Axios AM: Mike's Top 10 — Surprisingly strong consumers — ?? A+ Thanksgiving idea (Today's the day to set it in motion)

1 big thing: The surprisingly strong U.S. consumer | Saturday, November 21, 2020

Open in app View in browser   Presented By Google   Axios AM By Mike Allen ·Nov 21, 2020 🍂 Happy Saturday! Today's Smart Brevity™ count: 1,089 words ... 4 minutes.     1 big thing: The surprisingly strong U.S. consumer Illustration: Aïda Amer/Axios   Most Americans are doing surprisingly well, financially, in the face of the pandemic, Axios chief financial correspondent Felix Salmon writes. Why it matters: The health of the U.S. consumer is one reason Washington is treating a second stimulus bill less urgently than the first. By the numbers: Americans' disposable income was $15.7 trillion per year in September, up significantly from its pre-crisis level. Average earnings are $29.50 per hour, up from $28.69 in March. The total amount borrowed has fallen, partly because Americans managed to save 14.3% of their income in September. That's roughly double the pre-crisis savings rate. And credit card balances are plunging. Bloomberg summed up the data last week with the headline: "The American Consumer Is Flush With Cash After Paying Down Debt." "The consumer has clearly come back," says Steve Sadove, Mastercard senior adviser and a former CEO of Saks. "Early on, the stimulus had a big effect on the consumer, especially the lower-end consumer. As we've gone into the latter parts of the recovery, higher-income consumers are starting to spend again." Reality check: Not all Americans are doing well. Millions are unemployed and going hungry, and vital crisis-era benefits are scheduled to expire at Christmas. The broad economy won't return to its pre-crisis level any time soon. Many sectors — including hospitality, travel and state and local government — are struggling mightily with no real light at the end of the tunnel. Share this story.     2. "Scope neglect": Why we're numb to 250,000 deaths Illustration: Sarah Grillo/Axios   The U.S. passed 250,000 confirmed COVID deaths this week, a figure that is truly vast — too vast for us to comprehend, Bryan Walsh writes Axios Future. Why it matters: The psychic numbing that sets in around mass death saps us of our empathy for victims, and discourages us from making the sacrifices needed to control the pandemic. And it hampers our ability to prepare for other rare but potentially catastrophic risks down the road. By the numbers: The sheer scale of the U.S. death toll from COVID can be felt in the lengths media organizations have gone to try to put the numbers in perspective. 250,000 deaths is: Ten times the number of American drivers and passengers who die in car crashes each year, according to CNN. More than twice the number of American soldiers who died in World War I, according to NPR. Paul Slovic, a University of Oregon psychology professor who studies human judgment and decision-making, says we have a cognitive bias called "scope neglect": As the scale of deaths and tragedy grows, our own compassion and concern fail to keep pace. As the title of one of Slovic's papers says: "The more who die, the less we care." 🔮 Don't miss Bryan Walsh's twice-weekly Axios Future newsletter.     3. 🦃 A+ Thanksgiving idea Food distribution event in Brooklyn yesterday. Photo: Angela Weiss/AFP via Getty Images   In Axios PM, where Justin Green and I always include a happy hour-y item, we shared this hack for keeping your family on the same cookbook page, even if you're doing Zoomsgiving: Have a shared menu across the homes in your family: Coordinate recipes, so distant tables have the same parmesan roasted Brussels sprouts or scalloped sweet potatoes. (USA Today) I got this twist from a young friend who's invited to speak on a lot of panels: She said some eager organizers send a mini-cheesecake or meal to each of the panelists, so they can eat together. (One ambitious convener dispatched fresh pasta, fresh ricotta, pesto, chanterelle mushrooms, and a stirred and chilled Negroni in a bottle for one.) That made me realize that you could send a homemade dish to each of your relatives' homes so you can enjoy a meal in concert. Or if you cook like Uncle Mike, get a jump on your holiday gift and have a trained professional deliver! 🍽️ If you're able to help another family, you may enjoy your meal more if you've been generous. A quick way to help food banks is Feeding America (1 click). I love the "Find a Food Bank" feature: Put in your state or ZIP, and find an easy way to help your neighbors. I just gave to Capital Area Food Bank that way. Axios dataviz editor Danielle Alberti reminds us food banks need donations year-round: Setting a small recurring donation is a great way to help. 