Jul 19, 2004
Retail sales for June showed that luxury retailers like Neiman Marcus and Saks reported higher than expected sales for the month. At the same time, stores such as Wal-mart and Target had lower sales than expected for June, even after these discount companies had already lowered their June sales estimates!
Big surprise. The rich, with all their tax breaks and stock market speculation, can shop 'til they drop. Ordinary people get higher gas bills, higher prescription bills and lower paychecks – we're cutting corners somewhere.
Shopping at Wal-Mart is easier said than done for ordinary families these days. And that's sure a testimony to the state of this economy.