[Elsie]

A staggering percentage of Americans are too poor to shop

I'd bet good money that every dollar that is paid in wages will be SPENT somewhere!

[Mr. Jeeves]

A lot of our current retail infrastructure was built out due to the "wealth effect" of rising real estate prices a decade ago. People had no mental problem spending $400 for a kitschy glass coffee table sculpture from Thailand when their house prices were going up by $5,000/week.

That economic engine has stalled out, but the retail infrastructure is still there, cannibalizing itself with huge discounts and trying to make it by selling $39 kitschy glass coffee table sculptures from Indonesia. A 40-50% contraction is in order.