“We Are Seeing A Non-Spending Tsunami”: Largest French Retailer Warns Consumers Forced To Make “Massive Spending Cuts” On Essentials
Living in the US has become a full blown paradox: courtesy of Brandonomics, the worse the economy gets, the more praise the incompetent administration demands. Indeed, while most middle-class Americans are gradually and painfully realizing that inflation is never going to go back to pre-covid levels, and in fact in absolute terms it will hit new record highs every month until the economy and markets crash in a second great depression.
Meanwhile, as we reported earlier, “Poor Americans Skip Meals, Can’t Afford Power Bills, Miss Rent Payments, In Era Of ‘Bidenomics’.” So there’s that. But that’s not to say that things are better elsewhere.
Yes, while the US is sliding fast toward terminal socialist (and communist-cum-klepto-fascist according to some) collapse, the socialist paradise that is France is already there, and has the receipts to prove it.
According to the CEO of the largest French supermarket chain, Carrefour, high prices have forced consumers to make “massive cuts” to spending on essential goods, and urged the government to delay a law putting a cap on promotions retailers can offer.
Le Maire in March secured pledges from 75 food producers to cut prices on hundreds of products, but a junior minister last month said that only about 40 had made good on their promise. On Tuesday, Le Maire vowed to step up pressure on retailers and producers to accelerate price cuts.
“We are on the right track,” he said. “Prices are now falling because we have intervened, because we put pressure on retailers and producers and because we will continue to do so.”
“I am meeting retailers tomorrow and the producers the day after tomorrow … with one objective: accelerate the fall of prices.”
Le Maire said he would ask them to widen the range of products on which prices can be cut, and also said he wanted more producers to play ball.
“There are 35 today. I think we can have more producers joining us in this fight against the high cost of living,” he said.