Editor’s note: This essay originally appeared December 23, 2020 and is slightly modified.
With Christmas two weeks out, folks are making tough decisions about Christmas presents. The public is rattled by inflation, credit card debt is through the roof, and gift-giving is a real strain for many. My advice for anyone stressing out over Christmas presents is simple: Take a break from the shopping!
Herald readers were reminded last week of a concept called the “Kuznets curve,” named after the late Simon Kuznets (1901-1985) for his analysis of the distribution of wealth. Kuznets (rhymes with “whose nets”) found, more or less, that the maldistribution of wealth had worsened in the decades preceding the 1920s, and lessened afterward. He famously linked both trends to economic growth, noting different effects of growth before and after the 20s.
With Christmas two days out, folks are making tough decisions about Christmas presents. Unemployment rates in 2020 have reached their highest rates since the Great Depression, and gift-giving is a real strain for many. My advice for anyone stressing out over Christmas presents is: Don’t be too hard on yourselves. It’s not like you need an excuse to temper the shopping, but if an excuse was needed, the COVID-caused recession would be it!