Who says the economy is down and that consumers aren’t willing to spend, spend, spend in order to stimulate new economic growth?
The problem with gloomy economists and skittish policymakers is that they don’t know where to look for signs that BOOM TIMES are back, baby! For example, take auto sales. Yeah, overall they’re putzing along at a moderate-to-low pace. But open your eyes, people! Do you not see that Maserati sales were up 55 percent last year, or that Rolls Royce, Lamborghini, Porsche, and Bentley also produced double-digit increases?
Enjoying Hightower's work? Join us over at our new home on Substack:
Listen to Matt Hlavin, a Cleveland high roller who told the New York Times that he bought three Mercedes last year – one for $237,000, another for $165,000, and an auxiliary $97,000 number for the wife. Extravagant? It’s all a matter of perspective: “I look at it as, I don’t have a boat,” Matt explains. There ya go – economics is all about having a positive attitude.
So, with a booming stock market, high-tech wealth bubbling like crazy, and Fortune 500 CEOs making big bales of hay while the sun shines, what’s not to like about America’s economic future? An automotive lifestyle consultant told the Times, “Luxury is not a dirty word anymore.”
Now isn’t that a telling insight? You see, when Wall Street crashed six years ago, then got bailed out by Washington while the middle class sank, many of your 1-percenters-and-higher got squeamish about living the luxurious life they deserve. But that’s not the American way – hey, if you’ve got it, flaunt it!
Surely we can all see the social value of top-end buyers who’re willing to step up to make big-ticket purchases again. By leading the consumer charge, those bold luxury buyers are providing a role model that your lower classes need to do their own part in reviving America’s economy.
“High Rollers in a Buying Mood,” The New York Times, January 2, 2014.
Special rate for original Lowdown readers