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opinion
Holidays help
economy
Despite a rebound
in the stock market since Sept. 11, many economists and analysts
are steadfast in their predictions of recession.
These unpredictable times usher in the uneasiness many Americans
feel with their current economic situation.
A shift into the holiday spirit may be just what the economy
needs to stabilize and recover, at least for the immediate future.
Consumers make up nearly two-thirds of the entire American economy.
The day after Thanksgiving retail giant Wal-Mart reported sales
greater than $1 billion. One day, $1 billion.
The movie Harry Potter grossed more than $90 million for the
second weekend in a row. That pushed current ticket sales for
this particular movie past the $180 million mark.
An estimated 62 million people visited the mall during this
last Thanksgiving holiday. Most visitors were getting an early
start on their Christmas shopping.
Christmas is now less than one month away, and this shopping
season is quite possibly the most important in many years. For
much of the last eight years, Americans have felt very secure
about their economic future. There were no questions or debates
on consumer confidence. It seemed to be a given that people
would just spend.
This year our economy took its first hit in sometime, and many
feel it has not taken the strongest blow. But this is the season
of consumer spending. Christmas, after all, is a time for giving.
Immediately after the attacks automobile manufacturers began
to offer zero percent interest rates on car purchases. And the
new interest rates seemed to work.
Now it is Christmas, and the holiday season in general, that
looks to revitalize American spending habits. Strong Christmas
sales will show consumer confidence many analyst felt faded
away long ago. With any hope encouraging retail sales may bleed
into other industries as well.
And with a Merry Christmas may come a prosperous New Year.
Dwight Flenniken III is a print journalism major at Cal State
Long Beach.
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