Even CBS News is acknowledging that this was a dismal Christmas retail season:
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If this first snapshot holds, it would be the first time holiday shopping grew less than 3 percent since 2010.
Deep discounts and extended hours could not get Americans to spend as much as stores expected this holiday season, so now retailers are cutting prices even more. Even along Chicago’s exclusive Michigan Avenue, stores were offering 75 percent off Thursday.
In November Americans said they would cut their holiday spending this year due to uncertainties of Obamacare.