Wednesday, December 27, 2017

Holiday Shopping Numbers Illustrate Success of Trump's Policies, Democrats' Difficulties

From John Hinderaker, at Power Line:
The Wall Street Journal reports on holiday shopping:
Fueled by high consumer confidence and a robust job market, U.S. retail sales in the holiday period rose at their best pace since 2011, according to MastercardSpendingPulse, which tracks both online and in-store spending.

Sales, excluding automobiles, rose 4.9% from Nov. 1 through Christmas Eve, compared with a 3.7% gain in the same period last year.

Unlike in past years, when spending was driven by high-income shoppers, this holiday a broader swath of the population opened their wallets, encouraged by rising wages and low unemployment, analysts and economists said.

“Fewer people are living paycheck to paycheck,” said Chris Christopher, executive director of economic research firm IHS Markit. “There is a lot more spending from the lower- and middle-income groups, while the upper-income groups are splurging.”
Emphasis added.

In next November’s elections, the Democrats won’t just be running against Republicans. They will be running against reality. Take the tax cut. I won’t rehash all of the crazy things Democrats have said about it; they have been compiled at many locations. But simply put, it is insane for Democrats to allege that a tax cut will raise most people’s taxes, or that cutting corporate income taxes to an internationally-normal level will destroy the economy...

I wonder if economic indicators are still the prime variable in elections these days? Perhaps the state of the economy will be important next November, but culture seems to be driving so much politics currently that I have my doubts. Republicans can't be complacent, either way. Watch for President Trump to increasingly mind his comments (and his tweets) as next year's congressional races approach.