Retail consumer spending is taking a dive while people work bad jobs and pay horrendous Obamacare rates.
We’ve already reported about how Sears and Kmart may not survive and the media has no idea why. But it is not just those stores. The entire retail sector is in trouble. As The Guardian reported:
Canal Street was never a high-end retail experience. But, like many streets in New York City and in cities across the US, it is becoming increasingly desolate.
Boarded-up stores line the thoroughfare that bisects much of lower Manhattan. Many stores that are still open for business also display signs that read “for lease” or “for rent”.
“It’s not Trump,” said one downcast store-owner recently. “It’s not the economy. Something else is happening. People aren’t spending.”
This week, Credit Suisse downgraded the retail sector, saying the outlook had become bleaker than it had anticipated in large part because of events in…