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.

The Paradoxical Patriot: The political odyssey of Frank S. Meyer

In his book, Daniel J. Flynn examines the ideological evolution of one of conservatism’s most paradoxical and overlooked architects, Frank S. Meyer. 

This Is America: Target™ Reparations

“This Is America” explores the cultural undercurrents pulling Western...

Blind Man’s Shutdown

Congress is playing the equivalent of Bind Man's Bluff. With the shout “tag your it” they seek to blame the other party for the government shutdown.

A Reluctant Acknowledgment: What Conservatives Can Admire in Everyday Progressives

Admirable ideological qualities seen in liberals and left-wing individuals are those of the everyday believer not their political leadership.

Ensuring Domestic Tranquility

The Supremacy Clause in Article VI of the U.S. Constitution establishes it as the highest law of the land, taking precedence over conflicting state laws.

White House Official Says Layoffs Will Start Soon If Shutdown Talks Go Nowhere

Kevin Hassett said layoffs to federal workforce could occur quickly if negotiations with Democrats to reopen the government don’t lead to progress.

20 Teachers in California Facing Disciplinary Action for Posts on Charlie Kirk

California school districts move to discipline teachers for derogatory social media posts about the assassination of Charlie Kirk.

Trump Coal Boost Gains Momentum as Bids, Land Opened Up

Trump administration accelerates coal expansion with new leases, mine permits, and 13.1 million acres of federal land opened for coal mining.

Goaded by Tariffs, European Pharmaceutical Industry Pivots to the US

U.S. tariffs and a lucrative drug market are driving European pharma firms to boost investment through new plants, stock listings, and pricing deals.

Department of Energy Cancels $7.5 Billion in Project Funding

The Dept of Energy (DOE) said on Oct. 2 that it had terminated 321 federal grants funding 223 projects, amounting to about $7.56 billion in cuts.

White House Withdraws EJ Antoni’s Nomination to Lead Bureau of Labor Statistics

The White House has withdrawn economist EJ Antoni’s nomination to lead the Bureau of Labor Statistics, the White House confirmed on Sept. 30.

US to Impose 100 Percent Tariffs on Foreign-Made Movies, Trump Says

President Donald Trump announced on Sept. 29 that he will impose a 100 percent tariff on all movies produced outside the United States.

Trump to Host Netanyahu at White House to Discuss Gaza Peace Plan

President Trump will host Israeli Prime Minister Netanyahu at the White House on Sept. 29 to discuss a ceasefire and broader peace plan for Gaza.
spot_img

Related Articles

Popular Categories

MAGA Business Central