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(The Economic Collapse Blog)—A recent survey discovered that 79 percent of Americans believe that the U.S. is on the wrong track right now. As a nation, we may not agree on much, but this is one thing that almost all of us can agree on. Needless to say, the economy is the number one reason why so many people are dissatisfied with the direction that the country is heading. Over the past four years the cost of living has risen much faster than paychecks have, and as a result our standard of living has been going down. Now we have reached a point where tens of millions of U.S. consumers have been squeezed bone dry, and as a result businesses are failing all over the nation.
Traditionally, the performance of the home improvement industry has been a very important economic harbinger.
And at this moment the home improvement industry is really struggling.
For example, True Value has been doing so poorly that it was finally forced to file for bankruptcy…
True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday.
In a press release, True Value said it will continue day-to-day operations of selling hardware and other homeware tools to its 4,500 independently operated locations during the Chapter 11 process, which includes a $153 million stalking horse bid from rival company Do it Best.
Meanwhile, Home Depot says that sales in 2024 will be down quite a bit from 2023…
The home improvement retailer said it now expects full-year comparable sales to decline by 3% to 4% compared with the prior fiscal year. It had previously expected comparable sales, a metric that takes out the impact of store openings and closures and other one-time factors, to decline about 1%.
In an article that I posted last week, I mentioned that Home Depot has been dumping millions of square feet of warehouse space.
They wouldn’t be doing this if they thought that the economy would be turning around any time soon.
Another giant in the home improvement industry, PPG, has decided the time has come for mass layoffs…
PPG — a global manufacturer of paints, coatings, and specialty materials — is laying off nearly 2,000 workers as it trims operation costs and sells off a chunk of its architectural business.
The cuts will impact about 1,800 positions, primarily in the U.S. and Europe. PPG didn’t disclose when the layoffs would occur.
The Biden administration continues to insist that all is well, but the home improvement industry is telling us a completely different story.
Meanwhile, drug stores continue to shut down all over the nation at a staggering pace.
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In fact, Walgreens just announced that it will be permanently shutting down 1,200 stores…
Walgreens said on Tuesday it would shut 1,200 stores over the next three years as new CEO Tim Wentworth plots a turnaround at the struggling pharmacy chain operator hit by sluggish consumer spending and low drug reimbursement rates.
You don’t shut down more than a thousand stores if you believe that good times are ahead.
Let’s be real.
The restaurant industry is also being hit extremely hard in this difficult economic environment.
Last week, I was saddened to learn that TGI Fridays has been closing locations all over the country…
Your ability to enjoy a plate of loaded potato skins and $5 happy hour drinks is slowly dwindling, as TGI Fridays has closed 12 U.S. locations in the past month and shuttered 35 restaurants across the pond.
According to the company’s location section on its website, multiple TGI Fridays locations in the Northeast closed last week, including in Clifton Park, Middletown and Poughkeepsie, New York; Allentown, Pennsylvania; Enfield, Connecticut; and Leesburg, Virginia.
Additional closures from earlier this month took place in the Southeast and Midwest regions, in states like North Carolina, South Carolina, Wisconsin, Michigan and Indiana, as well as two locations in Minnesota.
If TGI Fridays anticipated that economic conditions would soon turn around, they would try to keep these restaurants open. But the truth is that the writing is on the wall.
Even churches are feeling the pain. According to a recent study that was conducted by Lifeway Research, giving has been falling from coast to coast…
A majority of Protestant pastors are blaming a poor economy for their struggling bottom lines after experiencing double-digit declines to zero improvement in financial offerings from churchgoers over the last year, data from a new study released by Lifeway Research show — but the sentiment is divided along political lines.
“National trends of a favorable stock market along with unfavorable inflation and interest can influence a local congregation’s finances, but so do more local factors that contribute to economic problems or prosperity in the church’s community,” Scott McConnell, executive director of Lifeway Research, said in a statement on the study. “In general, pastors have turned a little more negative in describing economic forces impacting their church this year.”
What do all the examples that I just shared with you have in common?
They all show that most consumers don’t have a lot of discretionary income to spend right now.
Or as Gerald Storch put it during a recent interview with Maria Bartiromo, “consumers are running out of money”…
US corporate media outlets continue to push propaganda that the economy thrives ahead of the presidential elections, cheerleading the most recent retail sales print. However, most Americans know MSM is full of ‘malarkey’ because inflation and interest rates force many to spend more but receive less. Many folks have depleted their personal savings and racked up insurmountable credit card debt just to keep up with rising food, energy, insurance, and shelter costs. This toxic mix of inflation, sparked by failed Bidenomics, has hit low- and middle-income families the hardest, potentially leading to a breaking point this upcoming holiday shopping season.
“It’s very clear that consumers are running out of money. They’re increasingly stressed by inflation and the exhaustion of their pandemic-era savings. When you take a look over the last several years, what you see month after month, everyone talks about, the consumer’s still spending. They might be, but they’re spending less than the growth of inflation,” Storch Advisors CEO Gerald Storch told Fox Bussiness’ Maria Bartiromo on Thursday during an interview.
