2011 Store Closures & Another Debt Ceiling Hike

Well, it is time to raise the debt ceiling again.  Right now we are about to hit the current limit of $15.194 trillion and the Obama administration is going to ask that it be raised by another 1.2 trillion dollars.  Unfortunately, Congress has already promised not to stand in the way, and so soon the debt limit will be raised to a staggering $16.394 trillion.  Considering how much debt we have already placed on the backs of future generations, what is another 1.2 trillion dollars?  After all, if we are going to sell our children and our grandchildren into debt slavery, we might as well go all the way, right?  Such is the thinking in “the Obama Nation”.  During “the Obama Nation”, the federal government has already accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.  Of course the Bush administration was nearly as bad at piling up government debt.  Between Bush and Obama (with a big helping hand from the Federal Reserve), they have done a pretty good job of wiping out the financial future of the United States.  If there are future generations of Americans, they will look back and curse those that did this to them.  It is absolutely immoral to steal trillions of dollars from future generations.  Unfortunately, there are very, very few members of Congress that are even objecting to this madness.

Today, more debt just seems to be the answer to everything.  The truth is that debt is not just a government problem.  We are a nation that is addicted to debt.

As of October, total consumer credit in the United States had increased for 12 of the past 13 months.  We simply have not learned the lessons of the past and we are making the same mistakes all over again.

We are living in the greatest debt bubble in the history of the world, and this false prosperity that we are enjoying is simply not sustainable.

But even in the midst of this false prosperity we are seeing a huge number of store closings.

For example, it was just announced that Sears has decided to close between 100 and 120 Sears and Kmart stores.

Once upon a time, Sears was the dominant force in the retail industry, but those days are long gone.  Sears stock has declined more than 45 percent so far this year, and many are wondering how long the company is going to be able to survive.

And there have been other high profile store closings announced during this holiday season as well.  A while back it was announced that all Syms stores and all Filene’s Basement stores will be closing.

Will we all eventually be relegated to shopping only at Wal-Mart?

In the middle of this “economic recovery” that Obama keeps talking about a staggering number of retail stores are closing up shop.  The following is a list of store closings in 2011 that I recently found.  The first number represents the total number of stores being closed for each chain….

  • 405 Blockbuster
  • 633 Borders
  • 200 GameStop
  • 189 Gap
  • 160 f.y.e.
  • 117 Anchor Blue
  • 117 Foot Locker
  • 100 Talbot’s
  • 71 A.J. Wright
  • 69 Metropark
  • 63 Friendly’s
  • 60 Rite Aid
  • 52 Destination Maternity
  • 50 Abercrombie & Fitch
  • 50 Hot Topic
  • 45 Big Lots
  • 45 Family Dollar
  • 43 Select Comfort
  • 43 Sonic Drive-In
  • 35 Denny’s
  • 32 Great Atlantic and Pacific Tea Company, Inc. (SuperFresh, Pathmark Super Market)
  • 30 Ultimate Electronics
  • 28 Dominos Pizza stores
  • 25 Superfresh (Great Atlantic & Pacific Tea Company)
  • 20 Lowe’s

Sadly, it looks like things are going to get even worse next year.  One consulting firm is projecting that there will be…

READ THE WHOLE STORY HERE

Bryce Shonka is Liberty Voice's new Editor and also serves as the Deputy Director for Tenth Amendment Center. He is happy to be producing content for a new audience and from a new place (Seattle, WA).

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