The Associated Press reports that retail sales took a steep decline in October, "as the financial crisis and mounting layoffs left shoppers too scared to shop."
I don't know if I'd call it "scared." How about "Forced Reassessment of Junk I Don't Really Need"?
The article goes on to state that prices are being slashed on everything, including holiday ornaments, and that luxury merchants and teen retailers are suffering deep declines. Linens 'N Things has been forced to liquidate. Saks and Gap both recorded 16 percent drops.
Only Wal-Mart seems to be treading water, which is good, because they are the largest private employer in the country.
"Even teens stayed away from malls. American Eagle Outfitters Inc. reported a steeper-than-expected 12 percent drop in same-store sales, while Abercrombie & Fitch Co. had a 20 percent drop," AP reports.
While it is unfortunate that the retail sector will be forced to lay off workers, I can't say I'm surprised or dismayed that Americans' once seemingly limitless appetite for pointless shit is coming to an end. How many fondue pots and matching bathroom sets do we really need? That snowman ornament there is cute, in all it's shiny sugar-glaze looking goodness, but is it $30 cute? I don't fucking think so.
I'm no financial expert, but are retail sales truly the only basis for our economy? To the extent that, if we all stop buying incredibly stupid shit, then our nation collapses?
If so, that's a problem which needs immediate attention. Considering all the infrastructure which needs repairing, alternative energy which needs developing, aging boomers needing health care, and schools needing improvements, that fact that our economy is tied so precariously to whether or not I need a new set of holiday ornaments and an over-priced shirt is just so WRONG.
