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So I am confused on this. Maybe someone can help me understand this better. For most of my life January is a month that people start to pay off holiday bills that they overspent on. Therefore people lay low for a few months and the economy suffers a little. People may not eat out as much.. etc.. Stock market usually falls some after the holidays are over for a while. It seems like to me just the opposite is happening here to start off 2024. Every restaurant I went by tonight looks like they were packed with people waiting to get in. Stock market is at all time highs. Shopping stores looked very busy. It's like people have an endless supply of money that will never come to an end. In the back of my mind I am wondering if this economy is like a runaway train that is redlining the engine. Is anybody out there asking themself the same question or has times changed and this is the new norm going forward.
My take there’s a lot of factors happening. 1) election year- economy is the only thing Biden has going for him so they won’t let it collapse on election year 2) a lot of people bought a house together (siblings and parents) or more then one family is living together now more then ever before so they lowered their expenses and have more money left over.
3). A lot of people who didn’t buy a house during Covid now have the mindset that they won’t be able to buy anytime soon so became contempt with just renting and the YOLO mindset
4) people already are filing taxes, the majority of people already got their W-2 and yes although they haven’t got the money yet knowing you filed and are getting 10k in a few weeks makes you spend more even if you currently owe because you are already counting on that money to pay off debt
There’s more but I’ll leave it there lol
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