72% of Shoppers Are Trading Down
The penny-pinching is extending to more discretionary purchases. Seventy-two percent of consumers plan to look for less expensive alternatives this holiday season as a result of inflation, according to a survey of 2,200 U.S. adults by Morning Consult, a research company. That's a lot of people. But not me. It's because I know better. I'm buying zero. That's right, zero, as in 0. The US Inflation Rate has hit a delightful four decade and a half high at 8.20%, compared to 8.26% last month and 5.39% last year. This is rather comfortably higher than the long term average of 3.27%. Meanwhile, a rocky stock market is eroding the wealth of many. Count me in. Not just rocky. Innovators, the long-duration stocks of...
President's Jets, Z'That Count as Inflation?
Maybe that's why. Boeing Co. is trying to replace Air Force One, and it seems to be a challenging task. Costly, too, for both the plane maker’s shareholders and U.S. taxpayers (yup, that's us) who must foot the bill to keep the president’s aging float flying longer. The American multinational corporation, the same that designs, manufactures, and sells airplanes, satellites, telecommunications equipment, missiles, and rockets worldwide (It sure is rocket science, isn't it?) has a hard time getting its act together. It expects to lose $766 million more on the high-profile, years-late project to transform two 747-8 jumbo jets (2 is 1+1 so not that many, right?) into flying White Houses. This brings Boeing's total losses related to the endeavor to nearly $2 billion, according to securities filings (as...
Where Is the Key: Shell $225 million and Get Michael Eisner's Malibu Compound
Former Disney chairman and chief executive officer Michael Eisner is asking $225 million for his cliff-top compound in Malibu, California. If the deal closes for that amount, the home will be the most expensive ever sold in California and one of the priciest in the world. The Robert A.M. Stern-designed Mediterranean-style estate comprises nine structures on roughly 5 acres. They include a main house, a caretaker's cottage, multiple guesthouses, an office, and a gym. An underground tunnel links the pool area to a movie theater. A cliff-side elevator descends to an oceanfront cabana, according to the Wall Street Journal, which first reported the listing. The estate sits on a bluff above Watkins Cove — a small, secluded beach difficult for the public to access because of...
$110,000 Million Will Now Make You the Fifth Richest on Earth
The 50 wealthiest people in the world have lost more than half a trillion dollars this year due to the tanking stock market. $110,000 Million Will Now Make You the Fifth Richest on Earth.
Record $308 billion Government Surplus Reached in April 2022: Not Everybody's Hurting
The federal surplus broke a record in April 2022 as taxes and other revenue nearly doubled compared with a year earlier, reaching an all-time-high and driving a monthly government surplus of $308 billion. Higher tax receipts result from strong job growth and a broader economic recovery since a brief recession in 2020. The expansion has stimulated wage increases. Meanwhile, government spending declined as pandemic aid and spending receded. Government revenue from taxes and other receipts for the month rose by 97% from a year earlier to $864 billion, the Treasury Department reported. Federal outlays in April fell by 16% to $555 billion. Still, the federal government spent 32% more on servicing its debt in April compared with a year earlier as persistently...