The Obama economy continues to limp along. The Christian Science Monitor reports that retailers are preparing for a ‘triple whammy” as consumers adjust to their lower paychecks, higher gas prices and sluggish employment. Low income Americans are the hardest hit by Obama’s most recent tax hike, so retailers like WalMart have a lot to be concerned about. People just don’t have as much money to spend.
Retailers are preparing for a triple whammy as the restoration of the payroll tax, surging gas prices, and stagnant employment and wages take a bite out of consumers’ disposable income, leaving them with less cash to spend on clothing, groceries, and eating out.
As a result, more than three years after the recession officially ended, American consumers might be preparing to downshift again, if only slightly, with low-income consumers hit the hardest. Sensing consumer trepidation, retailers are scrambling to adjust.
Retailers, restaurants, and consumer goods companies like Wal-Mart are lowering sales forecasts and adjusting marketing campaigns ahead of expectations that consumers will slash spending, the Wall Street Journal reports. (Read More)
If you think it’s bad now, just wait until Obamacare is fully implemented. But of course the Democrats will continue to blame it on Bush, or Republicans in the House, or storms.
Update: Linked by The Pirate’s Cove – thanks!
Yep. It sure is a triple whammy for my family.
1) Obama seized 12% of my take-home income between ending the social security “holiday” and the new Obama taxes. That really, really HURT. Bye-bye discretionary spending. That doesn’t even take into consideration all the state and local tax increases we got hit with this year.
2) Two adult children lost jobs and became technically “homeless” because they could no longer pay their landlord. They have moved in with us.
3) With all the gas , food, and tax increases, we will in NO way be making purchases we had otherwise planned for this year. Now, my electronic/electric guru hubby is keeping 35-year old appliances functional, and 20+ year-old vehicles on the road that should be going to the scrapyard. It now makes a lot more sense to put a $5 bottle of transmission fluid into it every week rather than try to figure out where to get the $4,500 to repair it, and replacing is simply out of the question altogether. Yeah, we had planned on a new vehicle this year. NOT happening.
Ouch. Hope all you malingering Obama-bots are REALLY happy when there are no more producers working to pay your way.
It’s bad, and getting badder.
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@lonelycon funny, the people who voted for Obama are getting hit the hardest. How’s that for hope and change?
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So Obama is about to learn that he is not the master of the law of economics. This lightweight trying to talk about the economy is lke PeeWee Herman fighting Mike Tyson. What a pathetic President we have. We are in deep trouble.
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“As a result, more than three years after the recession officially ended..” hogwash! It never ended for the middle class! I suspect a lot of people did I what I did at the end of last year: stocked up on food and household necessities so that once the payroll tax came back we would not have to spend on those things this year. Bet Walmart and friends have not quite figured that out; not even factoring in people like me who have that 2 year supply of stuff for just this reason. Not looking to spend any money this year; whatever is left goes under the mattress. I’m sure that all of the experts will be surprised by unforeseen unemployment and economic numbers on Thursday….none of these people are living in American reality right now.
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[...] The Lonely Conservative covers the triple whammy of the Obama economy [...]
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I am sure it will be global warming.
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