I only have an opinion as an "outsider" (my family does not celebrate any holiday in the month of December).
In some ways, yes. I think the holidays are a distraction from reality for many people. Today I was reading the projected numbers for $$ spent in retail (which our economy is 70% dependent on) and that number is : $451.5 BILLION dollars spent. I saw this number and thought "Wow.." During the week I read one article stating that 1 out of 3 Americans earns under $20k a year, and 1 in 7 is receiving foodstamps, unemployment is still in double digits, and many other horrible economic indicators are still apparent yet the American public spent over $400Billion this holiday season. I wonder how much of that was credit as opposed to cash. And how much it's going to affect our already unstable economy when the bills for this holiday season come due.
Whether the distraction is bad or good is all in the eye of the beholder.
at 5:54 PM on Dec. 25, 2010