
According to John Williams at ShadowStats, inflation-adjusted retail sales have receded to the level of 2000. The first decade of the 21st century has been repealed. This follows data I've previously posted that all American jobs created in this decade have been lost, and all income advances in the decade for 80% of Americans have been lost as well. As I've posted before, we're trapped in the Time Machine and it's stuck in reverse!
Also, this tidbit from a recent interview with Paul Craig Roberts: New York City's Fifth Avenue, the world's prime retail space, has a 15.3% vacancy rate! This in an economy that until recently was 70% devoted to consumption and retail sales.
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