🍗 Let me know how you're celebrating safely, and I'll share a buffet of answers. Please just reply to this email, or drop me a line at mike@axios.com.     A message from Google Preparing small business owners for the holiday season     Google has created the Google for Small Business holiday hub to help business owners get ready for the holidays. They can find helpful tools and resources, such as personalized recommendations to reach shoppers across Google Search, Shopping and Maps. Learn more.     4. Pic of the week Photo: Ringo H.W. Chiu/AP Cars snake around Dodger Stadium as Angelenos wait for coronavirus tests in the ballpark parking lot. Long lines for tests have reappeared across the U.S. with cases surging and families hoping to gather safely for Thanksgiving,     5. Map that'll give you pause Map: The Washington Post. Used by kind permission Washington Post data reporter Christopher Ingraham tweeted this map showing "county-level estimates of the odds of encountering at least one coronavirus-positive person at a gathering of 10 or more people." Go deeper.     6. Biden deflects fights with early picks President-elect Biden and Vice President-elect Harris meet with Speaker Pelosi and Senate Democratic Leader Schumer in Wilmington yesterday. Photo: Tom Brenner/Reuters   President-elect Biden has chosen his secretaries of State and Treasury, moving quickly to assemble a Senate-confirmable Cabinet, Hans Nichols scoops. Biden is expected to roll out several Cabinet picks next week. Both picks appear to be aimed at defusing confirmation fights with Senate Republicans, and internal battles with Democratic progressives. Teasing his upcoming Treasury announcement, Biden said Thursday that his nominee "will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions." Keep reading.     7. Day 14 since Biden clinched My iPhone Fundraising email wake-up this morning from President Trump's joint fundraising committee with the RNC. During an appearance yesterday in the White House press room to make remarks about prescription drug prices, Trump referred to "the campaign — which I won, by the way. But, you know, we'll find that out. Almost 74 million votes." Reality check: Yes, he got nearly 74 million votes. The problem is that the other guy got nearly 80 million.     8. Freeze frame Graphic: The Boston Globe (top of today's front page)     9. Journalists face volatile landscape Lauren Williams and Ezra Klein. Photo: Vox Media   Recent departures, deals, layoffs and restructuring amid the pandemic have journalists questioning whether there's stability anywhere within the industry, Axios media trends expert Sara Fischer writes. Why it matters: Brands that were once considered disruptive digital upstarts now must navigate a competitive media market without the startup hype — and, often, without their founders. Ezra Klein, who co-founded Vox.com seven years ago, announced he's leaving to become an Opinion columnist and podcaster at the N.Y. Times, starting in January. Lauren Williams, Vox's editor-in-chief and senior vice president, is leaving to start her own nonprofit media firm focused on Black communities. Kara Swisher, co-founder of Recode (part of Vox), now hosts The Times' "Sway" podcast. The Times poached BuzzFeed editor-in-chief Ben Smith, and Bloomberg columnist Shira Ovide. The Times' investment in mega-stars is part of a broader consolidation trend in the media industry, in which giants expand while smaller outlets continue to get bought up or fade away. Keep reading.     10. 🍔 14-hour wait for Double-Double, animal style Drone's-eye view. Photo: DroneBase via Reuters Police in Aurora, Colo. — 10 miles east of Denver — reported a 14-hour wait yesterday for the opening of the state's first In-N-Out Burger: "[T]he line wrapped around the mall twice, and there were some nearby hwy backups. Right now we estimate the line to be 1.5-2 miles long." The California-based In-N-Out, which has a cult following à la Krispy Kreme, expects to sell 60,000 burgers in Aurora over the weekend. (Denver Post)     A message from Google Supporting Black-owned businesses this holiday season     As people look to support the Black community, there's been a surge in Google searches for "Black-owned business." Google launched Black-owned Fridays to encourage shoppers to support Black-owned businesses this holiday season. Learn more.   📬 Thanks for starting your weekend with us. Please invite your friends to sign up for Axios AM/PM.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. 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