texas AG Sues for Prescribing Gender Transition Drugs to Minors

Doctor surrendered her medical license following lawsuit by Texas AG Paxton, accusing her of illegally prescribing gender transition drugs to minors.

June Lockhart, Beloved Mother Figure From ‘Lassie’ and ‘Lost in Space,’ Dies at 100

June Lockhart, a mother figure for a generation of TV viewers whether at home in “Lassie” or in the stratosphere in “Lost in Space,” has died at 100.

Kamala Harris Teases New White House Run: ‘I Am Not Done’

Kamala Harris hinted in a BBC interview that she may run for president again in 2028, saying she hasn’t ruled out another White House bid.

TCM Classic Tour at Warner Bros. Studio: Finding Stardust in Today’s Hollywood

Warner Bros. launched the TCM Classic Films Tour in April 2024, offering visitors a nostalgic journey through the studio’s historic movie legacy.

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.
spot_img

Related Articles

Popular Categories

MAGA Business Central