That is the bottom line.
Millions of U.S. consumers have been squeezed and squeezed and squeezed and now they are bone dry.
Last year I warned my readers that we had reached an “economic tipping point”, and now things are starting to roll downhill very rapidly.
There is a tremendous amount of frustration that has built up over the past four years, and I think that all of that frustration will play a major role in determining which party wins the White House in November.
Michael’s new book entitled “Why” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
Does Donald Trump REALLY Have This Election “In the Bag”?
by JD Rucker
No. Stop it. Remember 2020. Remember the tens of millions of illegal aliens, 14% of whom are apparently registering to vote. Remember that while most states can report results in less than a day, for some reason battleground states like Pennsylvania and Georgia are incapable of reporting for days or…
Daniel Penny Subway Chokehold Trial Begins
by Zero Hedge
Jordan Neely’s death in a crowded Manhattan subway car made worldwide headlines in May 2023, after bystander footage showed former Marine Daniel Penny restraining the erratic homeless man in a fatal chokehold. The case is finally set to go to trial, with jury selection beginning Monday. Penny, who has argued…
You Can’t Get Blood Out of a Stone: U.S. Consumers Have Been Squeezed Bone Dry as the U.S. Economy Falters
by Michael Snyder
(The Economic Collapse Blog)—A recent survey discovered that 79 percent of Americans believe that the U.S. is on the wrong track right now. As a nation, we may not agree on much, but this is one thing that almost all of us can agree on. Needless to say, the economy is…
US Investigating Leak of Israeli Attack Plans for Iran
by Publius
The United States government is currently engaged in an investigation concerning the unauthorized release of classified documents that detail Israel’s planned military attack against Iran, as reported by The Associated Press. These sensitive documents, attributed to both the U.S. Geospatial Intelligence Agency and the National Security Agency, indicate that Israel…
Bank of America Sees Gold Breaking $3,000 Sooner Rather Than Later
by Sponsored Post
Gold has recently experienced a remarkable resurgence, setting record highs and drawing renewed attention from both retail and institutional investors. This shift comes as traditional safe-haven assets are increasingly perceived to be under threat. Strategists at Bank of America suggest that investors, including central banks, should consider reallocating into gold…
Texas DPS Encounter Group of 30 Illegal Aliens with 3 Unaccompanied Minors and 3 Special Interest Illegals
by The Gateway Pundit
Texas DPS apprehended a group of 30 illegal aliens on Sunday in Maverick County. In the group were 3 unaccompanied minors and 3 illegals from the “special interest” countries of Iran and Guinea. Special interest refers to countries that pose a threat to United States national security including potential terrorist…
‘Nightmarish Scenario:” Creeps Can Produce AI-Generated Deepfake Nudes of Anyone With a Few Clicks
by Breitbart
Online AI chatbots are enabling users to generate explicit nude photos of real people with just a few clicks, raising alarms among experts about a looming “nightmarish scenario.” A recent investigation by Wired has uncovered a disturbing trend on the messaging app Telegram, where dozens of AI-powered chatbots are allowing…
Elon Musk Goes All-in for Trump at Huge Pittsburgh Rally, Says ‘Stakes Are Too High’ to Remain Politically Neutral
by The Post Millennial
Elon Musk was in Pennsylvania Sunday along with Republican presidential candidate Donald Trump to tell Keystone State voters that although he might “hate politics” he’s engaging in it right now because “the stakes are too high that … I feel I have no choice.” “Yeah, anyway, so I’m dramatically increasing…
Fake Meat Industry Now Demanding Public Subsidies Due to Lack of Customer Interest
by Ramon Tomey
(Natural News)—The fake meat industry is now demanding public subsidies to prop itself up, given that customers have spoken with their wallets and said “no” to lab-grown meat. Data from AgFunderNews cited by the National Pulse reveals that the industry is in dire straits due to dwindling money. Funding for the lab-grown meat sector peaked…
Dominion Voting Systems Issues a Chilling Warning to Conservatives Weeks Before the Election
by The Gateway Pundit
Dominion Voting Systems has issued a chilling warning to conservatives just weeks before the all-important presidential election. In a post on the X platform, the company said that it was “closely monitoring” claims that its machines may be compromised. “Dominion is closely monitoring claims around the Nov. 2024 election and…
Coward: Hamas Chief’s Bunker Loaded With UN Food, Millions in Cash, Weapons and More
by Red State
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by The Gateway Pundit
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by Michael Snyder
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Iran Deserves Listing on Global Terror Finance and Money-Laundering Blacklist
by WND
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The All-Too-Short List of Conservative, Anti-Globalist Leaders
by The Gateway Pundit
As the world shifts leftward and increasingly embraces globalism, a handful of leaders remain as holdouts—conservative, anti-globalist figures who advocate for national sovereignty, economic protectionism, and opposition to globalist institutions such as the United Nations, the European Union, or multinational trade agreements. They frequently push for secure borders and immigration…