All department stores, including JCPenney, have an industry-wide problem, namely that they’re toast. This started in 2001, when department store sales peaked. By February 2020, department store sales had plunged 45%. Consumer preference for buying online what department stores were selling did it. Covid-19 was just the final straw
So the coronavirus slump will be deep and long lasting with a weak recovery to follow and could cause a financial crash. And working people will suffer severely, especially those at the bottom of the income and skills ladder. That is the message of the head of the world’s most powerful central bank.
In an interview with roape.net, ecosocialist and writer Ian Angus discusses the environmental crisis, the Anthropocene and Covid-19. He argues that new viruses, bacteria and parasites spread from wildlife to humans because capital is bulldozing primary forests, replacing them with profitable monocultures. Ecosocialists must patiently explain that permanent solutions will not be possible so long as capital rules the Earth.