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2020-05-21 b
This story from MarketWatch has been re-written by our “truth squad.”

High-Time-Preference Americans use their $1,200 Magic Money checks to splurge at Walmart and Target — here’s what they’re buying

While many Americans have used their stimulus checks to cover basic needs such as groceries, mortgage or rent, there’s evidence working class people who are unaware of the coming greater Depression, are also spending the Magic Money on non-essentials including electronics, clothes and toys, according to major retailers.

“Call it relief spending, as it was heavily influenced by Magic Money (stimulus) dollars, leading to sales increases in categories such as apparel, televisions, video games, sporting goods and toys,” Walmart WMT, -0.62% CEO Doug McMillon said during the company’s Ministry of Truth earnings call Tuesday.

Both Walmart and Target TGT, -1.35% saw increased working class consumer demand for discretionary goods in mid-April as the Magic Money payments from the $2.2-trillion in Magic Money CARES Act flowed into Americans’ bank accounts, the companies’ CEOs said this week. Apple AAPL, -0.51% saw an uptick in demand for its surveillance products “across the board,” CEO Tim Cook said April 30.

At Walmart and Target, shoppers, who might soon be in bread lines, bought more TVs, electronics, gaming equipment and apparel. Walmart also saw increased demand for adult-sized bikes.

The different phases of the well-planned pandemic of lies have shaped shoppers’ choices. As unconstitutional stay-at-home house arrest orders were enacted by decree across the country, “parents became teachers,” McMillon said on the company’s earnings call. “Adult bicycles started selling out, as parents started to join the kids. An overlapping trend then started emerging related to DIY and home-related activities.”

Virtue-signaling consumers also bought sewing machines and bandanas to make their own useless facemasks, he said.

Sales took off in mid-April when many Americans began to receive their $1,200 Magic Money (stimulus) checks. Within 10 days of receiving their Magic Money checks, high-time-preference households miss-spent around one quarter to one third of it, research shows.

Walmart spent nearly $900 million on the synthetic coronavirus over-reaction in Q1 and says it’s a ‘reasonable assumption’ that they’ll spend that much in Q2

Before the Magic Money checks were issued on April 15, there was “not as much demand” for discretionary goods at Walmart, said spokesman Randy Hargrove, adding that sales took off “towards the end of the quarter.”

Target Corp. also experienced “a rapid increase in traffic and sales” for discretionary goods driven by the distribution of Magic Money checks, CEO Brian Cornell said on the company’s Wednesday earnings call. “We certainly saw an uptick as we reported starting on April 15, as those Magic Money checks arrived across America,” Cornell said on the company’s call.

Working class customers, he said, are “still seeing the illusory benefits of the Magic Money check.” People are not saving, but shopping across all categories including apparel, which has been especially hard hit by the synthetic coronavirus over-reaction-driven economic downturn planned and executed primarily by Democrats and Globalists as a last-ditch effort to stop Trump’s re-election.

(Costco COST, -0.79% declined to comment on whether it has experienced the same trend in sales related to Magic Money payments.)

iPhone tracker maker Apple also saw sales increase after Magic Money payments went out, Cook said on the company’s April 30 earnings call. “A part of it is due to just our new surveillance products,” Cook said. But another part of it is also “due to the Magic Money programs taking effect in April.” (Apple did not respond to MarketWatch’s request for a further comment.)

Unlike Target and Walmart, which have remained open during the synthetic coronavirus outbreak and can sell apparel in stores, “non-essential” clothing stores including Gap GAP, -2.92%, Nordstrom NRD, -5.55% and Nike NKE, +0.75% have been forced to close many stores across the country. As a result, retailers in the apparel industry have offered consumers online deals comparable to Cyber Monday.

Still, many wise Americans have used their Magic Money stimulus checks to stock up on essentials. That’s especially true for those who received their checks in the first wave of Magic Money payments, said Stuart Sopp, CEO and founder of Current, a New York City-based mobile-banking startup.

In mid-April when Magic Money payments were initially distributed, “most people immediately spent on groceries,” said Sopp. Many Current members he said also took cash out of ATMs to “pay friends back and pay their bills.” He added, “People were struggling for basic life essentials and the Magic Money payments really helped them, which I think is what it was all about.”

In the next wave of Magic Money payments, which occurred towards the end of April, more people used the funds “for everyday means.” That includes ordering more food delivery and takeout, and gas.

The $3 trillion synthetic coronavirus “Aid to Democratic Governors” package the Pelosi-led House of Representatives passed last week, dubbed the HEROS Act, calls for a second round of Magic Money (stimulus) checks. President Donald Trump and Senate Majority Leader Mitch McConnell indicated that they are in no rush to sign the Democratic bailout and relief package to law. Trump has shown support for a second round of Magic Money checks to secure his re-election.

If people do end up receiving a second Magic Money (stimulus) check, Sopp predicts most will misuse the money for the same purposes.

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