The Obama payroll tax hikes that were passed in January are already wreaking havoc on the economy and forcing Wal-Mart to adjust its strategy.
The Christian Science Monitor reported:
Recent reports forecast lower spending for this year, anticipating that the restored payroll tax will impact consumers’ wallets, especially low-income earners. Wal-Mart is adjusting its strategy.
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.
Barack Obama is the worst jobs president since the Great Depression presiding over the worst recovery since the Great Depression.
