How Americans are using credit and debit cards
?? Welcome to the last Axios Business of 2019! We'll return on January 3, rested and ready for the year ahead.
- ??1 2020 thing: Last night, seven of the 2020 Democratic presidential hopefuls took the stage in Los Angeles for the sixth debate. Our takeaways.
- ??1 business thing: The stock market's quiet end to 2019.
- ??1 space thing: Investors are putting big money in small rocket companies.
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1 big thing: A record for out-of-store spending
By: Courtenay Brown ? Newsletter: Axios Markets (sign up here)
Americans are now spending nearly as much money remotely as they are in person.
Why it matters: It's a nod to the e-commerce boom, where corporate giants like Amazon and other businesses that bulked up their online presence are cashing in like never before.
What's happening: For the first time, the value of online purchases with debit and credit cards in 2018 nearly equaled that of in-person card spending, according to a new report from the Federal Reserve, which cites the latest data available.
Go deeper: Read the full story
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2. Mapping credit inequality in the U.S.
By: Felix Salmon, Danielle Alberti ? Newsletter: Axios Edge (sign up here)
Data: New York Fed; Map: Danielle Alberti/Axios
This map is a vivid depiction of credit inequality in the United States. The dark areas show counties where a large proportion of the population has no access to credit, while the lighter areas are considered "credit-assured" or "credit-likely."
Why it matters: Communities with good access to credit can grow faster and prove more resilient to shocks than their less creditworthy counterparts.
Go deeper: Explore the interactive map
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3. Tom Cotton says WeWork debacle is driving Americans toward socialism
By: Dan Primack ? Newsletter: Axios Pro Rata (sign up here)
WeWork founder Adam Neumann. Photo: Jackal Pan/Visual China Group via Getty Images
Sen. Tom Cotton (R-Ark.) last week told CNBC that the WeWork debacle is driving some Americans toward socialism.
The state of play: Cotton's argument is an unintentional critique of American capitalism, at least as codified by legislators like Cotton.
The bottom line: Neumann ran afoul of the markets, but not of the law. Suing him would be akin to suing lightly-regulated capitalism. If that's Cotton's true belief, then he might be backing the wrong presidential candidate.
Go deeper: Read the full story
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(Retired) MSG/E8 and (Retired) DA Civilian, Senior RPA Budget Analyst, USACAPOC G8
4 年Great information. Thank you for sharing
INDEPENDENT CONTRACTOR
4 年Awesome post !!!
A.A degree in Family Daycare Home
4 年Dan Primack after Bankruptcy I have only Capital one Credit Card.I use to have like 7credit Card but now only 1 because thieves are all over the world these days .I have had many proposals but I don't want to rush.Even someone used my debit Card at Arby's restaurant to buy food 2weeks ago and it wasn't me so the bank investigated and gave it back to me.