Can Holiday Shopping Save the Economy?

Tuesday, November 29, 2011

Every holiday season, many Americans feel the compulsion to shop for themselves and their loved ones. George W. Bush famously encouraged the nation to go shopping during his presidency, reminding Americans that 70 percent of the economy is derived from personal spending. This year, the economic engine went into overdrive during Black Friday and Cyber Monday; but, does that indicate signs of a looming economic recovery?

Daniel Gross, economics editor and columnist at Yahoo Finance, talks more about the relationship between spending, saving and the U.S. economy. Sheldon Garon, professor of history at Princeton University and author of "Beyond our Means: Why America Spends While the World Saves," discusses the relationship between spending and savings.

Guests:

Sheldon Garon and Dan Gross

Produced by:

Hsi-Chang Lin

Comments [3]

Angel from Miami, FL

@listener The baby boomer generation has decided to "dissolve the people". They (you) have begun to liquidate everything built by those before in order to cash out. The people of your generation have brought nothing but despair out of post-war promise. And all you can do is attack those who want to improve the system. You are part of a useless generation. Totally useless.

Nov. 29 2011 10:55 AM
listener

So we are lectured by those who tell us citizens spending their own money is bad
but the federal government spending trillions of other's people's money is good.

Despite the sneering at shoppers this year it was done in the midst of the noise of OWS which seems to have been wholly rejected by the REAL 99 percent.

The progressive government elites who support the spending of trillions are very upset with the foolish citizens who spend their own money unwisely.

"The people have lost the confidence of the government; the government has decided to dissolve the people, and to appoint another one". Bertolt Brecht

Nov. 29 2011 09:21 AM
Angel from Miami, FL

A week before Black Friday (aka Friday) a computer I wanted was reduced by $16 by three major online retailers. On Friday the price went back up at all three retailers. Cyber Monday (aka Monday) came and the price remained the same. Could it be it's a scam? If it is, our economy should shoot right up. As everyone will be paying full price while believing they're getting a deal. I know corporations hate their workers but why do they hate America so much?

Nov. 29 2011 09:13 AM

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