Macy’s In Trouble
“We’re, frankly, scratching our heads,” said Chief Financial Officer Karen Hoguet.
Macy’s Pares Forecast as Sales Slump Accelerates
Well, all the supposedly good economic data isn’t really that good, dipshit. Who made you a CFO? Go beyond the estimates and happytalk and look inside: Have you seen the labor participation rate? It’s at historically low levels. Savings rates are up, yes, and that’s good, but it’s not because we’re richer; we don’t know when the next recession will hit or how bad it will be. Have you seen the trade deficit? Since all of your stuff is made overseas, and not by working Americans, the working Americans have less to spend; we will buy when we NEED something. Having phony sales, constantly blasting people with advertising, and dropping prices on things we don’t need won’t make us buy things; it used to work, it doesn’t now.
Meanwhile, the non-working Americans, who are subsidized by the working Americans, don’t have any excess money to spend either; because they aren’t working. They have enough to eat and maybe pay for rent and utilities if they are lucky (or not gaming the system).
And before you say something silly like, If we could just take all the money from the rich … They don’t have enough money to take in order to bring 320 million people into a lifestyle they would like to live, want to live, or deserve to live, with $100 coffemakers and $80 sweaters that were made by slave labor in China. Wake up.
