Is It Really Shocking That Retails Sales Are Falling?
Is this really shocking? CNBC is reporting that consumers are not spending money:
Sales at U.S. retailers unexpectedly fell in May for the first time since September following a record slump in purchases of building materials, adding to fears the economic recovery was losing some steam.
The Commerce Department said total retail sales dropped 1.2 percent, the largest decline since September, after rising by an upwardly revised 0.6 percent in April. Sales in April were previously reported to have increased 0.4 percent.
Well no kidding. People aren’t employed. People are scared of tax increases and government spending. Folks are tightening down their budgets unlike the government who continues to spend and wants to raise taxes. The cost of gasoline remains high. Local utilities and governments are raising fees and taxes. And the consumer is not getting a raise. What the hell else are people to do?
The government and media outlets like CNBC want you to believe everything is alright in the economy. Perma-bulls. But the people know what is going on. The government policies are not giving anyone a reason to spend.
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