The Economy Is Okay?! U.S. Retail Store Closings Hit New Record High As West Coast Homelessness Soars

Tyler Durden's picture

Authored by Michael Snyder via The Economic Collapse blog,

If the U.S. economy is doing just fine, why have we already shattered the all-time record for retail store closings in a single year? 

Whenever I write about our “retail apocalypse”, many try to counter my arguments by pointing out the growing dominance of Amazon And I certainly can’t deny that online shopping is on the rise, but it still accounts for less than 10 percent of total U.S. retail sales.  No, something bigger is happening in our economy, and it isn’t receiving nearly enough attention from the mainstream media.

Back in 2008, a plummeting economy absolutely devastated retailers and it resulted in an all-time record of 6,163 retail stores being closed that year.

So far in 2017, over 6,700 stores have been shut down and we still have nearly two months to go!  The following comes from CNN

More store closings have been announced in 2017 than any other year on record.

 

Since January 1, retailers have announced plans to shutter more than 6,700 stores in the U.S., according to Fung Global Retail & Technology, a retail think tank.

 

That beats the previous all-time high of 6,163 store closings, which hit in 2008 amid the financial meltdown, according to Credit Suisse (CS).

Just within the last week, we have learned that Sears is closing down another 60 stores, and Walgreens announced that it intends to close approximately 600 locations.

Overall, about 300 retailers have declared bankruptcy so far in 2017, and we are on pace to lose over 147 million square feet of retail space by the end of the year.

Oh, but it is all Amazon’s fault, right?

Meanwhile, mainstream news outlets are reporting that homelessness is “exploding” out on the west coast.

For instance, we are being told that there are “400 unauthorized tent camps” in the city of Seattle alone

Housing prices are soaring here thanks to the tech industry, but the boom comes with a consequence: A surge in homelessness marked by 400 unauthorized tent camps in parks, under bridges, on freeway medians and along busy sidewalks. The liberal city is trying to figure out what to do.

But I thought that the Seattle economy was doing so well.

I guess not.

Down in San Diego, they are actually scrubbing the sidewalks with bleach because the growing homeless population is spreading hepatitis A everywhere…

San Diego now scrubs its sidewalks with bleach to counter a deadly hepatitis A outbreak. In Anaheim, 400 people sleep along a bike path in the shadow of Angel Stadium. Organizers in Portland lit incense at an outdoor food festival to cover up the stench of urine in a parking lot where vendors set up shop.

Over the past two years, “at least 10 cities or municipal regions in California, Oregon and Washington” have declared a state of emergency because homelessness has gotten so far out of control.

Does that sound like a healthy economy to you?

The truth is that the financial markets have been doing great since the last financial crisis, but the real economy has never really recovered in any sort of meaningful way.

With each passing day, more Americans fall out of the middle class, and the homeless populations in major cities all over the nation continue to grow.

We truly are in the midst of a long-term economic collapse, and if we don’t find a way to fix things our problems will just continue to accelerate.

So don’t be fooled by the mainstream media.  They may be trying to convince you that everything is just wonderful, but that is not the reality that most people are facing at all.

*  *  *

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.

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freedom1798's picture

The Chinese are buying up many of the houses on the West Coast and will pay pretty much any price.  This drives out American buyers and forces them to rent, which drives up rents.   If we had a government which gave a damn about the American people, all foreign purchases of housing would be banned, and all Chinese who came here in the last twenty years would be deported.   As it is, the situation will just get worse.

just the tip's picture

i've still not figured out. why, if things are so rosy in the utopia of china, when people are able to do so, they leave for the hellhole that is the US.

Anteater's picture

Ivanka wore a $1939 outfit for her debut in Asia.

Chinese love that shit. A real woman of the People.

The Chosen People! The Makers!! The MAGAN!!

Xena fobe's picture

Mainly for free shit.  Medicare and SS, free college (California).  Many Importers.   Exporters. Individuals making a living buying luxury goods here for resale in China where prices are higher.  Some are govt agents posing as immigrants.  They send their agents to colonize by buying RE from idiot baby boomers. Easy to start cash only mom and pop businesses providing services for other Chinese.  Their US based settlements are self contained economies. 

duo's picture

It was the best of times, it was the worst of times...

JohnG's picture

It can always get worser.

And it will.

MuffDiver69's picture

Good god man..Homeless and Republican President is the playbook dweeb...Retail thinning out is like a whore with vaginal sores...

Ben A Drill's picture

Cardboard signs on every off ramp, cardboard signs in most parking lots. Cardboard signs at Costco coming and going. Can’t have a smoke break without someone asking for a cigarette.

