What is Different this Time?

Rob Parenteau, CFA, is sole propreitor of MacroStrategy Edge, editor of the Richebacher Letter, and a research assistant with the Levy Institute of Economics Retail sales remained fairly stable from January through May in dollar level terms. That is generally not what a debt deflation looks like, nor is it what a recovery looks like. A recovery requires rising retail sales, not stagnant retail sales. We suspect the fiscal stimulus is just offsetting the deflationary pressures that were unleas