Since November, Fox News and every Republican in Congress was screaming that the Biden administration was destroying our supply chain, so that we would have no products left in the stores during the Christmas season.
Supply chain fears became a mainstay of national polling. Fear of the economy was skyrocketing in the public's mind because of right-wing and Beltway fear mongering.
And then something miraculous happened.
Instead of the Grinch That Stole Christmas, President Biden turned into a belly-laughing Santa Claus with his magical reindeer and suddenly, gifts upon gifts down rained down on the people.
Okay, I kid, but you get the picture.
On Wednesday, CNBC interviewed retail finance and operations executive Jan Kniffen to give his thoughts on the boom in sales and spending for the holidays.
"I thought it was extraordinary that given cost pressures, supply chain problems, the inability to hire people, wage raises and inflation -- omicron. Despite that great numbers on the top line in great numbers on the gross margin line," Kniffen observed. "Maybe the best holiday selling ever, certainly in the last 17 years."
That's the Beltway media's take now, except on Fox News, where they refuse to mention the incredible holiday season we've just had.
Instead, while people are opening presents, right-wing media like Fox News highlight crime rates in liberal cities. (Fox News referenced “supply chain” a staggering 700 times in November; 400 times in December.)
In Eric Boehlert's newsletter he writes, "So much for the empty shelves and delayed packages this shopping season."
After months of the media insisting consumers were terrified about the rising inflation rate, and that stores would be barren this season thanks to supply chain woes, shoppers snatched up everything in sight, sending holiday sales soaring to a 17-year high. Clothing sales jumped 47% compared to 2019 (pre-Covid), jewelry 32%, electronics 16%.
That runaway spending meant consumers had no problem finding products, despite months of dire media warnings and claims that it all meant terrible news for the White House.
And it's not over, because there was a 43% increase in gift cards this year which have not been credited yet.
Merry, Merry and Happy Happy!
