The holiday season is approaching, and it’s an exhilarating time. There are countless celebrations between October and December, including Thanksgiving, Hanukkah and Christmas. These celebrations tend to revolve around food, gift-giving and family.
During the holiday season, it’s easy to spend an excessive amount of money, from things like bringing food to gatherings and buying gifts and decorations. The spending amount continuously adds up.
But recently, the holidays haven’t been as festive compared to past years. This is largely due to a significant economic shift brought by tariffs and inflation.
“I expect prices to go up and stay up for a few years, because it’s a tariff policy,” said Tim Loveless, an AP Economics teacher at Ida B. Wells High School.
Chief economist Mark Zandi exclusively told Fortune that 22 states are contracting and many lower and middle-income households are “hanging on by their fingertips,” struggling with debt and slowing wage growth despite steady employment.
Fortune also reported a 3.8% increase in Gross Domestic Product growth and 4.3% increase in unemployment — large parts of the U.S. are effectively in recession, according to Moody’s Analytics, a company that’s consistently worked with Fortune. This means that not only are a large percentage of Americans struggling, but states as a whole are experiencing significant economic difficulties. Even though the national total market value is rising, states are still lagging.
The U.S. takes pride in traditions, but the celebrations this year are incongruent with its past. Especially with the large economic gap between the wealthy and the middle class. A 2020 article by Pew Research says, “economic inequality, whether measured through the gaps in income or wealth between richer and poorer households, continues to widen.” It seems that now, given the current political and economic climate, the wealth gap will only continue to grow, with several states struggling to stay financially afloat.
It’s clear that there is a vast imbalance in the U.S. economy, and current politicians are contributing to this by prioritizing the upper class. With inflation rising and many middle and lower-class families living from paycheck to paycheck, the average family is likely to experience a scaled-back holiday season.
President Trump is doubling down on tariffs this year. According to CNN, “President Donald Trump, embattled by America’s growing affordability problems, has once again floated a unique solution: Sending Americans rebate checks for the tariffs that his administration has collected.”
Thus raising a central question. Are holidays even possible for middle and lower-class families? While there is no clear answer, economically, living in America makes it extremely difficult for the average person to survive, let alone thrive. The holiday season is becoming more focused on the rich. As of now, most people are too busy struggling with their bills, food and the millions of other things necessary to support living, to indulge in festive purchases.
But that doesn’t mean that the giving season is only for the rich. There are several ways to help your community through donations to local food pantries, such as Meals on Wheels and Neighborhood House. Portlanders can also help by supporting corporations that give back to the community, like Laughing Planet and Burgerville, these semi-local businesses that supported people when the Supplemental Nutrition Assistance Program (SNAP) benefits were cut during the government shutdown.
There are Angel Trees, which can be found in most supermarkets, usually Walmart. They are open for contributions and are trees filled with notes that serve as wishlists for struggling families during the Christmas season. There are also several donation drives to help families celebrate the holidays. Donating and giving back not only helps your community but also teaches the value of gratitude during the holiday season.
It’s crucial to realize that struggling during the holidays is okay and is especially common this year due to the economic crisis. But if the community unites to support one another during this hard time, it can spread the holiday spirit and help everyone experience the best holiday season possible.
Also, try to consider what the meaning of the holidays is: is it to celebrate with family, or friends? With today’s capitalist society, many are encouraged to believe that the only way for families to show love is by showering each other with gifts. It’s important to remember that right now, society is based on consumerism, the ideology that having more is everything.
Even though many people will be struggling this year, you can take action to help, whether you’re donating food or giving away old items. Even donating or giving back a little bit will make an impact. Anyone can make a difference, and giving back is the best thing you and your family can do this season.
