Joe Biden’s disastrous economy helped lead to more retail outlets closing then ever in 2023 and the destruction will likely continue this year, analysts say.
Skyrocketing inflation caused retailers to cut down on the number of locations at an accelerated rate last year, from fast-food, to grocery stores, to clothing outlets, and more. Some retailers also declared bankruptcy and will altogether disappear from the American economy.
For instance, discount retailer Tuesday Morning announced it was going out of business entirely after almost 50 years in business. Christmas Tree Shops also filed for bankruptcy and liquidated all its stores. Wedding supply chain David’s Bridal also closed up, leaving thousands of employees without a job, Just the News reported.
Sears, once an American department store powerhouse, also shuttered more than 700 stores and now only has 12 locations left out of the 3,500 it had just back in 2010.
Many others are also rushing to close down stores, including CVS, Walgreens, Foot Locker, Pizza Hut, Boston Market, and even Walmart.
Also, Macey’s shuttered another five stores last year, shedding 3.5 percent of its workforce.
Per Just the News, the Biden economy has rung the death knell for many:
Since President Joe Biden took office in January 2021, inflation and prices for all goods and services soared, initially breaking 40-year record highs. As prices and costs go up, wages have gone down, “placing additional stress on family finances,” The Heritage Foundation’s “Biden Inflation Tracker” notes.
From January 2021 to November 2023, Heritage notes that real disposable income has dropped by 7.5%, home ownership affordability has dropped by over 37%, credit card debt has increased by over 36% and Americans’ monthly savings have dropped by over 81%.
Over the same time period, consumer prices increased by more than 17%, gas prices increased by over 50%.
Analysts also note that closings such as these will continue this year as inflation continues to wipe out profits.