Michael Shedlock reports that back-to-school sales are down for approximately the first time EVAR (depending on how old you are)(sorry, inside joke).
And he predicts that the very-bad Christmas shopping season will look like the good ol' days compared to the disaster coming at the end of this year.
Oh, wait, did I say good news? No, I meant bad. Real bad. Some stores are going to have to throw in the towel because of the back to school shopping dud-season, and more will be giving up after the coming wreck of a Christmas shopping season.
When stores close, they lay off workers.
Workers who sometimes ONLY know how to work retail.
Retail sales as an industry will not be hiring the laid-off workers.
Unemployment rises
Tax revenue falls
Consumer spending falls
So, who doesn't think we're in for at least a double-dip recession? Anyone? Anyone? Bueller?
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