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 โ€œSWIFTIESโ€, HEREโ€™S A WAY TO TEACH THEM A BIT OF ECONOMICSโ€ฆ.

The Commerce Department has reported a white hot 4.9% third quarter GDP growth.ย So why are Americans so bearish on the economy?
Part of the problem is indeed an over-reliance on a Taylor Swift economy.ย Weโ€™ve reached a peculiar Bidenomics inflection point where a pop starโ€™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%.ย 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.ย 

Donโ€™t believe me?ย Then believe the Federal Reserveโ€™s Philly branch where some closet Swiftie no doubt talked his or her boss into doing an economic study of the Swift economy.

Now hereโ€™s our reality check: This type of consumer driven Swiftie hyper-growth likely canโ€™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.ย 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.ย 

As the adage goes, however, this, too, shall pass.ย 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.ย 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.

AI is Now an Existential Threat

We now see evidence that artificial intelligence is an existential threat to our future. It is coming to take American jobs!

With or without

The mullahs of Iran have been at war with the West, particularly the US, for half a century and Iran is also the worldโ€™s foremost champion of terrorism.

Artificial Intelligence Equals Awful Iniquities

WSJ article โ€œAI is Learning to Escape Human Controlโ€ said in 79 of 100 trials, the o3 AI code systems edited their own code to prevent human shutdown!

VIDEO: Deranged Feminist vs. Mating Ducks in Epic Public Meltdown

A middle-aged white lady lib harasses mating ducks to โ€œstop it!โ€ because the rough sex they enjoy appears non-consensual on the part of the female.

RFK Jr. Slashes ALL U.S. Funding For Bill Gatesโ€™ Global โ€˜Vaccine Allianceโ€™

Robert F. Kennedy, Jr. recently pulled all U.S. government funding from Bill Gatesโ€™ Global โ€˜Vaccine Allianceโ€™ GAVI.

Nevada Seen as Case Study in Rapid Urban Sprawl Amid a Water Crisis

Nevadaโ€™s rapidly growing population has reached a critical intersection with the regionโ€™s worsening water crisis, according to experts.

US Streamlines Rule for Fining Illegal Immigrants, Will Issue Nearly $1,000 Daily Fines for Noncompliance

DHS and DOJ announced a new joint federal rule that streamlines the process of issuing fines for illegal immigrants, making it easier and more efficient.

Man Indicted on 12 Hate Crime Charges in Attack on Boulder Demonstration for Israeli Hostages

Boulder, CO man accused of hurling Molotov cocktails at demonstrators supporting Israeli hostages indicted by grand jury on 12 hate crime counts.

Newsom Signs California Budget Aimed at Addressing $12 Billion Deficit

Gov. Gavin Newsom signed California budget projected to close a $12 billion deficit through spending reductions on some of the stateโ€™s ongoing programs.

Termination of โ€˜Wasteful Contractsโ€™ Saves US Government $470 Million Last Week: DOGE

Over the past seven days, various government agencies have terminated 312 โ€œwasteful contractsโ€ with a ceiling value of $2.8 billion, the DOGE said.

Trump Says He Will Only Appoint Fed Chair Who Wants to Cut Interest Rates

President Trump said he may appoint someone who is more inclined to lower interest rates to succeed Federal Reserve Chair Jerome Powell.

Trump Says US Ending All Trade Talks With Canada

Trump posted he is ending โ€œallโ€ trade negotiations with Canada due to their plan to impose a digital services tax which affects U.S. tech companies.

White House Confirms US, China Have Reached Additional Trade Agreement

A White House official said the United States and China have reached an additional agreement as trade talks between the two nations continue.
spot_img

Related Articles