The global economy is in flux, with many anxious about their finances and worried about a recession.
A young Walmart customer filmed a display at Walmart offering two packs of sugar cookies and declared, "I know for sure we are in a recession right now."
As of Monday, the TikTok video filmed by Liberty Ann Flynn (@libertysshopping) has gone viral with over 2.4 million views and sparked a broader debate about the current state of the economy.
The recent TikTok video shows the shopper's surprised reaction to finding that cookies are now being sold in packs of just two at her local Walmart store.
She interprets this as evidence that even minor luxuries have become unaffordable for many people in the current economic climate.
Let's take a look at the details.
The bigger picture:
With the inflation rate in the U.S. still relatively high, many people are concerned about the possibility of a recession.
According to the Bureau of Labor Statistics, the inflation rate had cooled at the end of 2022 since June, when it peaked at 9.1%. However, it is still at its highest level since the early 1980s.
The monthly inflation reading for December 2022 was negative, meaning that prices fell for consumers relative to November 2022.
However, according to a recent Forbes article entitled Are We In A Recession Yet? they explain:
"A recession is a change of direction in economic activity. Determining how and when that change occurs is a little bit art and science."
Forbes devised a recession tracker, which monitors 15 important economic indicators. They continue in the post:
"The economy may not officially be in a recession, but it’s not looking great. Just keep in mind that not every data point we rank above would be weighted equally in deciding whether the U.S. is in recession."
Despite the cooling inflation in December 2022 by 0.1%, the headline CPI rose 6.5% from a year ago, highlighting the ongoing burden that rising living costs have placed on American households (via CNBC).
Forbes claim, "the economy had last contracted between December 2007 and June 2009, which is otherwise known as the Great Recession. While that recession wasn’t as severe as the Covid Recession, it did last longer."
What the comments say:
Some of the comments also recalled buying 2-packs during the 2008 recession:
"Wait I remember getting the 2 pack when I was a child during the 2008 recession," one commenter said.
Another said: "This is going to help me out a lot."
Although one person said, "I only see these in 10 packs where are y'all shopping?"
As of November 22, 2022, there were 4,650 Walmart stores in the US, with the most stores in Texas (516), Florida (341), and California (278 stores).
Final thoughts
Flynn's video provides a snapshot of the reality for many struggling to make ends meet during these difficult times and the recession anxiety many are feeling.
What do you think about this?
What do you think about this video? Share your thoughts in the comments, and feel free to share this article on social media and with your friends and family if you'd like.
Disclaimer: This article is only for educational and informational purposes.
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