Black Friday madness
from David Ruccio
Black Friday has apparently become a spectator sport for the leisure class, who look forward to watching videos of shoppers brawling for discounted items from the safety of their own homes. A reality-show Hunger Games, if you will.
But this year Black Friday, like Mockingjay Part 1, was a disappointment, as sales were apparently way down.
That’s no surprise. As you can see above, real median household income, which reached a recent peak of $56,436 in 2007 (which was below the overall peak of $56,895 in 1999), has fallen to $51,939 (in 2013 dollars).
Or, looked at differently (in terms of the average real income of the bottom 90 percent), incomes have fallen from $34,815.58 in 2007 to $30,438.59 in 2012.
The real madness was to presume that either the third installment of the Hunger Games (which was nothing more than a placeholder until the real finale is released) or Black Friday (with depressed incomes for all but a tiny minority at the top) would be a success.