Happy New Year, one percenters | Arkansas Blog

Wednesday, February 22, 2012

Happy New Year, one percenters

Posted By on Wed, Feb 22, 2012 at 7:25 AM

The roundup of retailers' sales results in January pretty well tells the story of where the U.S. and its people are today.

High-end stores — think Saks — did great. Retailers catering to cost-conscious lower income people — think Walmart and Home Depot — didn't do so well.

Walmart has been holding down prices to get customers to spend. “We’ve seen the unemployment numbers come down a little bit, and that’s really good, but that hasn’t stopped the paycheck cycle,” said Charles M. Holley Jr., Walmart’s chief financial officer, referring to customers spending paycheck-to-paycheck.

Please note the word "paycheck." These are working people, scraping by, whose payroll tax deductions alone (but for the temporary reductions that President Obama had to fight to extend) put their effective tax rates up near those of billionaires whose earnings come from tax-exempt investments, capital gains and other favored revenue streams, as opposed to actual labor.

Tags: , , , , ,

From the ArkTimes store


Comments (18)

Showing 1-18 of 18

Add a comment

Subscribe to this thread:
Showing 1-18 of 18

Add a comment

More by Max Brantley

Readers also liked…

  • Satanic Temple: Make Rapert pay for Ten Commandments monument

    A petition drive has begun to encourage a demand that Sen. Jason Rapert pay for the legal fees in defending his Ten Commandments monument proposed for the state Capitol grounds. It's more work by the Satanic Temple, which has fought church-state entanglement around the country.
    • Aug 28, 2016
  • Speaking of the Clinton Foundation: Returns in maize and beans

    A reporter for Politifact, the Pulitzer Prize-winning fact-checking organization, sent a reporter to Africa to see where money given to the Clinton Foundation has been put to work. He found tangible results.
    • Sep 6, 2016
  • A response to police arrests becomes a tutorial on race, class and policing in Little Rock

    John Walker, the 79-year-old civil rights lawyer, and his associate, Omavi Shukur, 29, a young lawyer devoted to criminal justice reform, talked to press this afternoon about their arrests Monday by Little Rock police for supposedly obstructing governmental operations in observing and attempting to film a routine police traffic stop. It was a tutorial on sharp views of race, class and governance in Little Rock.
    • Sep 29, 2016

Most Shared

Most Viewed

Most Recent Comments


© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation