$13 billion wasted every year on useless and unappreciated gifts

According to a business school professor, Americans waste about $13 billion each year on gifts that are useless and unappreciated. Wharton professor Joel Waldfogel says that giving gifts isn't necessarily the best consumer activity for stimulating our recession-mired economy.

Huh - not buying a Snuggie for everyone in my family for Christmas isn't a good idea? Who'd a thunk!

Prof. Waldfogel also says that gift cards aren't that much better because recipients don't always redeem their full value, "resulting in more value destruction."

"Value destruction" doesn't seem like a nice thoughtful gift to me.