Yet more evidence that the marginal consumer is financially strapped.
“One of the key reasons for this is because Dollar General’s core customers are feeling the acute pressure of the cost-of-living-crisis,” Neil Saunders, retail analyst and managing director at GlobalData, said in a report Thursday.
“This has been exacerbated by cuts in SNAP payments as temporary pandemic benefits came to an end. As a result, lower-income shoppers are cutting back on non-consumable and indulgent purchases from the chain in a bid to save money,” he said.
Some other dollars appear to be in for a rough ride as well.
Raising interest rates and costs of production via increased energy costs and taxes will not solve supply side issues that are a key driver of inflation.
They will however destroy the ecomnomy, which of course is the real goal.
Then blame both Trump & the GOP for it
Trump increased productivity dramatically and reduced energy prices.
That’s why inflation was held in check despite the uniparty running massive deficits.
Good try though.
Dennis – the Australian dollar is in a dangerous freefall partly due to its over reliance on China
The Australian dollar has been in a tailspin lately, particularly against the US dollar.
This week, the Australian dollar sank to as low as US63.63c, the lowest since last November. Excluding that dip, and a sharper one during the early Covid pandemic panic – when it was buying only about US57c – the dollar hasn’t been this weak against the greenback since the global financial crisis in 2009.
Analysts are predicting it will drop below 60 cents. A good time to visit Australia!
https://amp.theguardian.com/business/2023/aug/20/why-is-the-australian-dollar-falling-so-fast-and-what-does-it-mean
I’m already enjoying a Commonwealth, dystopian hellhole….
“Indulgent purchases” at the dollar store?
My Indulgent purchases at the dollar store are
$1 boxes of candy that got rained on and
Off brand potato chips that taste like rancid canola oil.
It’s been obvious this year that poor and middle class people are not doing well. The problem is that most upper middle class boomers in urban areas (Liberal voters) are oblivious to this reality. The people they work with, talk to and their neighborhoods are all well-to-do. They are insulated and ignorant of the economic reality of others.
In a small town or small city people of all socioeconomic conditions mix and mingle. They have conversations about each others lives. They hear the stories of not being able to afford to fix their car or put kids in sports. People’s frustration with food and fuel inflation, interest rate hikes, increased utility bills, higher taxes at all levels. The anger at government inflicted price increases while watching politicians live high on the hog is real and growing. Sporadic handouts from Trudeau and Singh aren’t going to stop this anger. Nor will propaganda pieces commissioned by the PMO and published by the media.
I live among the upper upper middle class of which you speak. My next door neighbor, a young man in his late 30’s, for example, is a Treasurer for a major Biotech. Corp. His salary is enough to fund multiple Hawaii vacations for his family of 4 per year. His wife doesn’t work. His home was recently torn down and rebuilt … and is unaffordable to all but the 1%. He’s a really nice guy and good neighbor … but suffice to say, he’s not living paycheck-to-paycheck, and knows little about those who do.
But! These super-earners ARE more tuned-into the slumping economy … designed to slump even MORE by Fed decree … than you’re giving them credit for. I have multiple clients who have their major projects on HOLD. They KNOW hard times are coming for the blue collar middle class. No, they don’t particularly “sympathize” with them … but wish to exploit them … later … when things get really bad and the little people are desperate for work, and will cut their fees, and materials costs plummet. Then … they will pull the trigger on their projects. Yeah … ruthless. But … it’s hard to argue with their desire for opportune economic timing. Buy low, sell high.
And yes, they express this sentiment to me … out loud … without shame or remorse.
From living through a couple of recessions, I know it’s a good time to go on a vacation or buy a car or a boat that the seller can no longer afford. So, I understand the pragmatic sentiment of benefitting from economic downturns. I think it’s gone beyond capitalizing on opportunities though. There’s a predatory class of rich who are intentionally creating economic chaos to enrich themselves at the expense of everyone else, see the recent large transfers of wealth to the rich during covid, government contracts and with climate change policies.
How long before this behavior bites the ultra rich and politicians the ass? History shows that there’s going to be a breaking point.
100% agreed. If one shouldn’t ever let a crisis go to waste? Then how much better would it be to CREATE crisis … after crisis … after crisis?
‘Potters not selling, he’s buying’
“George … I’ll make you RICH!!”
Fantastic summary right here. Well done sir.
“Nor will propaganda pieces commissioned by the PMO and published by the media.”
Fixed
“Nor will propaganda pieces commissioned by the PMO and POLISHED by the media.”
We know what they are pieces of, and they still stink after polishing.
Bidenomics!
Canada is a globalist workcamp where the dollar is kept low to attract business.. Lower the bar and measure the growth.. But this comes at a cost, especially on big ticket items..
A 24000 truck becomes 38000 here.. A 59 dollar video game becomes 90 here.. Somehow a 27% exchange becomes 33%.. A sucker born every minute.. Why not take an extra 5%.. Its Canada..
John, a 1.3958 to buy US at the bank today. Might as well say 1.40.