Initial U.S. retail sales figures released on Wednesday showed sales growth for the holiday season was the worst since 2008.
According to MasterCard SpendingPulse, holiday sales posted a paltry 0.7% increase against expectations of a 3-4% gain. That’s below the same period last year when sales grew at a 2% pace.
Analysts looking for a convenient excuse have been quick to blame Hurricane Sandy. But in reality, there’s something else much bigger at work here.
That’s why I’m a…