Wal-Mart: Our shoppers are 'running out of money'
 

High fuel prices are killing average consumers. But the media is only concerned that gas prices might prevent Obama from getting a second term.

http://money.cnn.com/2011/04/27/news...sure/index.htm

Wal-Mart: Our shoppers are 'running out of money'

By Parija Kavilanz, senior writerApril 28, 2011: 2:41 PM ET

NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.

"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."

Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.

Lately, they're "running out of money" at a faster clip, he said.

"Purchases are really dropping off by the end of the month even more than last year," Duke said. "This end-of-month [purchases] cycle is growing to be a concern.

Wal-Mart (WMT, Fortune 500), which averages 140 million shoppers weekly to its stores in the United States, is considered a barometer of the health of the consumer and the economy.

To that end, Duke said he's not seeing signs of a recovery yet.

I know, let's slash taxes for millionaires again, even lower this time. That'll fix it. Maybe they'll tip their coffee shop waitress another 50 cents for every new hundred thousand they get. [/snark]

That's a great idea, Richard. Maybe all those billionaires and millionaires, with all their new-found tax savings, will start shopping at Wal-Mart. Problem solved!