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IPFS News Link • Business/ Commerce

Walmart, Target Unleash Price-Cut Tsunami As Working-Poor Hit Brick-Wall

•, By Tyler Durden

These consumers have maxed out credit card debt and drained personal savings to dangerously low levels in the era of failed Bidenomics. This also comes after an underwhelming April retail sales report and several notes from Goldman warning about faltering low-income consumers:

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On Monday, Target announced, "It will lower everyday regular prices on approximately 5,000 frequently shopped items across its assortment. The retailer has just reduced prices on about 1,500 items, with thousands more price cuts planned to take effect over the course of the summer."

"Consumers will enjoy savings on everyday items such as milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more," the retailer said.

One can't help but ask what influence (if any) the Biden administration had in potentially pressuring Target to lower prices. Food inflation is crushing the working poor, as Democrats are begging the president to lower prices by executive fiat.

It wasn't just Target rolling back prices. Walmart, America's largest retailer, told analysts on an earnings call last week that it had begun reducing prices of grocery items.

John Furner, Walmart US' chief executive, said stores have already issued 7,000 rollbacks. This move is intended to boost food sales in the second half of the year and prevent low-income consumers from trading down to Dollar Generals.