With unanimous economic concerns in America, citizens are reportedly engaging in “doom spending.” The Joe Biden administration has been highlighting consumer spending and a recent report shows that 96% of Americans are worried about the current state of the economy yet continue to spend. A massive 27% are doom spending to cope with economic and geopolitical stress. According to Credit Karma, “doom spending” is an unhealthy coping mechanism for financial stress. Major concerns include inflation, the increasing cost of living, unaffordable housing, and the inability to afford basic necessities. Despite financial difficulties, holiday spending is expected to reach record levels. The White House has been celebrating consumer spending as a boost to the economy, but spending money that people don’t actually have will worsen their financial situation. It is essential to support and share trustworthy sources at this time.
Doom Spending: How the Economy is Causing Distress Among Americans
