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The nation’s retailers were already reeling from the new consumer frugality but in June, incessant rain and rising unemployment further dampened sales. Stores that had made strides in recent months reverted to double-digit declines.
Overall, the industry posted a 6.7 percent decline in sales for the month, in contrast to a 3.9 percent increase a year ago, according to the Goldman Sachs Retail Composite Index. Wal-Mart, which had been a bright spot in the retailing world and helped lift the overall industry number, is no longer reporting monthly sales. Retailers are also facing challenging year-over-year sales comparisons because this June there were no tax rebate checks to help bolster shopping.
Right. How's that $13 bucks more in your paycheck doing for you?
Right. How's that $13 bucks more in your paycheck doing for you?
And where do you think the money used to give out those TAX REBATE checks comes from ???
Do you think it just magically appears in the U.S. Treasury?
It comes from BORROWING ... and the amount gets added to our NATIONAL DEBT.
You Republicans are so quick to criticize Obama for adding to our National Debt through his government projects, which are designed to help put unemployed people back to work .... but you love whenever our National Debt grows from when the government issues Tax Rebate checks !!!
Here are the facts. Tax rebates of $78 billion arrived in the second quarter of the year. The government's recent GDP figures show that the level of consumer outlays only rose by an extra $12 billion, or 15% of the lost revenue. The rest went into savings, including the paydown of debt.
The evidence is now in and that optimism was unwarranted. Recent government statistics show that only between 10% and 20% of the rebate dollars were spent. The rebates added nearly $80 billion to the permanent national debt but less than $20 billion to consumer spending. This experience confirms earlier studies showing that one-time tax rebates are not a cost-effective way to increase economic activity.
It comes from BORROWING ... and the amount gets added to our NATIONAL DEBT.
Exactly!
You Republicans are so quick to criticize Obama for adding to our National Debt through his government projects, which are designed to help put unemployed people back to work .... but you love whenever our National Debt grows from when the government issues Tax Rebate checks !!!
If you're going to have a stimulus, it would be much better to cut a check and leave it in the hands of the consumer to spend than for the government to retain control over the money.
Btw, that was not a "stimulus" in any way, shape or form. When you "stimulate", it is done immediately to have the most benefit and impact.
Btw, that was not a "stimulus" in any way, shape or form. When you "stimulate", it is done immediately to have the most benefit and impact.
I have a post about China's stimulus. Took less than 3 months to get the money flowing through their economy. The government gave the money to the banks and the Chinese banks actually made the money available to their consumers which is the total opposite of what is happening here. Here our credit is frozen solid..very few loans are being made.
They have turned around. People are spending, jobs have been created and they have just taken top spot as world's largest auto market.
If anyone wants to see what a stimulus is supposed to do go read up on China's current economy POST stimulus.
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