Biden’s economic policies are strangling this chain store to death

Bing Image Creator, Public domain, via Wikimedia Commons

“Bidenomics” has been a complete failure.

Shoppers see through the media propaganda talking points when they go to the grocery store.

And Biden’s economic policies are strangling this chain store to death.

The folly of Bidenomics

Joe Biden’s reckless spending played a significant role in the rate of inflation hitting its highest mark since 1982.

Economists have argued that the actual inflation number is much higher because the government is not using the same Consumer Price Index (CPI) as a barometer.

For example, the CPI is measured by how much a basket of goods costs, but the goods that are included can be switched out arbitrarily.

So the CPI can be massaged to make inflation look better than it actually is.

While the rate of inflation has slowed down, it is still above the target rate of 2%, and the price increases have been baked into the cake.

High inflation leads to increased unemployment, but the Biden administration has attempted to counteract that trend with massive amounts of illegal immigration into the country in order to exploit low-skilled labor.

Despite these machinations, businesses are still struggling because of inflation.

That’s why Walgreens announced that it was closing over 2,000 stores nationwide.

CBS News reported that “Walgreens Boots Alliance will close a significant portion of its roughly 8,600 U.S. stores as the pharmacy chain seeks to turn around its struggling business, which has been hit by inflation-weary customers paring their spending.”

Company CEO Tim Wentworth told investors on an earnings call, “The current pharmacy model is not sustainable. . .Changes are imminent.”

Due to inflation, shoppers are “increasingly selective and price sensitive on their selections,” according to Wentworth.

Inflation has forced consumers to scale back across the board.

Even fast food restaurants, typically a low-cost alternative, are seeing a reduction in customers.

Neil Saunders, managing director of GlobalData, argued, “Walgreens does itself no favors in this environment by having a lackluster proposition and broadly uncompetitive prices compared to mass merchants. . .It is no good executing selective promotions, which the chain did over the past quarter, there needs to be a more fundamental overhaul of the retail offer.”

Rampant shoplifting

In addition to inflation, Walgreens and other stores have been susceptible to massive amounts of shoplifting and organized retail theft in blue cities.

Some stores have had to resort to putting virtually all of their products in locked cabinets or jewel cases.

Shoplifters are even using blow torches to steal locked up items.

The landscape of the pharmacy business has also changed.

CBS News added that “Pharmacies — both independent locations and retail chains — are closing around the country amid low reimbursement rates for pharmacy care as well as low dispensing fees for Medicaid enrollees.”

“The playbook is a bit dated,” added Wentworth.

This is one of the consequences of bad economic policy.

Stay tuned to Unmuzzled News for any updates to this ongoing story.

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