by Clarice Feldman
No sooner had the president charged that those who claimed the economy is in trouble were “peddling fiction” than U.S. stocks posted their worst ten-day start to a year in history. Walmart announced it was closing 154 stores in the U.S. putting 10,000 U.S. jobs on the block. (It also was closing over one hundred of its stores in Brazil.) Macy’s announced it was closing 36 stores and 27 Kmart and Sears stores were also to be shuttered. True, some of this reflected the change in shopping habits with more consumers buying merchandise online, but from the barrage of emails I receive daily from retailers online cutting prices, I think it’s likely that the entire tranche -- retail sales -- suffered mightily last year, and I expect to see that big dip reflected in their fourth quarter reports. Consumers simply are running out of money to buy things........
Reason sets out the dilemma
succinctly:
......Puerto Rico is this week’s U.S. basket case with $70 billion in debt for which they have no means of repaying. Other states with unfunded enormous pension liabilities look to be lining up behind Puerto Rico and will certainly be seeking some sort of bankruptcy relief, relief which may well hurt middle class bond holders as well as the pensioners and the poor who depend on functioning government services. On a national scale, People who could add warned that ObamaCare would collapse with expenditures quickly exceeding revenue, and there’s no doubt that the death spiral is well underway......Mere glitches to the innumerate progressives.......Math is so hard for progressives. I expect any day now some Democrat in Congress will introduce a bill repealing it.
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