A routine visit to a local shopping center brought gave me an "up close" view of what the Great Republican Depression is going to look like.
Like most teachers, there's usually something I need to pick up from the store for the upcoming week's lessons. Today I went to a local "town center" style mall near me to pick up some push pins, copier paper and new dry erase markers. As I pulled into the parking lot along one edge of the mall area, I was given an up close preview of the coming Republican Great Depression II.
There are three "big box" format stores in this section of the mall. Circuit City, DSW (Designer Shoe Warehouse and Office Depot). Over the last seven years I've bought things at all three of these store on a regular basis. As a teacher, the store I spent the most time and money in was Office Depot.
Today I saw the large "Going Out of Business" banner on all the Circuit City windows, but was prepared for that. What shocked me was the "Closing Forever" sign at the Office depot store. This was a store that ALWAYS had customers whenever I went in. Today the shelves were almost empty and a handful of customers were picking up the 50% to 70% off bargains that were still left. I don't remember seeing an announcement about Office Depot closing stores and laying off workers.
Depressing as that was, the handful of cars in the lot and the few customers I saw entering DSW probably means that store probably won't be open much longer either. If that comes to pass that entire section of the mall will be vacant. A couple of hundred unemployed workers with no health care and no way to pay their mortgages or bills. Some more home foreclosures and lost property taxes. How long until the commercial foreclosures start? What about the reduced state and local tax revenues?
When the economists talk about a a deflationary "death spiral", I think I just saw the preview today. This is going to get very ugly, very quickly. If you are a Republican member of Congress voting against the Stimulus package, I suggest you contact Blackwater now about securing some personal protection, because in a few months there won't be enough guards available to protect you from your own constituents!
Update :
After several thoughtful suggestions and in keeping with American's love of sequels, I've decided to go with Republican Great Depression II or RGD II.