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Uncle Sam’s Tab

Summary:
June retail sales allegedly rose at a booming 15.6% year-over-year rate, thereby reminding us once again that just because you can look it up on Bloomberg doesn’t make it true. Actually, inflation-adjusted retail sales have fallen at a 13.5% annual rate since the March peak. Then again, the March peak was an out-of-this-world aberration that […]

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June retail sales allegedly rose at a booming 15.6% year-over-year rate, thereby reminding us once again that just because you can look it up on Bloomberg doesn’t make it true. Actually, inflation-adjusted retail sales have fallen at a 13.5% annual rate since the March peak. Then again, the March peak was an out-of-this-world aberration that […]
David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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