I see the huge MSM headline that retail sales SURGED in February. Glory be to the father, the economy is saved. One little tiny itsy bitsy problem. The SURGE was due to gasoline prices going up 15% and you having to spend gobs more money filling your gas tank. But that doesn’t make a good headline. Here is a link to the retail report:
Here are my observations:
- “Adjusted” retail sales rose by $4.4 billion, but unadjusted sales FELL by $1.4 billion. Gotta love those government “adjustments”.
- Note this closely. Of the $4.4 billion SURGE in retail sales, $2.3 billion was from gasoline stations. For the math challenged morons in the MSM, that means that 52% of the increase was due to average Americans spending their hard earned wages on fuel. Thank you Ben Bernanke for that non-existent inflation.
- Another $900 million of the increase was from auto sales, which are entirely financed by cheap government debt through Ally Financial (Failed the Fed stress test) and the other criminal Wall Street banks. That accounts for another 20% of the increase.
- Grocery stores accounted for another $400 million as food prices continue to rise. That accounts for another 9%, with internet purchases increasing $600 million (14%) because people can’t afford to drive to malls anymore.
- Gas, autos, food, and internet purchases accounted for 95% of the retail sales SURGE. What a fantastic month!!!!
- Sales at furniture stores, electronics stores, sporting goods stores, and restaurants FELL, even using the good old “adjusted” government figures. This is called discretionary spending. It’s where people spend when they have something left over from trying to survive their day to day existence.
I suppose the stock market will SURGE on this wonderful data. It’s really hard to watch this propaganda machine in action when you know the truth. So it goes.