Brace For a Crash: Holiday Spending Hasnt Been This High Since 2007By Joshua Krause By 2008, however, we quickly changed our tune. The financial crisis made it apparent that our annual gift buying binge wasnt just wasteful and unessential to the spirit of Christmas, it was also no longer affordable for us. That year we mutually agreed to cut the exorbitant spending down to shadow of what it once was; and, thankfully, we never looked back Unfortunately, it appears that most Americans are falling back on their old holiday spending habits, even though they probably cant afford it. According to a recent Gallup poll, the average American family is planning on spending almost as much money this Christmas as they did just before the crash of 2008. Last month, Gallup asked Americans the same question and received an average of $812, which was also the highest they had seen since 2007. But what makes this so shocking is that normally these polls see Americans scaling back their spending estimates between October and November, whereas this year it went up. Meanwhile, the media is reporting on this like its a good thing. They see higher consumer spending as a sign that the economy is improving, when they should be viewing it as an indication that our economy is riding another bubble. You have to keep in mind that a lot of these people cant afford this. The percentage of Americans who are working now is lower than it was in 2007, and its still falling. In addition, most of the jobs that have been created since the crash pay far less than they did before. The entire middle class is being hollowed out, and yet were apparently spending money like it never happened. Perhaps its no surprise that credit card debt is rising, and overall consumer debt is through the roof. Essentially, our culture hasnt learned anything from the crash of 2007/2008. We still spend like theres no tomorrow. It could be forgiven for people who are struggling to get by in our low-wage economy, but this latest Gallup poll implies a different kind of spending. This is Christmas money were talking about. While Im sure there are plenty of useful things being bought during this time of year, most of them are non-essential goods. Americans still like to buy things they dont need with money they dont have. That means there is nothing sustainable behind this new surge of consumer spending. Its just another sign that were burying ourselves under more debt that will never be fully repaid. And more unsustainable debt is of course indicative of a bubble. Enjoy these relatively good times while they last. Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshuas reports at Facebook or on his personal Twitter. Joshuas website is Strange Danger. My property taxes went up $300 a year. In a 1 bathroom house. ThankYou state of Minnesota. 