Would This Have Happened Under President Hillary?
We are nearly a year into Donald Trump’s presidency, and the economic numbers continue to look quite good. On Monday, we learned that U.S. retail sales during the holiday season are projected to be way up compared to 2016. Yes, there are all sorts of economic red flags popping up all over the place, and I write about them regularly. And without a doubt, 2017 has been one of the worst years for brick and mortar retail stores in a very long time. But when something good happens we should acknowledge that too, and many are giving President Trump credit for the fact that retail sales are projected to be up 4.9 percent this holiday season compared to last year…
Of course this doesn’t mean that things have completely turned around for the retail industry. We still absolutely shattered the all-time record for store closings in a single year, and the final number is going to be somewhere right around 7,000. The following comes from CNBC…
More specifically, the number of store closings is up 229 percent compared to last year.
So yes, we are still very much in the midst of a “retail apocalypse”.
And actually, earlier this month we got news that Toys R US has filed for bankruptcy protection and could soon close as many as 200 stores…
The fact that retail sales are up so much during this holiday season may slow the retail apocalypse, but it certainly will not end it.
We have got so much work to do to turn the economy around, but at least we have taken a few small steps in the right direction. The recent tax bill that Congress passed was one of those small steps, but there is still so, so much more that needs to be accomplished.
Send this article to a friend: