Wed
Aug 15 2007
07:51 am
America can no longer afford Wal-Mart
By: R. Neal

The disappearing American middle class is now too poor to even shop at Wal-Mart, as their CEO explained yesterday in discussing the company's disappointing earnings:

Lee Scott, Wal-Mart's chief executive, said the results were "not what we expected of ourselves".

"US consumers continue to be under difficult pressure economically," he said. "It is no secret that many customers are running out of money toward the end of the month."

President Bush, Aug. 9th: "The fundamentals of our economy are strong. Job creation is strong. Real after-tax wages are on the rise."

Meanwhile, the stock market is in freefall, with the DJIA losing nearly 1000 points (7%) since it's peak in late July, and nearly 500 points (3.5%) just in the last week.

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jbarker's picture

well...

Submitted by jbarker on Sat, 2007/08/18 - 7:33pm.

the worse the better!!

Carole Borges's picture

Maybe they are actually sick of too much stuff

Submitted by Carole Borges on Sat, 2007/08/18 - 8:47pm.

Some of the most avid consumers of cheap goods I know are talking like they are getting sick of "stuff". I think we're going to see ar least a slight trend away from Wal Mart. Hopefully, the small privately-owned speciality stores will start to see more business. It would be fantastic if people just got plained bored with the mammoth outlets. I was pleased when on a quest for bag balm to rub on my puppy's belly to find I could park very cheaply in Market Square and just run across the street to Mast General Store. I actually had to wait in line! Maybe people aren't spending less, maybe they're just going elsewhere?

jbr's picture

Maybe they are going elsewhere

Submitted by jbr on Sat, 2007/08/18 - 9:39pm.

I had posted this under another thread sometime back. But seemed relevant again.

Wal-Mart foes fight development nationwide

bizgrrl's picture

I don't go out and protest

Submitted by bizgrrl on Sun, 2007/08/19 - 7:37am.

I don't go out and protest against Wal-Mart. I have not shopped there in about 3 years though. Maybe it is working.

Hayduke's picture

A big factor in this is that

Submitted by Hayduke on Sat, 2007/08/18 - 10:02pm.

A big factor in this is that higher gas prices aren't having much effect on driving habits, but they're reducing the amount of disposable income. More oil from the Middle East, less manufactured crap from China. Negative savings rate. I'm not seeing much evidence that the average American is going to get a clue until after it gets really, really bad.

Carole Borges's picture

Oh, for a return to the old fashioned hardware store.

Submitted by Carole Borges on Sun, 2007/08/19 - 9:04am.

I worked in one, an ancient Tru-Value with bins and bins of nuts and bolts, oil cloth on rolls, and all kinds of weird things dangling from the ceiling. I hate packaged nails and screws. Give me a barrel and a metal scoop for my nails anytime.

Will anyone really care if Wal Mart goes under?

The way the media says it, the demise would wreck all of our lives. What a lot of BS.

"Got along without you Wal-Mart before I met you.
Gonna get along without you now."

You can sing along if you like.

Pam Strickland's picture

I don't go out and protest

Submitted by Pam Strickland on Sun, 2007/08/19 - 4:20pm.

I don't go out and protest against Wal-Mart. I have not shopped there in about 3 years though. Maybe it is working.

I haven't shopped at one in nearly 20 years. Most of my family makes fun of me, but they've come to accept it -- finally. And, recently I learned that a member of my extended family hasn't shopped at one in three years.

Spread the word.

Pam Strickland

"We are what we pretend to be, so we must be careful about what we pretend to be." ~Kurt Vonnegut

Rachel's picture

I confess I went once or

Submitted by Rachel on Sun, 2007/08/19 - 4:29pm.

I confess I went once or twice to the old Chapman Highway Wal-mart. Haven't been since the new one opened, tho, and don't intend to.

I have never been to Turkey Creek either. Oh, the things I'm missing!

Socialist With A Gold Card's picture

As long as we're confessing

Submitted by Socialist With ... on Sun, 2007/08/19 - 7:24pm.

As long as we're confessing, I might as well share this:

I've shopped at Wal-Mart exactly once in the last 15 years.

It was the Wal-Mart at Turkey Creek.

I bought ammo.

May Dennis Kucinich forgive me.

--Socialist With A Gold Card

"I'm a socialist with a gold card. I firmly believe we need a revolution; I'm just concerned that I won't be able to get good moisturizer afterwards." -- Brett Butler

Joe Taylor's picture

Wal Mart

Submitted by Joe Taylor on Mon, 2007/08/20 - 2:19pm.

Wal Mart putting America out of business one store at a time...

Wal Mart has forced all manufacturing out of our country to meet thei low cost model...

America was built by Manufacturing stuff... until manufacturing jobs return to America our country will struggle with a so called "middle class"

you can not support a family on a $10.00/hr call center job

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