Americans Cutting Back On Holiday Spending

(CBS)  With the unemployment rate at 10% and three in four Americans calling the condition of the economy bad, 55% plan to spend less money on gifts this season, according to a recent CBS News/New York Times Poll.

While this number is similar to last year, it the highest number since CBS News began asking the question in 1987. Only 5% will spend more money compared to the last few years.

Those earning less will be spending less. And nearly eight in 10 of those who find themselves in a bad situation financially will be cutting back on gifts this holiday season. A similar number of unemployed Americans (83%) will be also be spending less.

In addition, 65% of women say they will be cutting back on spending this year, compared to 45% of men. Those ages 45 to 64 are the most likely of any age group to say they will be spending less money this holiday season.

Current economic conditions are not just affecting spending habits this year. According to a recent CNN/Opinion Corporation Research poll, 40% of Americans say the economy will make this holiday season more stressful for them than in previous years.

(CBS)

By Jennifer DePinto:

[zootsuithap]

taxes are to this government what crack cocaine is to a drug addict. cut them off from their candy and they will really get violent...

[ianlou]

I wonder how many of those conservative, trickle-down believing, Corporate America supporting, outsourcing, union bashing, minimum wage denighing, Republican business owners think about the fruits of their beliefs, now?

I wish they would step up and defend their beliefs so I could get a list of companies to boycott.

[prospector44]

Well said ianlou! If the truth were told, one in four people are unemployed. WE ARE IN A DEPRESSION! Bush junior said: "If those jobs can be done cheaper in China they should be done in China." Years later, just before leaving office when he was told how bad the economy was, he scratched his head and wondered out loud: "How did we get here?" Regards, The Old Prospector

[noloyalisti]

If we stop spending and start organizing, we can take down the big corporations that have purchased and run our government.

This is the key, organize boycotts and strikes until they exist for what they are supposed to, the public good.

[zootsuithap]

yeah, then who will pay for all these big new spending programs? You can only spend money you don't have for so long.