'Doom Spending': Why Bidenomics Is to Blame for America's Crippling Spending Obsession
President Joe Biden’s catastrophic administration has left many Americans feeling so fatalistic that they cannot stop hemorrhaging money. And they see no point in trying.
Young people, in particular — Gen Z and millennials — have decided that the state of the world at present offers them no hope, so they might as well spend what they have and live in the moment. Call it the “YOLO approach” to personal finance.
In November 2023, a poll of 1,004 adults conducted on behalf of Intuit Credit Karma showed that 27 percent of Americans engage in “doom spending,” which the pollsters defined as “spending money despite concerns about the economy and foreign affairs to cope with stress.”
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