Not Enough Crap Sold To Bolster US Economy

The Great American Piggy Bank Drain leaves a mark on Christmas 2006:

Rush at End, but Sales Fall Short

There is always next year.

Shoppers swarmed discount stores and mobbed suburban malls over the crucial holiday weekend, but the final burst of buying is expected to fall short of retailers’ expectations.

Visa USA, the credit card company, said yesterday that it would lower its closely watched forecast for holiday spending. Based on purchases by credit and debit card holders, Visa said sales rose 6.5 percent in November and December, compared with the same period last year, down from its initial forecast of a 7.5 percent gain.

The company’s unexpected downward revision — and the millions of dollars in lost sales it represents — could have broad implications for the nation’s merchants, who count on purchases during the holiday season for nearly half of their business.

For consumers, it will probably translate into even deeper discounts over the next week, as they begin redeeming millions of gift cards.

Industry analysts said that, after a strong, discount-induced start the day after Thanksgiving, consumer spending slowed in December and never fully recovered. A soft housing market and high fuel prices pinched consumer spending, while unseasonably warm temperatures damped sales of cold-weather clothing from New York to Chicago.

A soft housing market and high fuel prices?

How about millions of lost jobs, a ginormous increase in health care costs, and a Bush Brazillion other drains on America's wallet, WaPo?

"There's always next year" is an example of truly shoddy analysis.

Sigh.

Best bar bet in the world: Delilah didn't do it.
Judges 16:19-- And she made him (Samson) sleep upon her knees; and she called for a man, and she caused him to shave off the seven locks of his head.