He went on to talk about the growth of private-sector jobs and the falling unemployment rate.
Unfortunately, the economy is not all roses, rainbows and unicorns, as Obama would have us believe, but is instead stagnant –at best — and still struggling to recover from the effects of the 2008 financial crisis.
This is no more evidenced than by the recent announcement that Walmart, the largest private employer in the United States, is preparing to close hundreds of stores and potentially lay off thousands of workers, according to the Associated Press.
The retail giant is set to shut down some 269 stores, 154 of which are located in the U.S., though that number is but a fraction of their more than 11,000 stores worldwide.
Nearly all of the stores to be closed in the U.S. were within 10 miles of another Walmart location, and the retailer has claimed that it will do its best to relocate employees to nearby stores.
The announcement followed close on the heels of a statement from Macy’s that it would also be closing a number of locations.
Walmart employs more than 2.2 million people worldwide, more than half of them in its 4,500-plus U.S. locations.
Most of the stores set to be closed are of the Walmart Express variety, a largely failed venture into the convenience retail market that never really caught on.
Obama may claim that the economy is all peachy keen, but a retail giant closing hundreds of stores and aglobal stock market in disarray tell a completely different tale.
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