Quote:We are just two months into 2024, yet dozens of major U.S. companies have cut hundreds of thousands of jobs as Joe Biden and the liberal media attempt to convince you that the economy is booming.

Among the largest companies to cut their workforces are Amazon, BlackRock, Nike and Citigroup, ranging from hundreds to tens of thousands of layoffs aimed at tightening their belts amid challenging economic conditions.

One of the biggest restructuring operations is taking place at Citigroup, which has slashed 20,000 jobs after suffering a "very disappointing" final quarter of 2023. Executives hope the move will save the company $2.5 billion.

Also making serious cutbacks is Nike, which is cutting around two percent of its 84,000 global workforce as part of a $2 billion cost-cutting operation.

PayPal, which has seen its stock price fall by around 80 percent since its height in 2021, is also laying off around nine percent of its total workforce, equivalent to 2,500 jobs.

Even Paramount, which had the benefit of a record breaking Super Bowl, will also cut around 800 jobs, around three percent of its workforce.

Snap, Zoom, UPS, Electronic Arts, Sony, Spotify, The Washington Post, The Los Angeles Times, Vice, Bumble, Twitch, and Rivian have all also implemented cuts, with many other companies also affected. You can check the entire list over at ZeroHedge.

The layoffs underscore the precarious nature of the U.S. economy, which is experiencing major challenges ranging from inflation to a skyrocketing national debt. Despite these issues, Joe Biden and the Democratic Party continue to insist that the U.S. economy is booming like never before and that all problems are beyond the government's control.

Biden has also repeatedly boasted about the millions of jobs that he has supposedly added to the U.S. economy, despite the majority of these jobs involving people simply going back to work after the lockdowns imposed during the Chinese coronavirus pandemic.

Earlier this month, Biden declared that America's economy was the "strongest in the world" under his leadership. He said at the time:

Today, we saw more proof, with another month of strong wage gains and employment gains of over 350,000 in January, continuing the strong growth from last year. Our economy has created 14.8 million jobs since I took office, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.

It’s great news for working families that wages, wealth, and jobs are higher now than before the pandemic, and I won’t stop fighting to lower costs and build an economy from the middle out and bottom up. I’ll continue to stand in the way of efforts by Congressional Republicans to enact massive tax giveaways for the wealthy and big corporations; cut Medicare, Medicaid, and Social Security; and raise costs for American families.

Yet, while Biden insists that everything is rosy, Americans are still feeling the pinch. As recently revealed by CNN, nearly half of Americans believe the economy is still on the downturn, while 42 percent of people say their economic situation is worse than it was a year ago.

Link

Biden's America: Macy's Announces Closure of 150 Locations—Including Iconic San Francisco Store

Quote:Bidenomics continues to work its wonders, as department store heavyweight Macy’s announced that it’s closing 150 locations – roughly 30 percent of its stores – including the iconic San Francisco outlet at Union Square.

You don’t need an economics degree to figure out what’s ailing the venerable retail mainstay:

Macy’s, which has entered its 166th year in business, has been struggling recently with weak demand as customers cut back on spending due to stubbornly high inflation and elevated borrowing costs.

Macy’s fourth-quarter results posted Tuesday showed sales fell nearly 2% in the all-important holiday quarter.

While the Biden administration has constantly been telling us the economy is great, the reality on the ground has been much different.

It’s the latest downsizing for Macy’s, a once-sprawling chain that operated 870 stores as recently as 2019, including 643 Macy’s locations.

The move also comes less than one month into the tenure of Macy’s new chief executive, Tony Spring, who took the helm following a four-decade career holding executive positions at Bloomingdale’s.
Not only has Bidenomics hurt Macy’s, but progressive policies in many locations, especially California, have also taken a serious toll on the company’s profitability. The Union Square loss is yet another blow for the once-wonderful metropolis of San Francisco, now a shell of itself under the regime of Gov. Gavin Newsom and Mayor London Breed:

Rep. Kevin Kiley (R-CA) warns that this is what Golden State "leaders" envision for the rest of the country:

But it’s not only California that will be affected – outlets will be closing nationwide including in states like Hawaii, Florida, and Virginia.

