Didn’t Donald Trump tell us Joe Biden and Kamala Harris “destroyed” the American economy?? (Let’s not forget that Harris was the VP and had zero to do with any presidential policies, especially the economy).
Aren’t we all apoplectic because the price of eggs is too damn high??? (Though the Biden administration had nothing whatsoever to do with it.)
Black Friday 2024 has in one swoop of a weekend toppled any and all dire predictors and screeching about the state of the American economy. It has proven to be a robust indicator of the U.S. economy's strength, highlighting a thriving consumer confidence under President Biden's administration.
I understand that last line will have more than a few heads exploding, but please, re-configure your chapeau and just gander at the facts. This isn't about another slam at Trump. It's about where we are now and where we can go as a nation.
With record-breaking retail statistics and an impressive surge in spending, the holiday shopping period defied predictions of economic stagnation and instead showcased a resilient and growing economy.
This year, consumer spending during the Black Friday weekend hit unprecedented levels, with sales across in-store and online platforms reflecting a notable increase. Reports indicate that online sales alone reached a record $74.4 billion during the Black Friday and Cyber Monday period, an uptick from prior years. Moreover, foot traffic in brick-and-mortar stores was robust, showing a resurgence as consumers embraced both traditional and digital shopping avenues.
We actually took in an outlet mall over the Thanksgiving weekend, and the place was jammed. Almost every checkout counter was backed up, and these were in the higher-end outlet stores where “bargains” are more about the moment than actually being really cheap. As these were mostly clothing, shoe and women’s accessory shops, my credit cars remained neatly tucked away. Now, if there had been a Tommy Bahama outlet, things might have been different.
A well-clothed gentleman never has enough Tommy in the closet.
But, I digress.
Under Biden’s leadership, economic policies such as stimulus packages, job creation initiatives, and inflation control measures have contributed significantly to this recovery. Consumer confidence, as reflected in these Black Friday numbers, is a direct result of economic strategies that prioritize middle- and working-class Americans. Despite warnings from naysayers about a potential consumer pullback, the holiday shopping trends demonstrate that Americans feel financially secure enough to spend, and they are doing so in record numbers.
That speaks to more than just the moment. It sends a marker that most Americans are secure in spending because they believe this economic roll will continue. Most of that is based on where we are at the moment, and a god portion of it is based on those who believe Donald Trump will be better for the economy than Biden.
Elephant in the room time.
For his first administration, or Trump V1, there were indeed positives. The average weekly worker paycheck was up almost 9% and the median household earnings were up around 6%.
The Trump V1 economy lost almost 3M jobs. Home prices rose 28%. The unemployment rate was over 6%, the economy slowed over 2%, and the U.S. trade deficit was higher than at any time since 2008.
Not so sure those are reason for optimism.
One key factor in this current economic resilience is the significant drop in inflation rates. Earlier in Biden’s presidency, high inflation threatened to derail recovery, but sustained efforts have brought inflation down, stabilizing prices and boosting purchasing power. This has encouraged consumers to splurge on holiday deals without the hesitation observed during prior years of economic uncertainty.
Black Friday’s success also underscores the importance of policies that support wage growth and job security. Increased employment levels and rising wages have given consumers more disposable income, translating into higher retail spending. This is not just good for consumers—it’s a boon for small and medium-sized businesses, many of which rely on holiday sales to remain profitable.
Contrary to earlier criticism that Biden’s policies might hinder business growth, the holiday shopping season proves otherwise. Retailers have adapted to the changing economic environment, offering deals that appeal to budget-conscious shoppers while also maintaining profitability. This balance reflects a well-oiled economy that benefits from steady demand and innovative supply chain management.
However, this economic milestone also highlights the stark contrast between the Biden administration’s results and the fear-mongering of his detractors. Critics often focus on short-term challenges, neglecting to acknowledge the long-term strategies and investments that have fueled this recovery. For example, while some skeptics decried pandemic-era relief measures as excessive, these programs laid the foundation for today's consumer confidence and economic stability.
Moreover, Black Friday’s success sends a clear message: predictions of economic doom are not only premature but fundamentally disconnected from the realities on the ground. The high levels of spending are a testament to Americans’ trust in the economy’s direction, reinforced by the administration’s efforts to make systemic improvements.
In simpler terms, people are out there spending because they feel better about the economy. That doesn’t happen overnight.
Let’s be fair. Looking ahead, sustaining this momentum will require continued focus on inclusive economic policies. Ensuring that the benefits of growth reach all sectors of society, particularly under-served communities, will be critical. Expanding access to capital for small businesses, investing in infrastructure, and fostering innovation are all necessary steps to maintain and amplify these gains.
Donald Trump and his economic wizards need to look at what we’ve just experienced over the holiday weekend and take note. Work with what you have and keep the momentum going.
Black Friday 2024 is more than a shopping event—it’s a barometer of economic vitality and a reflection of a nation confident in its financial future. Under Biden’s leadership, the U.S. economy has demonstrated resilience, adaptability, and growth.
As Americans continue to shop with enthusiasm, the message is clear: the economy is thriving, and the policies of the last four years have played a pivotal role in making this possible.
There is nothing wrong with taking what works and building on it. Ripping it down does nothing than subject the American consumer to unwarranted and unnecessary economic pain.
If it ain’t broke, don’t fix it.
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