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Everyone's a Grinch this Christmas

Everyone's a Grinch this Christmas
It's going to be a Grinchy Christmas.Rey Del Rio/Getty Images


Americans have a pessimistic view of the economy right now, and it's making for a Grinchy Christmas.




Wealthier shoppers are spending but grumbling about gift availability during the supply shortage.




Lower-income shoppers are feeling the burn of inflation and are largely unable to shop.


America is running out of , [url=https://www.bloomberg.com/opinion/articles/2021-10-03/supply-chain-nightmares-threaten-to-ruin-christmas]evergreens, and gifts. None of that makes for a very Merry Christmas.Just ask holiday shoppers, many of whom feel like a Grinch in an era of shortages this holiday season.Thanks to inflation fears, the University of Michigan's Index of Consumer Sentiment reported economic angst at a decade low in November and an expectation of a more than 4.9% price increase in 2022, also the highest since the Great Recession. Meanwhile, a recent Deloitte survey found that 70% of shoppers are expecting higher prices throughout the holidays.It's quite a grumpy outlook in the middle of an economy that seems to be doing great. President Joe Biden has already led the US through one of its strongest ever quarters of economic growth, and the Senate just passed his $1 trillion infrastructure bill. In the labor force, hiring picked up in October after slowing during the Delta wave. It's an employee's world as many workers quit their jobs and demand better pay, with employers scrambling to retain them. And Americans haven't stopped buying stuff, either, sending consumer spending to a record high last month.
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