As the Economy’s Wheels Wobble, Economists Speak Gleefully About How Great Everything Is

By Robert L. Cain, Copyright 2022 Cain Publications, Inc.

Retail sales beat inflation for the fourth straight month the Commerce Department reported in April. The gleeful report is wishing thinking at best, misleads at worse and misinforms at worst. Sure retail sales are higher than last year, but why they are makes for a worrisome picture. For example, Walmart reported that customers favor lower-cost store brands of lunch meat over the higher-priced national brands and buy…