How bad is the economy under Joe Biden?
Inflation is so severe that Dollar Tree stores, famous for their one dollar items, are now going to start charging more than a dollar for some products.
Who does this hurt the most? Working class people and the poor.
The Associated Press reports:
Dollar Tree breaks the $1 barrier as costs take a bite
Dollar Tree embedded in its very name what it stands for: Behind these doors, everything can be had for just $1.
The mantra to which the Chesapeake, Virginia, company has held true for decades will now be only mostly true.
After expanding nationwide from only a handful of stores in Georgia, Tennessee and Virginia, Dollar Tree is breaking the mold and will sell items in some locations that exceed the tantalizing $1 grab-n-go price.
The cost of clothes, cars, food and just about everything else has soared this year as the global economy emerges from a pandemic uppercut and Dollar Tree has not been untouched.
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Last month the retail chain said that rising shipping costs would take a bite of $1.50 to $1.60 out of its per-share profits this year. That’s a huge hit for any business, perhaps more so for one founded decades ago steadfastly calling itself “Only $1.00 Inc.”
“For decades, our customers have enjoyed the ‘thrill-of-the-hunt’ for value at one dollar – and we remain committed to that core proposition – but many are telling us that they also want a broader product assortment when they come to shop,” said CEO Michael Witynski in a prepared statement.
Biden has only been president for nine months.
Dollar Tree – a company whose entire brand is based on every item priced $1 or less – announced they're raising prices above $1 on "selected items" at all stores (not just DT Plus).
If you don't see that inflation is embedded in general prices, you're just not paying attention. pic.twitter.com/REmGltjplZ
— Ben Hunt (@EpsilonTheory) September 29, 2021
How much worse will things look a year from now?
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