To be fair, it’s not only Gavin Newsom and Joe Biden who have made life difficult for Macy’s – the explosive growth of online shopping and the devastating effects of the COVID pandemic also played a role. However, the general soft-on-crime approach favored by Democrats and progressives has clearly taken its toll:

For now, at least, the retailer will be holding on to its massive store in Herald Square, Manhattan.

"Herald Square is the definition of Macy's. It's our flagship. It's iconic. It's an entire city block. As it goes, so does New York City," [new CEO Tony] Spring told Yahoo Finance over the phone. "We want this store to be successful and vibrant."

What the future holds for brick-and-mortar retail is anyone's guess. We can be sure however that crushing inflation and rampant crime certainly aren't making the lives of retailers any easier, and you'll likely be seeing some big-box stores closing in your town soon too.

Macy's is closing 50 stores.

I love it when they piss down my back and tell me it's raining. They think we're idiots.

(02-29-2024 04:01 PM)Claw Wrote:  Macy's is closing 50 stores.

I believe it is 150 stores.

(03-01-2024 06:24 AM)Eldonabe Wrote:  

(02-29-2024 04:01 PM)Claw Wrote:  Macy's is closing 50 stores.

I believe it is 150 stores.

It is, and they are revamping the remaining stores to a more high end shopping experience. You can't have Macy's prices and give the same shopping experience as going to Kohls/Target. Boutique online ordering brands really knocked the hell out of stores like Macy's. Why go sift through a limited selection of clothing when online brands will let you order whatever you want in your size and offer free return shipping for anything that doesn't fit right.

Another reason I read the other day is the pandemic really hurt stores like Macy's and JC Penny because lockdowns shut them down, while stores like Walmart and Target stayed open because they sold groceries.

Time for Tom to post GDP is up 2%

(03-01-2024 08:53 AM)bobdizole Wrote:  

(03-01-2024 06:24 AM)Eldonabe Wrote:  

(02-29-2024 04:01 PM)Claw Wrote:  Macy's is closing 50 stores.

I believe it is 150 stores.

It is, and they are revamping the remaining stores to a more high end shopping experience. You can't have Macy's prices and give the same shopping experience as going to Kohls/Target. Boutique online ordering brands really knocked the hell out of stores like Macy's. Why go sift through a limited selection of clothing when online brands will let you order whatever you want in your size and offer free return shipping for anything that doesn't fit right.

Another reason I read the other day is the pandemic really hurt stores like Macy's and JC Penny because lockdowns shut them down, while stores like Walmart and Target stayed open because they sold groceries.

hence, why I was long on AMZN and AAPL during the 'planneDemic'....

@gimmePutts

(02-29-2024 03:54 PM)CrimsonPhantom Wrote:  

Quote:We are just two months into 2024, yet dozens of major U.S. companies have cut hundreds of thousands of jobs as Joe Biden and the liberal media attempt to convince you that the economy is booming.

Among the largest companies to cut their workforces are Amazon, BlackRock, Nike and Citigroup, ranging from hundreds to tens of thousands of layoffs aimed at tightening their belts amid challenging economic conditions.

One of the biggest restructuring operations is taking place at Citigroup, which has slashed 20,000 jobs after suffering a "very disappointing" final quarter of 2023. Executives hope the move will save the company $2.5 billion.

Also making serious cutbacks is Nike, which is cutting around two percent of its 84,000 global workforce as part of a $2 billion cost-cutting operation.

PayPal, which has seen its stock price fall by around 80 percent since its height in 2021, is also laying off around nine percent of its total workforce, equivalent to 2,500 jobs.

Even Paramount, which had the benefit of a record breaking Super Bowl, will also cut around 800 jobs, around three percent of its workforce.

