Wal-Mart Shoppers "Running Out Of Money"
Economic growth slowed to a rate of 1.8% in the first quarter. The New York Times presents the discouraging news in as positive a manner as it can:
The American economy slowed to a crawl in the first quarter, but economists are hopeful that the setback will be temporary.
When the year first began, economists had been expecting a much more robust growth rate of about 4 percent, only to be barraged by bad report after bad report as the days wore on. Higher commodity prices and winter blizzards that shuttered businesses and delayed construction were among the main causes of the slowdown, along with a large decrease in federal government spending and a sharp increase in imports, which are subtracted from output.
Ah yes, how will the economy ever get strong with these "large decreases in federal government spending"? Someone send the Hayek video below to the New York Times!
In other news, the CEO of Wal-Mart says the company's shoppers are "running out of money" due to rising gas prices.
My last fuel-up was around $75. And I hardly ever drive. I wonder how most people are managing.
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Comments :
Mar '11
Re: Wal-Mart Shoppers "Running Out Of Money"
I believe Mr Obama has suggested that such people go and buy a Prius, or, better still, a Chevy Volt (better for American Union jobs, lousy car).
They can do like the Government does, and borrow the money to buy the car. Or, better still, get the rich to pay for it.
Oct '10
Re: Wal-Mart Shoppers "Running Out Of Money"
The problem Walmart has is that by the time the consumer fills his tank in anticipation of the trip to their store, he has already spent enough of his money on gas to make him wonder if the trip will be worth it.
May '10
Re: Wal-Mart Shoppers "Running Out Of Money"
If I could repeat my 20's, I think I might study economics and psychology to give my thinking about such things ethos (and to make money). That said, it's fairly clear that when it comes to predicting the future, economists are about as prescient and reliable as weathermen.
Dec '10
Re: Wal-Mart Shoppers "Running Out Of Money"
What economist are these who have been predicting an economic upswing? Was it the WSJ, the Economist, some think tank? They really need to name names so all economist don't take the heat for crap like this.
Oct '10
Re: Wal-Mart Shoppers "Running Out Of Money"
Are you talking about local weathermen and the three day forecast, or weather scientist who forecast the weather 100 years from now?
Aug '10
Re: Wal-Mart Shoppers "Running Out Of Money"
The last time fuel prices spiked - in the summer of 2008 - we had the meltdown and worldwide collapse of mid-September.
Unlike the Ruling Class running the federal government, we ordinary schlubs can't print money to cover our bills.
Did you notice how Bernanke blew off questions about high energy prices? "Transitory", he said. This is true cognitive disconnect, common to the tyrants.
May '10
Re: Wal-Mart Shoppers "Running Out Of Money"
I'm talking about a "science" that allows "practitioners" enough room to come up with completely contradictory forecasts--and none of them lose their jobs.
Mar '11
Re: Wal-Mart Shoppers "Running Out Of Money"
I particularly enjoy the second half of that statment, completely without meaning. So economists are hopeful for only a temporary pullback vs. those of us rooting for a permanent recession? Then again perhaps the writer is indicating how much more significant it is that economists are hopeful as compared to the great unwashed who do not have the ear of the NYT. So typcial of most reporting on economic matters, nothing save gibberish.
Edited on Apr 28, 2011 at 11:57amJul '10
Re: Wal-Mart Shoppers "Running Out Of Money"
The NYTimes is bent nearly double from carrying water for Obama. Is there anything having to do with politics and who knows what else you can trust them for?
Apr '11
Re: Wal-Mart Shoppers "Running Out Of Money"
The real problem will come when people can no longer afford the gas to drive to work to earn money for food.