Everyday there's another news story about how Americans are being pinched as a result of the down economy. We're tightening our belts! Cutting back on luxuries! We're even eating SPAM!
But if everything is as bad as the newspapers and talking heads would have you believe, how do you explain headlines like this:
"A Million New iPhones Sold in the First Weekend", via the NYTimes.
Think about it: in three days alone, one million of us ran out and dropped $199 on a what's basically a shiny new toy for grown-ups. And if you've got $200 extra dollars to spend on a new gadget that you probably don't need, then you probably have enough money to buy real food other than processed ham in a can.
We're just sayin'...
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Clearly, what this is saying is not that times are good or even that people may have $200 extra dollars to drop on an iPhone, but more to point, that americans, especially those of the younger generation (20s to early 30s) don't know how to budget or don't care that they are going into debt. If you saw any of the footage of those waiting in line, some for hours before the store opened, some slept out the night before, the average person in line was in that younger generation group. And with customer debt being at near all time highs, I'm thinking that they really didn't have the money to spend, but as a lot of people do, they bought on a credit card thinking they would have the money later.
I'm just saying...
—mrphototx
9:59, July 22nd, 2008
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