Bloomberg is reporting on a new Harris Poll that says a full one-third of Americans this year are considering foregoing gift-giving altogether because money is too tight.

Or, as Biden says, the economy is doing absolutely fantastic!

Inflation surged to a 40-year high this year, while wages struggled to keep up. Americans are cutting back on their holiday spending as a result. About 60% of respondents said they plan to buy fewer gifts and to purchase gifts for fewer people. A similar percentage are cutting back on holiday travel.

Meanwhile, more than one-third have decided to skip gift-giving altogether due to the costs.

This is an absolute Christmas disaster.

That's leading Americans to lower their expectations on what they'll unwrap. Three in 10 say they expect to be disappointed by the gifts they receive this year, with millennials and Gen Z especially pessimistic.