CNN One Thing What a Banana Can Tell Us About Trump’s Second Term
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Nov 27, 2024 Join Vanessa Yurkevich, CNN's Business & Politics Correspondent, as she breaks down the potential economic shifts awaiting us with Trump’s second term. Discover why young consumers are leaning towards ‘doom spending’ during uncertain times. Explore the impact of tariffs on inflation and why luxury spending could signal economic confidence. Dive into the quirky world of art and cryptocurrency, and find out how Trump aims to position the U.S. as a leader in crypto regulation.
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Impact of Tariffs on Consumers
- Trump's proposed tariffs could lead to higher prices for everyday items like cars and groceries.
- This raises concerns for consumers who are already feeling the pinch of inflation.
Doom Spending Trend
- Young people are engaging in 'doom spending' as a way to cope with economic anxieties.
- For example, one student splurged on a purse to gain a sense of control before the election.
Be Cautious with Doom Spending
- Avoid excessive doom spending as it can lead to rising credit card debt.
- Many Americans are falling deeper into debt, with record credit card debt of $1.1 trillion.