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If only it were that simple Badger Dave. It's only a $129.00 saw and I bought it on the Internet from Amazon. Although I got free shipping, if I send it back it will cost almost half of what I paid for it. And then, I would probably have to pay the shipping on the new one. To say nothing of the trouble of trying to pack it up and ship it.
Doesn't seem practical just for an over tightened arbor nut.
Was it purchased directly from Amazon or a third party vendor through Amazon? I'm assuming since you got free shipping it's probably directly from Amazon? If that's the case, like the others said I would return it and get a replacement. I've purchased a ton of tools from Amazon and they don't always survive the trip from their warehouse. The good thing is Amazon makes it breeze to do returns or exchanges. Go to your account and click "return item" for the saw. It will allow you to print a return shipping label at no cost to you. For really bulky or heavy items I've even had them arrange for pick up as well. That's one of the reasons Amazon is the first place I usually check for most of my online purchases. They make it really convenient if there's ever a problem with a product.
If the saw has been properly designed, you should always be able to loosen the nut by pulling the wrench to the front of the saw (i.e., where you normally stand while sawing).
This means that, when standing in the normal operator position, if the nut is on the RIGHT side of the blade, it's a standard right hand thread. If the nut is on the LEFT side of the blade, it's a left hand (reverse) thread. Either way, pulling the wrench towards you should loosen the blade nut.
To confirm this, since who knows what you may have, look at the arbor. You should see some threads sticking through the nut. Examining the helix angle will confirm which direction you need to be turning. If you don't have any threads sticking out of the nut, it's a terrible design. Send it back, eat the shipping.
If the thread doesn't follow the rule above, it's a terrible design. Again, send it back, eat the shipping. If that blade comes loose, as it might if the wrong threads are used, it could be very bad unless you like the taste of saw blade.
The flat wrenches they send with most all imported tools are soft crap. Use a (good) long handled box-end wrench or breaker bar and socket (6 point is better than 12 point for this). I never like cheap imported hand tools because when you have to really lean on them they tend to snap... ouch. A cheater, as suggested above, is never recommended but might work for you as long as it's a good quality wrench (USA as in Craftsman, SnapOn, etc). You are at risk of rounding the nut off since import nuts are often soft crap just like the wrenches. Again, if this happens, ouch! Make real sure you've got the blade blocked VERY well so it can't suddenly give way while you're applying force.
A (good) air impact wrench often works, as previously suggested, but you're unlikely to have the room to get it in there.
Seems to me that if it's THAT tight... it may have been cross-threaded at the factory. Again., if you see any evidence of damage on the arbor sticking out of the nut... send it back.
Good luck... try not to buy cheap tools if you can possibly avoid it... these things can be very dangerous. If loosening the blade is a problem, who knows what else is wrong with it.