The sky-high cost of living under the Biden-Harris regime is still gripping most Americans’ wallets with little hope for relief anywhere in sight.
Working class Americans know this reality well but it’s only now starting to set in for corporate America.
And Disney executives just received some bad news that has them bracing for the worst.
Disney shares plummet over record inflation under Biden-Harris
After years of financial dominance as the world’s largest media company ,things are looking dark for The Walt Disney Company after it warned investors that its theme parks are in serious trouble.
Much of the problem is being blamed on record-high inflation, which has made trips to the Magic Kingdom unaffordable for the majority of working class families.
Disney specifically cited inflation during its quarterly earnings call, saying that its “Experiences” division, which includes cruise ships, theme parks, and other forms of live entertainment, will see a decline in revenue over the next few quarters.
That news caused investors to take note and sent Disney shares tumbling over 3% recently.
More precisely, the company said that the slip could be blamed on a “moderation of consumer demand.”
Hugh Johnston, Disney’s chief financial officer, said that lower-income consumers are being hit the hardest in today’s economy.
As a result, most of those consumers are choosing not to visit Disney parks like they might have done in the past.
Disney reported that its Experiences income fell a whopping 6% for the most recent quarter.
Working class families have long been a reliable cash cow for Disney’s theme parks, merchandise, movies, and other products.
Many families saved money for years to be able to take their children to Disney just one time.
However, consumer prices have risen to record levels during the Biden-Harris regime, resulting in most families cutting non-essential spending so they can afford necessities like rent, groceries, and health care.
While Americans suffer, Vice President Kamala Harris has openly praised Bidenomics, despite costing trillions in new government spending she cast the tie-breaking votes for – a main driver of the current Kamalaflation crisis.
Then, to pour gasoline on the raging inferno, @KamalaHarris cast the tie-breaking vote on the misnamed “Inflation Reduction Act.” https://t.co/Jgfiafz85X https://t.co/quqow2sCFo
— Renewed Right (@RenewedRight) August 6, 2024
Meanwhile, Disney is hiking its streaming entertainment prices by as much as 25%, putting an even tighter squeeze on American families.
Americans are cutting spending everywhere
It’s not just expensive trips to Disneyland or Walt Disney World that American families are foregoing right now.
According to the Bank of America Institute, credit card transactions on all forms of travel were down in June.
Even online vacation rental giant Airbnb is struggling after facing disastrous earnings that sent the company’s shares tumbling.
Airbnb also blamed the decline on cooling demand from US consumers.
However, most high-income consumers aren’t feeling the pinch quite as much, as Disney reported that guests who do come to the theme parks are spending more while they’re there.
During the Disney earnings call, Johnston said, “The lower-income consumer is feeling a little bit of stress. The high-income consumer is traveling internationally.”
However, that’s little comfort to the majority of Americans who continue to struggle to put food on the table, and it doesn’t make the case that Kamala Harris cares about working people.
US Political Daily will keep you updated on any developments to this ongoing story.
