President Obama boasted of the booming economy during the State of the Union. He knew he was blatantly lying at the time.
“Let me start with the economy, and a basic fact: The United States of America, right now, has the strongest, most durable economy in the world. We’re in the middle of the longest streak of private sector job creation in history. More than 14 million new jobs, the strongest two years of job growth since the ‘90s, an unemployment rate cut in half. Our auto industry just had its best year ever. That’s just part of a manufacturing surge that’s created nearly 900,000 new jobs in the past six years. And we’ve done all this while cutting our deficits by almost three-quarters,” Barack said.
“Anyone claiming that America’s economy is in decline is peddling fiction. Now, what is true — and the reason that a lot of Americans feel anxious — is that the economy has been changing in profound ways, changes that started long before the Great Recession hit; changes that have not let up.”
Obama boasted of nearly 900,000 manufacturing jobs “in the past six years.” Over his entire time in office, however, manufacturing jobs have gone down by 230,000.
After the SOTU, we get news that retail, which is pretty much all we have left, is going down.
Wal-Mart plunged 10 percent Thursday, its worst day in two decades, as the greatest weight on the Dow. The firm said Wednesday morning that it expects sales to be flat in fiscal year 2016.
“It’s all Wal-Mart. I think it’s rare to see a stock like Wal-Mart down 10 percent,” said Ryan Larson, head of equity trading, U.S., at RBC Global Asset Management (U.S.). “Wal-Mart’s what brought sentiment down this morning on (their comments about) future growth and earnings and what they see for 2016,” CNBC reported.
Boeing closed down 4.3 percent, contributing nearly as much to declines in the Dow as Wal-Mart. The aircraft maker’s stock fell amid concerns about aircraft demand following Delta comments in its earnings call Wednesday about a “huge bubble in excess wide-body airplanes,” StreetAccount said.
Walmart is closing 269 stores and laying off thousands of employees. The move will affect more than 16,000 employees, including 10,000 in the US.
The closings include 154 locations in the US — 102 of which are the company’s smallest stores, called Walmart Express, which have been in pilot since 2011.
Macys plans to close dozens of stores. It also plans to open six new “Macy’s Backstage” locations to sell discounted merchandise, sometimes in the locations of stores it closed.
More than two dozen Kmart stores will be closing this spring, with liquidation sales beginning later this month, a Sears Holding Corp. spokesman told the Detroit Free Press. It will include some Sears stores as well.
Macy’s, the nation’s largest department store chain which also operates upscale Bloomingdale’s, said earlier this week that it is cutting up to 4,800 jobs and has slashed its profit outlook after miserable holiday sales. About 2,110 of those job cuts will come from reducing staffing levels at stores, eliminating duplication in back office operations and consolidating regional store groups.
J.C. Penney, which has roughly 1,020 stores in the U.S., will shutter seven locations in 2016 in a bid to more efficiently operate in an era of digital commerce and dense urban areas. According to the company, which appeared at the ICR Conference on Tuesday. Of the seven stores, two are owned by J.C. Penney and the rest are leased, Newmax reported.
The Democrats are destroying the country.
This morning, the Dow plunged 500 points.