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The Clark Howard Podcast

07.18.23 Summer Travel Update / Clarkonomics: Recession Or What?

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.64.9K Ratings

🗓️ 18 July 2023

⏱️ 26 minutes

🧾️ Download transcript

Summary

With the second wave of summer travel upon us, Clark has an update on mid to late summer travel prices. Also in this episode, Clark looks at the likelihood of recession as a normal part of a free market, how it would compare by historical measures, the negative and positive effects on the economy, and what you need to know if the economy does slow. Summer Travel Update: Segment 1 Ask Clark: Segment 2 Recession Explainer: Segment 3 Ask Clark: Segment 4 Mentioned on the show [The Washington Post] People are spending less on hotels, flights and restaurants NYTimes.com: Revenge Spending Helped Push Prices Higher. The Trend Is Turning. 4 Things You Should Always Pack in Your Carry-On How SVB’s failure 3 months ago has changed banking (and how it hasn’t) Guide: Big changes are coming to retirement savings rules and tax breaks because of the SECURE 2.0 Act of 2022 What Is a CD Ladder and When Is It a Good Idea? Clark.com - Invest & Retire FDA - Outbreak Investigation of Hepatitis A Virus Infections: Frozen Strawberries (Feb. 2023) Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's my pleasure to welcome you to the Clark Howard Show, where our mission is to serve

0:10.0

you and empower you so you make better financial decisions in your life.

0:15.4

One thing you're able to afford is travel, whether it's near or far.

0:21.6

The second wave of summer bookings is upon us, and I'm going to give you an update on

0:28.0

what you should be looking for, what you should expect.

0:31.4

Also, this episode, something that's not fun to talk about at all, the possibility of us

0:39.6

having a recession.

0:41.7

I want to tell you though, this is not a grim kind of scenario I'm going to paint.

0:47.2

I want to tell you what you need to know if the economy does slow.

0:53.5

Well, was that a Dr. Su's book just rhyming like that?

0:58.5

So there are some signs that the economy is slowing and some discretionary spending is being

1:06.3

throttled back.

1:08.0

So far, it is hit or miss reports, but I'm noticing that things like hotels for later this year,

1:18.6

including later this summer, the prices are dropping.

1:23.5

Airfare always drops for travel after the 15th of August, for trips after the 15th of August.

1:31.9

And if you looked at the cost of travel for earlier in the summer, from Memorial Day,

1:41.0

holiday weekend, through about now, gosh, shocking how expensive everything has been.

1:49.8

But when you look a month from now and you look mid-August and later and you look at

1:55.8

what prices are, they're so much better.

1:58.9

I'm seeing the trend and it's you're my friend completely with looking at booking travel.

2:07.2

I am completely a Dr. Su's book today.

2:10.7

Really?

...

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