Labor Day. It conjures images of summer, barbecues and a day off from the hell that is work! According to Wikipedia, Labor Day is an American federal holiday observed on the first Monday in September that celebrates the economic and social contributions of workers.
The economic and social contributions of workers. That’s huge. If you think about it, that has been what has made this country great, the contributions of working Americans.
Working Americans have propelled this country’s economy since it’s creation. I’ll explain what I mean. The way we define whether the U.S. economy is growing is by a gauge called Gross Domestic Product (GDP). GDP consists of about two-thirds consumer spending. So, the spending of working Americans is what essentially drives the growth of the U.S. economy.
So Labor Day shouldn’t be about the last day to wear white, the official end of summer, or the beginning of football season (Did I just say that?). It’s really about that day off from work. To celebrate the fact that we are working Americans that have created the greatest country on the planet through our hard work.
So while this article is not my typical “financial post”, I do think it Labor Day has some financial significance. Enjoy your Labor Day. Drink a cold one, eat some ribs and relax!