Wal-Mart: Our Shoppers Are Getting Hit Hard by High Gas Prices

Doesn't look like we'll have another "recovery summer":

Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.

"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."

Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.

Lately, they're "running out of money" at a faster clip, he said.

Wal-Mart's ready to do battle on prices
"Purchases are really dropping off by the end of the month even more than last year," Duke said. "This end-of-month [purchases] cycle is growing to be a concern.

I know how they feel. Last night I spent over $42 for less than 10 gallons of gas.  I never used to spend more than $25 to fill up the PT Cruiser.  Add to that the higher cost of food and just about everything else that is transported by truck, train, ship, or airplane that burns oil products, and we have the set-up for a new economic collapse.

Another sign of impending economic hardship - dry cleaners.  A local dry cleaner just went out of business because fewer people are spending money on dry cleaning services.  Dry cleaning has become a luxury.  When I drove around a bit to look for another cleaners I passed another shop that had also closed.

Things are not getting better.  But Obama supporters are throwing money at him to reward him for all his good work.