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(The Economic Collapse Blog)—It happened so gradually that a lot of people didn’t even realize what was happening. The cost of living just kept rising faster than paychecks were, and little by little our standard of living just kept going down. Now we have reached a stage where the ultra-wealthy are thriving but almost everyone else is struggling. For most people, it is a real fight just to pay the bills from month to month. The majority of the population is deep in debt, and meanwhile the cost of just about everything is going up and up. Millions of Americans feel like they are drowning financially, and there is no easy way out. Sadly, many of them don’t even realize that the game was designed to get them on to a hamster wheel and keep them running for as long as possible.
When I was a kid, the United States had a very large and very prosperous middle class.
Life certainly wasn’t perfect in those days, but just about everyone that I knew could afford to live a comfortable middle class lifestyle.
Sadly, now everything has changed.
According to a survey that was just conducted by Seven Letter Insight, 65 percent of Americans “who earn more than 200% of the federal poverty level” admit that they are struggling financially…
In the large poll of 2,500 adults, 65% of people who earn more than 200% of the federal poverty level — that’s at least $60,000 for a family of four, often considered middle class — said they are struggling financially.
If 65 percent of those that “earn more than 200% of the federal poverty level” are struggling, what about those that earn less than that?
Needless to say, almost all of them are struggling.
That same survey discovered that 46 percent of Americans don’t even have 500 dollars saved up…
About 40% of respondents were unable to plan beyond their next paycheck, and 46% didn’t have $500 saved. The February poll found that more than half said it’s at least somewhat difficult to manage current levels of debt.
Over the past couple of years, the stock market has been “booming” and the ultra-wealthy have been getting richer and richer.
But things have been getting worse for virtually all the rest of us.
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According to Zillow, over the past four years “the monthly mortgage payment on a typical U.S. home has nearly doubled”…
The real estate firm Zillow reports that since January 2020, the monthly mortgage payment on a typical U.S. home has nearly doubled. It’s up 96% in just four years.
According to Zillow, a typical buyer will now pay nearly $2,200 a month, with a 10% down payment. Meaning, homeownership now costs well above the 30% of median income that was once thought to equate to “affordable” housing cost in America.
Has your income doubled over the past four years?
If not, you are falling behind.
The American people absolutely hate what is being done to their standard of living.
In fact, during a recent interview Neel Kashkari astutely observed that Americans “really, viscerally hate high inflation”…
Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, says one of the things he has learned in the past few years is that consumers would rather see the economy fall into a recession than to continue to suffer the pain of soaring prices.
“The American people – and maybe people in Europe, equally – really hate high inflation,” Kashkari told the Financial Times podcast “The Economics Show with Soumaya Keynes” last week. “I mean, really, viscerally hate high inflation.”
He is right.
I really detest inflation.
I am sure that you do too.
But what he didn’t mention is that the Federal Reserve and our politicians in Washington are responsible for creating the epic cost of living crisis that we are currently facing.
They caused this mess, and now they don’t seem to have any solutions for cleaning it up. Meanwhile, economic activity just continues to slow down.
On Tuesday, we learned that the number of job openings in the U.S. has fallen to the lowest level in more than 3 years…
Job openings fell more than forecast in April, signaling a potential weakening in the labor market that could provide the Federal Reserve with more impetus to start lowering interest rates.
The Labor Department’s Job Openings and Labor Turnover Survey released Tuesday showed that the level of employment vacancies slipped to 8.06 million for the month, down by nearly 300,000 from March and close to 19% lower than a year ago.
Moreover, the total marked the lowest since February 2021.
And more workers are being dumped into the streets with each passing day.
For example, Rubio’s Coastal Grill just announced that it will be permanently closing 48 locations in the state of California…
California’s $20-an-hour fast food minimum wage has its first casualty.
Mexican chain Rubio’s Coastal Grill is shuttering 48 restaurants in the state – because of the ‘rising cost of doing business in California’.
‘While painful, the store closures are a necessary step in our strategic long-term plan to position Rubio’s for success for years to come,’ a Rubio’s spokesperson added.
As this year rolls along, we will see a lot more stories like this.
For a long time, our leaders were able to keep the party going by flooding the system with money. But now inflation is out of control and we have reached the terminal phase of the “greatest credit bubble in human history”…
Mark Spitznagel, chief investment officer of Universa Investments, is known for being a “permabear” when it comes to the stock market outlook.
