Billionaire Jeff Bezos tells families NOT to buy new cars and TVs - as US faces recession, household debt soars to $16.5trillion and Americans rely on credit to make ends meet.
Billionaire Jeff Bezos said people can prepare for recession by holding off on buying big-ticket items like TVs and cars as he predicted the US economy may be in contraction by 2023.
Americans can 'take risk off the table' by keeping their cash for a rainy day, said the Amazon founder as he outlined his top tips for surviving a recession.
Speaking to CNN Business, the entrepreneur said people should hold off on big purchases and keep some 'dry powder' for the future.
He added he couldn't predict how long the downturn would last, but said the US would likely be in a downturn 'very soon' if it was not in one already.
The warning was extraordinary coming from the founder of one the country's largest retailers, which relies on robust consumer spending to drive revenue.
Hammered by inflation, consumers have stretched to make ends meet and increasingly tapped lines of credit, with new data this week showing that household debt surged to $16.51 trillion last quarter, rising at the fastest rate since 2008.
Though annual inflation dropped last month to 7.7 percent, its lowest level since January, many economists believe a sharp recession marked by major job losses could be inevitable within the next year.
Layoffs could be especially hard on families who have drained their savings to keep up with the rising price of groceries, gasoline and utilities.
Commerce Department data shows personal savings balances, which surged during pandemic lockdowns as people were stuck at home, have now plunged to about half the level reached before the pandemic.
As well, the personal savings rate dropped to 3.1 percent in September, far below the pre-pandemic average of 8.8 percent in 2019.
What an idiot!
"Smart people" know that Tater has helped the economy improve and will continue to do so. He has surrounded himself with super smart people like Janet Yellen.
Fuck it I got mine, bring on that recession, daddy needs a new truck and I have cash.
Oh, and so much for that amazon deals header.
Billionaire Jeff Bezos said people can prepare for recession by holding off on buying big-ticket items like TVs and cars as he predicted the US economy may be in contraction by 2023.
Americans can 'take risk off the table' by keeping their cash for a rainy day, said the Amazon founder as he outlined his top tips for surviving a recession.
Speaking to CNN Business, the entrepreneur said people should hold off on big purchases and keep some 'dry powder' for the future.
He added he couldn't predict how long the downturn would last, but said the US would likely be in a downturn 'very soon' if it was not in one already.
The warning was extraordinary coming from the founder of one the country's largest retailers, which relies on robust consumer spending to drive revenue.
Hammered by inflation, consumers have stretched to make ends meet and increasingly tapped lines of credit, with new data this week showing that household debt surged to $16.51 trillion last quarter, rising at the fastest rate since 2008.
Though annual inflation dropped last month to 7.7 percent, its lowest level since January, many economists believe a sharp recession marked by major job losses could be inevitable within the next year.
Layoffs could be especially hard on families who have drained their savings to keep up with the rising price of groceries, gasoline and utilities.
Commerce Department data shows personal savings balances, which surged during pandemic lockdowns as people were stuck at home, have now plunged to about half the level reached before the pandemic.
As well, the personal savings rate dropped to 3.1 percent in September, far below the pre-pandemic average of 8.8 percent in 2019.
What an idiot!
"Smart people" know that Tater has helped the economy improve and will continue to do so. He has surrounded himself with super smart people like Janet Yellen.
Fuck it I got mine, bring on that recession, daddy needs a new truck and I have cash.
Oh, and so much for that amazon deals header.
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