The real political divide in America is between the people and our rulers.
Tuesday, February 11, 2014
Who Owns Target Stores?
and Obama's state-run economy continues its downward spiral. To
virtually no media coverage, the Wall Street Journal and Heritage
Foundation released their 2014 Index of Economic Freedom, and for the first time, the US has fallen out of the top ten to twelfth.
This is scandalous. Our American forefathers practically invented
economic freedom. Because of the tremendous economic freedom Americans
enjoyed for most of American history, America became the greatest
economy in the world. Economic freedom lifted more people out of poverty
than any system known. Now we're squandering it by allowing our rulers
to force fascism and socialism on us. Canada and Estonia are more
economically free than the US.
most Americans don't notice these things. Unless they or somebody they
know is directly affected, these economic problems are invisible, but
CNBC reports on a tsunami of retail store closings that will be visible to pretty much every American, "On Tuesday, Sears
said that it will shutter its flagship store in downtown Chicago in
April. It's the latest of about 300 store closures in the U.S. that
Sears has made since 2010. The news follows announcements earlier this
month of multiple store closings from major department stores J.C. Penney and Macy's.
... In addition to J.C. Penney—which announced last week that it will
close 33 stores—there are about a dozen retailers that still have too
many stores, [analyst] Sozzi said. Among them: American Eagle, which needs to move some of its aerie lingerie locations into its main stores; Aéropostale, which is on track to close 175 stores over the next few years; and Wal-Mart, which has about 100 stores in the U.S. producing same-store sales declines deeper than 3 percent, Sozzi said." Like the good propagandist it is, CNBC blames online purchases for the closings, but the real reason is our declining economy.
suffers from our declining economy like other retailers, and Target's
plan to shut its Trotwood store - part of its plan to close twelve stores and open ten new ones
- has Trotwood's rulers and the National Association for the
Advancement of Colored People (NAACP) wanting to exercise ownership
control over that store. Dayton Unit NAACP President Derrick Foward is unhappy Target didn't inform Trotwood's rulers of declining revenue. The Dayton Daily News reports
he was unhappy with Target's response when he asked why, "All they can
say is, 'we're sorry.' I can tell you that's not good enough ... At the
end of the day, it's about the community. Corporate responsibility." On
the contrary, Target has no corporate duty to lose money in Trotwood,
nor does Target answer to Trotwood's rulers. Its managers answer to its
board of directors. Their fiduciary responsibility is to Target's
stockholders. If Foward wants a say in Target's decisions, he can buy
Target stock. He can run for Target's board. That's the only way he
should have a say.
prefers to pressure government to use its power of coercion to force
Target to obey him. The DDN documents Foward's threat, "Foward said the
NAACP will monitor developments whether Target moves down the road to
Clayton or Englewood. 'The NAACP is going to have a huge problem with that,' he said."
consider tax incentives an issue too, "City Manager Mike Lucking said
Target received a 15-year tax abatement worth $1.2 million. 'That's
money that would normally go to the schools, go toward city services,'
Lucking said. 'That's money they realize they benefited from ...
Basically at the end of their abatement, they're moving out of town.'"
If true, that would make perfect sense. With revenue declining, Target
could hardly afford an expense increase due to higher taxes. If
Trotwood's rulers really wanted to keep the store, they could offer to
forego all taxes. I doubt they'll offer that though. They prefer to make
Target the bad guy even though they're stealing Target's money.
rulers' greedy looting programs - increases in spending, regulation and
taxes by local, state and federal governments including the Fed's
printing of money - are dragging our economy off a cliff. The tsunami of
retail closings is the next phase of the collapse. The malls are emptying. The mother of all busts is coming. The only way to turn it around is to stop the looting so producers can begin creating wealth and advancing civilization again.