Tents put up off of off ramps. People begging. Most look like they are able to hold a job. Seems they choose not to because of drugs and booze.

Or maybe they are acting to make a quick buck.

I don’t care about them. I drive to work. I work. I go home. I’m tired, fed up, and getting older every day.

I do not give out free handouts to anyone.

People that beg are lazy. I don’t care about your life story. I just don’t care anymore. People that get food stamps are lazy. Stop playing the system and be responsible.

shovelhead's picture

At least in California you can buy a bag of oranges from Jesus to throw at the rest of the bums.

Hit 4 in a row and make a base. 3 misses and your out.

gilhgvc's picture

you know times are bad when the son of god resorts to selling produce

just the tip's picture

nice rant.

no.  really.  it is.

there's just one thing in think you left out.  the first line should read:  Dear Lloyd and Jamie,.

SilverDOG's picture

With 94,500,000 people out of the work force...

Whatcha gonna due ?

 

Note: US population 323,000,000.

So 29%+ unemployed and times are GGRRREEAATT ! 

 

Scornd's picture

those are real bums. this article is about normal people with jobs and no welfare being priced out of shelter. read asshole

Late onset ADHD's picture

"If Trump is still POTUS when the "market" corrects, he will almost certainly be blamed"...

that's an historical factual reality... whomever is sitting in the chair @ 1600 Pennsylvania Ave. at these times gets the blame... it's not fair - just true...

buzzsaw99's picture

it damn sure is fair.  the market is rigged.  if the market goes down it isn't some random event, somebody is slacking off on the rigging that's all.

just the tip's picture

so.  according to you, all the people in the market are sailors.  because that's what sailors do.  right?   adjust the rigging.

some of this shit is actually starting to make sense now!!!!!!!!

SilverDOG's picture

There is no rigging, banks are buying staawwwkss.

Banks are spending billions upon billions on staawwwkss.

No rigging, just buy buy BUY !

Late onset ADHD's picture

disagree... fair has nothing to do with it... if the attribution were even possible or provable - blame the riggers...

Give Me Some Truth's picture

I was wondering if ZH was going to pick up on that story about homelessness exploding in the Western states. And I think that original story was written by a MSM paper. Lots of people living in their cars. I've heard anecdotes about that and the large numbers that can be found sleeping at rest areas on highways.

The truth about the real state of the economy is not hard to find.

BTW, I just returned from the grocery store. It seems to me that the price of just about everything in Publix was a good bit higher than last time I shopped there several months ago. 

Two eye-catchers: bacon and light bulbs.

Even canned veggies are up a good bit.

But we are told there is no inflation.

 

pynky01's picture

...their is no inflation...because social security increases are based on inflation... it is the law the guvmint is getting around...just another lie ... move on... 

William Dorritt's picture

Gas jumped something like 30 cents in Chicago overnight....

BendTheFed's picture

How does one BIG SHORT retail?

buzzsaw99's picture

one does not simply

short a rigged market

pynky01's picture

...attention west coasters... the chickens I mean homeless are coming to roost in a hood near you ... and take advantage of the social benefit largess (offer lots of free stuff, tell them it is not their fault(Trump did it) and they will come)... like in Europe the system suckers are heading for Germany and the UK.. ie they follow the money...

this is just not a bunch of unemployed managers and clerks... these are permanent street dwellers from all over the country ...

the article says the libtards are trying to figure out what to do... ALERT ALERT...I have a solution... all the demoncrats take one homeless person home with you ... you care so much dont let this crisis go to waste...show your blue card and do some virtue signalling at the same time... thank you from the rest of us ...

Scornd's picture

most of us are poor because we are not on handouts, genius. we still jave jobs and more honor than the tax paying fool.

8iron's picture

You're a Republican and write what is basically a brain-dead liberal economic piece?  WTF?

- The US is massively over-retailed due to cheap ass capital (Fed, EU NIRP and Chinese gazillionaires who know Communists will just take your $$, freely.  Ah, and look what just happened in SA this week...).  We have laws...for little people, not Democrats, but someone follows them.

- Tent Cities.  Dirty little fact---the WC liberals WANT the homeless tent dwellers (Lords need Surfs) to pick up their dog's shit and park their cars, else they would ENFORCE on-the-books squatters laws and these ppl would move.  But then, who will make my $6 fucking Latte?   You can get an apt in Omaha NE for $400/mo...$10 hr job easily covers...like 0% unemployment.

