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Wal-Mart CEO: Our shoppers are ‘running out of money’

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Wal-Mart, America’s largest retailer, where 140 million people shop each week, is not seeing much of a recovery for the U.S. economy. The low-price behemoth has now seen seven straight quarterly declines in sales figures. According to the company’s CEO, it’s because their customers—who let’s face it ARE America—are simply too damned broke to buy much anymore. From CNN/Money:

Wal-Mart’s core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.

“We’re seeing core consumers under a lot of pressure,” Duke said at an event in New York. “There’s no doubt that rising fuel prices are having an impact.”

Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.

Lately, they’re “running out of money” at a faster clip, he said.

“Purchases are really dropping off by the end of the month even more than last year,” Duke said. “This end-of-month [purchases] cycle is growing to be a concern.

I must say that I’m far more inclined to trust Wal-Mart’s sales figures as a barometer of the economy’s health than the suspect reports put out by the government. They’re a public company, they can’t get away with lying with impunity the same way Uncle Sam can…

Doesn’t this make you wonder: How much more do the working class and the poor still have left to lose before things start to get really, really hot for Republican politicians? Even online loans have become a resort to many struggling to make ends meet. Imagine that you are the parent of a handicapped child, you can’t find work, you have no health insurance, first fuel and now FOOD is out of your reach? The people who are making decisions to reward billionaire racists like Donald Trump with tax cuts while your family suffers, well, they do have street addresses…

Normally, I am not one for violence, but this position is—how shall I put it—evolving. As the Republican pols around the country continue to cut the social safety nets that allow our society to rise above the barbaric, I sure hope to see the sight of hungry, angry mobs showing up with pitchforks and torches at their homes for a lil’ chat.

What do they expect them to do, just roll over and die?

Previously on Dangerous Minds
Mad Max in American: Our Republican Future?

Posted by Richard Metzger
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04.28.2011
05:20 pm
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