As the Biden-Harris administration marks its years in power, one word sums up the economic outlook for many Americans: disastrous. From record-high inflation to skyrocketing prices at the pump and grocery stores, their policies have led to economic turbulence that has burdened businesses and families alike.

The administration’s decisions on energy, spending, and taxation have created an environment where the cost of living is spiraling out of control, and ordinary people are feeling the pinch.

Companies across the nation are struggling to survive in this harsh economic climate. Runaway inflation, fueled by government overspending, has forced businesses to make tough decisions. For many, that means cutting costs in ways that hurt both workers and consumers.

Retailers, manufacturers, and service providers alike are trying to stay afloat as rising costs eat into profits, leaving them with no choice but to lay off employees, raise prices, or, in extreme cases, shut down altogether. One recent casualty of this economic storm? Walgreens.

From Breitbart:
National drugstore giant Walgreens will shutter some 1,200 locations over the next three years as it seeks to stem a $3 billion quarterly loss across its businesses generated by a sluggish U.S. economy.

The company forecast about 500 store closures will come in the current fiscal year and should immediately support adjusted earnings and free cash flow, AP reports.

Walgreens: A Victim of the Biden-Harris Economy

National drugstore giant Walgreens announced that it would close approximately 1,200 stores over the next three years. This drastic move comes as the company attempts to recover from a staggering $3 billion quarterly loss. These closures are the direct result of a sluggish U.S. economy, a reality that can be traced back to the Biden-Harris administration’s economic mismanagement.

Walgreens, like many other businesses, is being battered by inflation, supply chain disruptions, and declining consumer purchasing power—problems that were exacerbated by the administration’s policies.

Walgreens expects to close around 500 stores in the current fiscal year, which the company hopes will help improve its bottom line by boosting adjusted earnings and free cash flow. But there’s a catch: they haven’t revealed which stores will close, leaving employees and communities across the country in a state of uncertainty.

In an era where big-box stores are already few and far between in many areas, these closures could leave vulnerable communities even more isolated, making it harder for people to access essential medications and healthcare products.

Walgreens Scrambles for Stability

The news of Walgreens’ store closures initially caused shockwaves in the market, but some analysts were quick to put a positive spin on the situation. Michael Cherny of Leerink Partners noted that the forecast wasn’t as bad as it could have been. However, the broader picture remains bleak.

Walgreens’ stock is trading near 30-year lows, and the company has lost 65 percent of its value this year alone, making it the worst performer on the S&P 500 index. The company’s struggles are a testament to the broader economic issues plaguing the country.

Walgreens’ new CEO, Tim Wentworth, is attempting to steady the ship. Since taking the helm, he has implemented a series of changes aimed at cutting costs and streamlining operations. This includes the removal of multiple mid-level executives and a $1 billion cost-cutting program.

But even as Wentworth tries to pull Walgreens out of its financial tailspin, the company remains in a precarious position, weighed down by a combination of macroeconomic headwinds and fierce competition.

In a statement, Wentworth acknowledged that the company’s turnaround “will take time” but expressed confidence that the changes would eventually yield financial and consumer benefits.

However, for the thousands of employees who are facing potential layoffs and the millions of consumers who rely on Walgreens for everyday essentials, the future looks anything but bright.

Store Closures: A Sad Reality for Consumers

The announcement of store closures is not just a corporate strategy; it’s a sign of the times. Walgreens had over 8,000 stores in the U.S. as of August 31, but that number will soon be much lower. The closures, initially revealed in June, come as the company grapples with the harsh realities of today’s economy.

With fewer locations, consumers will have fewer options, and the effects will be felt most acutely in low-income and rural areas where access to pharmacies is already limited.

Adding to the tragedy, Walgreens’ stock, once a powerhouse on the S&P 500, is now in a free fall. It’s emblematic of what’s happening across the business landscape under the Biden-Harris administration—once-thriving companies are struggling to stay afloat while everyday Americans foot the bill.

With inflation reducing the buying power of each dollar, it’s no surprise that businesses like Walgreens are closing stores and cutting jobs just to survive.

The Bigger Picture

Walgreens’ struggle is just one piece of the puzzle. The Biden-Harris economy has created a ripple effect that’s causing pain from Wall Street to Main Street. Small businesses are going under, large corporations are shedding jobs, and the average American is working harder just to stay in place. It’s a vicious cycle, and there doesn’t appear to be an end in sight.

Consumers are left paying higher prices for everyday goods while wages fail to keep up with inflation. Businesses are scaling back their operations, and job security is more fragile than ever. This is the economic legacy of the Biden-Harris administration, and it’s one that many Americans won’t soon forget.

Key Takeaways:

• Economic Policies Hurting Businesses: The Biden-Harris administration’s policies have contributed to rising inflation and a struggling business environment, forcing companies like Walgreens to close stores and cut costs.
• Walgreens Closes 1,200 Stores: Walgreens will shutter 1,200 locations over the next three years to combat a $3 billion quarterly loss, impacting both workers and consumers.
• Ripple Effect of Economic Mismanagement: The broader economic environment created by the administration has led to significant challenges for businesses and consumers alike, with no signs of relief on the horizon.

Source: Breitbart