- Sears?  Fucking Sears as an example of retail collapse.  Holy shit dude.  Welcome to 2017...Sears has been 20+ yrs in deciine.

ug's picture

And half the Country is screaming "Kick em while they're down"

shovelhead's picture

I know.

Don't you hate Democrats?

Blankfuck's picture

The FED RESERVE FUCKERS ARE HERE TO PLEASE, NO WORRY TO THE BANKER FUCKERS AND ELITE FRIENDS. please calm down!

gilhgvc's picture

LIVIN IN A VAN, DOWN BY THE RIVER!

gilhgvc's picture

as long as the homeless are liberals...it's all roses

silverer's picture

You just don't understand the meaning of the term "success". Success, according to Democrats, is when the politicians finally pry every single nickel away from the citizens of the country and have all the money that's ever been minted under their personal control. That's how a Democrat defines success.

RedBaron616's picture

Let me know when the GOP is ready to give back my last nickel. Seems they love to spend just as much as the Dems. Weren't they the ones crying about the Deficits and the National Debt when they were in the minority? Funny how that works. A curse on BOTH their houses.

SilverDOG's picture

The success is when those who own the banks and the politicians make you believe the politicians are in control

 

They are not.

ToSoft4Truth's picture

Here in Michigan the state pays for a Canadian Goose relocation program.  Grown white men catch geese, take them 50 miles away from the spot they were caught then release them into the wild. 

 

Kill the geese and cook them for the homeless. 

Anteater's picture

When the last Petco closes, and pet shelters are empty

and nobody is walking their dog, because they just made

stew from them, that will be the signal to sell your SPY.

If you haven't had dried and smoked dog jerky, it's bmob!

 

Deplorable's picture

my neighborhood is infested with retirees walking their dogs with beers in their hands.

Taking their next meal out for some excercise.

Scornd's picture

gobbels:

this is not starvation. starvation is when mothers are forced to eat their infants.

CANT HAPPEN HERE, RIGHT?

it only takes
21 days of no food for this to happen.

Xena fobe's picture

Just do not eat the cats.

Let it Go's picture

Fear not, under the category of, "Whats happening in real estate" the city where I live has announced another incestuous boondoggle to be built using government money in an area where few people want to live. Let me be clear, these are not "plain Jane" in nature but an "over the top" effort to build an expensive monument to "affordable housing" that can act as a model for other communities. This is a cutting-edge experiment so inclusive that it even provides an electric car sharing program for residents. Details in the following link.

 http://brucewilds.blogspot.com/2017/10/city-boast-of-constructing-another.html

Xena fobe's picture

Publc/private partnerships, the worst of both worlds.  They magnify each other's corruption exponentially.

TheVigilant1's picture

Does anyone else notice the only time we hear the word homeless is when there is a republican in the Oval Office ?

RedBaron616's picture

You mean the bums that would rather hold up a sign for work instead of actually going to look for it?

Scornd's picture

no thats a real
bum. this article is about the "working poor". normal people who fall between the cracks and pretty much the entire middle class
because credit, is debt.

Kprime's picture

when demo's are in office they are know as voting booth recruits; each with multiple identities.

USofAzzDownWeGo's picture

It's because they threw up way too many fucking businesses. Seriously, how many fucking Kohls, JCP, Macys, Nordstrom, Belks does there have to be .... all right next to each other? And how many fucking Lowes and Home Depots do we really need? One of each in every town? It's because we overbuilt a bunch of useless bullshit. 

JailBanksters's picture

The DOW's Up, the Economy is fine, everything is honkey donkey

 

just the tip's picture

FFS.  it's honky dory.  everything is, honky dory.  everything is ok.

FFS honkey donkey?  RUFKM  i'm laughing so hard at your stupid ass.

oops.  did i just call your donkey a stupid ass?

https://www.urbandictionary.com/define.php?term=honky%20dory

uhland62's picture

The DOW comes from Rupert Murdoch's WSJ, not really trustworthy. And then there's the overvaluations in relation to the yields. Scary.

RedBaron616's picture

Just because there are bums in California, okay politically correct homeless, that need bleach doesn't mean the sky is falling. The clothing chains that are closing at the ones that aren't keeping up with the latest trends. Too many clothing stores take forever to update their looks and that is costing them dearly. There are also lots of women clothing websites, not not Amazon. As a guy, I buy more of my clothing online. I can find American-made jeans, American-made dress shirts, etc. which are things I would NEVER see in a local retail store. Not to mention that the  traffic lights aren't properly set up, so who wants to spend 45 minutes getting to the shopping area and 45 minutes back? If the local retail shops want business, lobby to have the traffic lights coordinated better!