Posted by Richard Willett - Memes and headline comments by David Icke Posted on 24 May 2024

Walmart, Target Unleash Price-Cut Tsunami As Working-Poor Hit Brick-Wall

By Tyler Durden

Some of the nation’s largest retailers are rolling back prices in response to low-income consumers hitting a proverbial brick wall. These consumers have maxed out credit card debt and drained personal savings to dangerously low levels in the era of failed Bidenomics. This also comes after an underwhelming April retail sales report and several notes from Goldman warning about faltering low-income consumers:

On Monday, Target announced, “It will lower everyday regular prices on approximately 5,000 frequently shopped items across its assortment. The retailer has just reduced prices on about 1,500 items, with thousands more price cuts planned to take effect over the course of the summer.”

“Consumers will enjoy savings on everyday items such as milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more,” the retailer said.

One can’t help but ask what influence (if any) the Biden administration had in potentially pressuring Target to lower prices. Food inflation is crushing the working poor, as Democrats are begging the president to lower prices by executive fiat.

It wasn’t just Target rolling back prices. Walmart, America’s largest retailer, told analysts on an earnings call last week that it had begun reducing prices of grocery items.

John Furner, Walmart US’ chief executive, said stores have already issued 7,000 rollbacks. This move is intended to boost food sales in the second half of the year and prevent low-income consumers from trading down to Dollar Generals.

Walmart noted that high-income consumers were trading down to the retailer, which helped drive sales in its grocery business last quarter.

Walmart’s disclosure last week and Target’s announcement this week of price reductions on everyday items, with core cuts in food items, are direct responses to consumer fatigue after three years of high inflation.

A recent FT-Michigan Ross poll showed persistent inflation has soured the mood of 71% of those surveyed. And maybe if the Biden administration’s US Treasury, under Janet Yellen, wasn’t spending like it was in a depression, $1 trillion every 100 days, then perhaps inflation could come back down to Earth.

Joe Feldman, an analyst at Telsey Advisory Group, told the FT that Target unleashed price cuts on popular items to keep pace with Walmart.

Or, in our view, the administration likely nudged the retailers to drop prices or risk being attacked by ‘greedflation’ buzzwords by Biden’s social media team.

Read More: Walmart, Target Unleash Price-Cut Tsunami As Working-Poor Hit Brick-Wall

The Dream

From our advertisers