Spitznagel told Bloomberg in an earlier interview that we’re witnessing the “greatest credit bubble in human history.”
“Credit bubbles end. They pop. There’s no way to stop them from popping,” he said, adding that the Fed has brought the economy to a place “where there’s no turning back.”
Spitznagel is right on target. There really is no turning back now.
Our leaders have wrecked the greatest economic machine in the history of the world. What is ahead of us is a tremendous amount of pain. So if you think that things are bad now, just wait until you see what is coming next.
For years, little by little our standard of living has been collapsing. But now we are entering a time when our economic slide will become an economic avalanche.
Decades of absolutely disastrous decisions have brought us to this point, and now we shall truly reap what we have sown.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
Afghan Who Plotted Election Day Terrorism Was a CIA Contractor
by Headline USA
It looks like the FBI may have entrapped a former CIA contractor in a plot to commit a terrorist attack on Election Day. The Justice Department announced this week the arrest of Nasir Ahmad Tawhedi, a 27-year-old Afghan man, alleging that he was planning an Election…
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Genetically Modified Crops: A Growing Threat to Health and the Environment
by Olivia Cook
(Natural News)—Bioengineered foods and genetically modified organisms (GMOs) are commonly confused with each other, but they have different meanings. “Bioengineered” describes food and products that are enhanced with scientific techniques to add particular traits. In contrast, “GMOs” involve changing the genetic makeup of animals, plants or microbes in ways that…
United Nations Expands into “UN 2.0” to Turbocharge Sustainable Development Goals
by Liberty Sentinel
The United Nations (UN) has not gone rogue, argues journalist Alex Newman on American Family Radio’s show, At the Core , but they have always existed to achieve one goal: one-world government. This goal is not only un-American, but it is unbiblical. Newman and AFR host Walker Wildmon also dive…
Congressman Matt Gaetz Says Epstein Was Killed as Part of a ‘Foreign Operation’
by Modernity
Republican Congressman Matt Gaetz says sex trafficker Jeffrey Epstein was killed as part of a ‘foreign operation’, but refused to divulge which government was responsible for his death. Gaetz made the comments during an appearance on Benny Johnson’s show. In August 2019, Epstein was found unresponsive in his jail cell…
DOJ Takes Aim at Breaking Up Google
by Infowars
On Tuesday, the United States announced potential plans to request a court mandate directing Alphabet Inc to divest significant segments of its operations, including its Chrome browser and Android operating system. This move aims to dismantle what is described as an illegal monopoly held by Google in the online search…
Is Gavin Newsom Hoping that Kamala Harris Loses the Election?
by American Greatness
Two minutes of airtime during the Democrat National Convention in Chicago gave California Governor Gavin Newsom his latest opportunity to build his national stature. As part of the announcement of Kamala Harris’s clinching of the Democrat presidential nomination during a symbolic roll call of state delegates, Newsom portrayed Harris as…
Is It Time for a Nationwide Ban on Fluoridated Water?
by Natural News
Do community leaders reserve the right to mass medicate every person in their community using the water supply as a vector? What if that medicine was eventually exposed as a POISON decades later? What if that POISON was damaging the brains of children and stunting the cognitive development of the…
GOP Rep. Luna: We Need to End FEMA Migrant Spending and Boost Disaster Relief Funding
by Breitbart
On Wednesday’s broadcast of the Fox News Channel’s “Ingraham Angle,” Rep. Anna Paulina Luna (R-FL) stated that FEMA’s funding for migrants should be zeroed out at once and that while there is FEMA money for hurricane victims, we should also boost emergency relief funding “that will go directly to Americans…
Earth’s Continental Crust in America and China Is Breaking Apart
by End Times Headlines
Researchers, who have been studying the dramatic changes in the continental configurations of Earth over the past billions of years, have made a stunning observation: that the oldest continental crusts are disintegrating. According to experts, the Earth’s crust went through expansion and contraction and has transformed not only its positions…
“Line All Those Guys Up and Shoot Them”: Professor Says Men Who Don’t Support Female Candidates Should Be Massacred
by Daily Caller
(Jaryn Crouson, DCNF)—A professor at the University of Kansas (UK) told a class that men who would not vote for a female president should be lined up and shot, according to a video posted on X Wednesday. The university confirmed the professor is employed at UK and made the comment…