Snap, Zoom, UPS, Electronic Arts, Sony, Spotify, The Washington Post, The Los Angeles Times, Vice, Bumble, Twitch, and Rivian have all also implemented cuts, with many other companies also affected. You can check the entire list over at ZeroHedge.

The layoffs underscore the precarious nature of the U.S. economy, which is experiencing major challenges ranging from inflation to a skyrocketing national debt. Despite these issues, Joe Biden and the Democratic Party continue to insist that the U.S. economy is booming like never before and that all problems are beyond the government's control.

Biden has also repeatedly boasted about the millions of jobs that he has supposedly added to the U.S. economy, despite the majority of these jobs involving people simply going back to work after the lockdowns imposed during the Chinese coronavirus pandemic.

Earlier this month, Biden declared that America's economy was the "strongest in the world" under his leadership. He said at the time:

Today, we saw more proof, with another month of strong wage gains and employment gains of over 350,000 in January, continuing the strong growth from last year. Our economy has created 14.8 million jobs since I took office, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.

It’s great news for working families that wages, wealth, and jobs are higher now than before the pandemic, and I won’t stop fighting to lower costs and build an economy from the middle out and bottom up. I’ll continue to stand in the way of efforts by Congressional Republicans to enact massive tax giveaways for the wealthy and big corporations; cut Medicare, Medicaid, and Social Security; and raise costs for American families.

Yet, while Biden insists that everything is rosy, Americans are still feeling the pinch. As recently revealed by CNN, nearly half of Americans believe the economy is still on the downturn, while 42 percent of people say their economic situation is worse than it was a year ago.

Link

Biden's America: Macy's Announces Closure of 150 Locations—Including Iconic San Francisco Store

Quote:Bidenomics continues to work its wonders, as department store heavyweight Macy’s announced that it’s closing 150 locations – roughly 30 percent of its stores – including the iconic San Francisco outlet at Union Square.

You don’t need an economics degree to figure out what’s ailing the venerable retail mainstay:

Macy’s, which has entered its 166th year in business, has been struggling recently with weak demand as customers cut back on spending due to stubbornly high inflation and elevated borrowing costs.

Macy’s fourth-quarter results posted Tuesday showed sales fell nearly 2% in the all-important holiday quarter.

While the Biden administration has constantly been telling us the economy is great, the reality on the ground has been much different.

It’s the latest downsizing for Macy’s, a once-sprawling chain that operated 870 stores as recently as 2019, including 643 Macy’s locations.

The move also comes less than one month into the tenure of Macy’s new chief executive, Tony Spring, who took the helm following a four-decade career holding executive positions at Bloomingdale’s.
Not only has Bidenomics hurt Macy’s, but progressive policies in many locations, especially California, have also taken a serious toll on the company’s profitability. The Union Square loss is yet another blow for the once-wonderful metropolis of San Francisco, now a shell of itself under the regime of Gov. Gavin Newsom and Mayor London Breed:

Rep. Kevin Kiley (R-CA) warns that this is what Golden State "leaders" envision for the rest of the country:

But it’s not only California that will be affected – outlets will be closing nationwide including in states like Hawaii, Florida, and Virginia.

To be fair, it’s not only Gavin Newsom and Joe Biden who have made life difficult for Macy’s – the explosive growth of online shopping and the devastating effects of the COVID pandemic also played a role. However, the general soft-on-crime approach favored by Democrats and progressives has clearly taken its toll:

For now, at least, the retailer will be holding on to its massive store in Herald Square, Manhattan.

"Herald Square is the definition of Macy's. It's our flagship. It's iconic. It's an entire city block. As it goes, so does New York City," [new CEO Tony] Spring told Yahoo Finance over the phone. "We want this store to be successful and vibrant."

What the future holds for brick-and-mortar retail is anyone's guess. We can be sure however that crushing inflation and rampant crime certainly aren't making the lives of retailers any easier, and you'll likely be seeing some big-box stores closing in your town soon too.

if capitalism is truly the motivator, that service center will die a slow and painful one...













y'all ain' seen shite, yet!