Authored by Michael Snyder via The Economic Collapse blog,
Unless you are living under a bridge or you are eagerly drinking the kool-aid that the mainstream media is dishing out, you probably understand that the economy has been struggling. Survey after survey has found that the American people are deeply dissatisfied with how the economy has been performing, and as a result it has become the number one issue this election season. But even though a large portion of the population is not happy about how things have been going, the truth is that the situation is far more dire than most people realize.
Just this week we have received quite a bit of very troubling news, and the outlook for the months ahead is very bleak.
The following are 11 signs that the U.S. economy is in far worse shape than most people think…
#1 Just like in 2008, delinquencies are on the rise. In fact, credit card delinquencies have now reached the highest level that we have seen in more than 10 years…
Meanwhile, more consumers aren’t making loan payments on time. Credit card delinquencies have hit their highest level in over a decade, and auto delinquencies are also spiking. This could prove to be yet another tripwire for the stock market, as consumer spending accounts for about 70% of U.S. economic activity.
#2 The commercial real estate crisis just continues to escalate. An article that originally appeared in the New York Times claims that major Wall Street banks have “begun offloading their portfolios of commercial real estate loans hoping to cut their losses”…
Some Wall Street banks, worried that landlords of vacant and struggling office buildings won’t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses.
It’s an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings — an outcome of the pandemic.
#3 When banks get into trouble, they start shutting down branches. So far this year, U.S. banks have closed more than 400 branches all over the country…
US banks closed 51 branches across the country in the first three weeks of June.
The figures suggest banks are committed to increasingly offering their services online and axing costly bricks-and-mortar locations.
More than 400 bank branches have closed so far in 2024.
#4 Big companies are laying off workers from coast to coast. For example, approximately 500 Texas truckers just lost their jobs when a large logistics company abruptly shut their doors for good…
A truck and logistics company has abruptly shut – affecting 2,000 workers – just three years after being bought by private equity.
Out of the blue, staff at US Logistics Solutions were given news on Thursday that they were out of a job and would also not get their paychecks on Friday.
Around 500 were truck drivers, and the rest a mixture of warehouse, dock and office workers at the Humble, Texas- based company.
#5 The Dallas Fed Services Index has now been in negative territory for 25 months in a row…
This is the 25th straight month of contraction (sub-zero) for the Dallas Fed Services index and judging by the respondents’ comments, there is a clear place to point the finger of blame
#6 The “restaurant apocalypse” just continues to intensify. This week, we learned that Hooters has suddenly decided to permanently shut down close to 40 “underperforming” locations…
The Atlanta-based sports bar chain, Hooters, abruptly shuttered dozens of “underperforming” restaurants across the U.S., as it joins a growing list of eateries facing the harsh realities of inflation and changing consumer habits, according to reports.
Nation’s Restaurant News (NRN) reported that word began to spread on Sunday evening that Hooters locations in places like Bryan, Texas; Lakeland, Florida; and Louisville, Kentucky were closing abruptly, with nearly 40 restaurants in the U.S. shutting their doors.
#7 Retail chains continue to go belly up at a staggering rate. Today, it was being reported that two large retailers in the Northeast have made a decision to file for bankruptcy…
Two sister chains that sell sporting goods have filed for bankruptcy as retailers continue to struggle.
Bob’s Stores, which sells athletic and casual clothing, and outdoor gear retailer Eastern Mountain Sports together have 50 stores across the northeast of America.
#8 We just learned that consumer confidence in the U.S. dropped lower this month…
US consumer confidence teetered slightly in June as Americans grew a little warier about the future, new data released Tuesday showed.
The Conference Board’s latest consumer confidence index dipped to 100.4 in June from a downwardly revised level of 101.3 in May.
#9 The initial consumer confidence reading has been revised down in 7 of the last 8 months.
#10 Housing in the U.S. is now more unaffordable than it has ever been before…
The housing cost burden has hit a record, according to a new report from Harvard’s Joint Center for Housing Studies.
Home prices are now 47% higher than they were in early 2020, with the median sale price now five times the median household income, according to the study.
#11 As I discussed yesterday, the homeless population in the city of Chicago tripled from January 2023 to January 2024…
The number of Chicagoans living in city shelters or on city streets tripled between January 2023 and January 2024, according to the annual survey used by federal officials to track homelessness, city officials announced Friday.
Those at the bottom of the economic food chain are being hit the hardest by the harsh economic conditions that we have been experiencing.
Homelessness, poverty, hunger and theft are all on the rise, and many of those that serve struggling communities say that they are being absolutely overwhelmed because they simply do not have sufficient resources to meet all of the needs.
Sadly, I am entirely convinced that this is just the beginning. I believe that conditions will eventually become much harsher as the economy continues to deteriorate during the months ahead.
But Joe Biden and his minions insist that everything is just great.
In fact, they would like you to believe that the economy is “booming” right now.
You can believe that if you want, but the cold, hard numbers that we keep getting directly contradict the endless stream of propaganda that we are constantly being fed.
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Fidelity just sent me an email telling everyone how great the economy is doing and people have it all wrong. Never have they done that before, and it shows how desperate things are getting.
There goes my plan to become a waitress at Hooters.
I hear that Swinging Richards is hiring…
You going to post a picture of yourself on Friday Fail?
twin peaks put the hooters in my town out of biz
Hooters expanded too fast, and over the past several years, have hired young women with “expanded” asses & waist sizes.
I always had two thoughts on Hooters
It was peak boomer moral decline (of course founded by Jews)
and the shorts were way better than the shirts.
The government is doing all it can to destroy the country. Not difficult to see if one has an IQ about 110 or over.
Including inculcating people into believing in .gov from birth.
Doesn’t it have to be totally broken for it to be Built Back Better?
Pretty sure they can wreck it with their stupid ideological regulating of non-existent problems. How bureaucracies full of people who can’t change a tire or start a lawn mower would even be capable of overseeing building anything may become an issue.
BBB, Biden’s Biggest Blunders
How bad do things need to be, before you admit they are totally broken?
VOWG, Much dimmer bulbs than 110 can easily see it with one eye closed and half a brain tied behind their back.
In NH new construction, both commercial and residential, has been booming for over 10 years with no signs of a slowdown. I was in MA the other day and saw several new massive construction projects just along 1 5 mile stretch of road from the highway to my golf course destination.
Construction takes a lot of planning, financing, and buy in from numerous (supposed) stakeholders.
Same in SC…its perplexing how on one hand ever day things are more $$ and car dealers and builders can still manage to sell over $$ stuff…..
credit
My coal miner Father lover that song.
Massive defaults on car loans happening now. 670,000 is the figure I saw. Credit card default at record level. Utility bills in arrears at record levels. People are in an increasingly deep shit situation and then they look out the window and see illegals and drugs everywhere and politicians slobbering over illegal mutts committing crime out the wazoo, being given money taken from them and their communities.
Political science has long told us that if only 18% of Black voters do not vote Democrat it is impossible for a Democrat to win a national election. Trump is up to 25% and will be doing rallies in places Obama never went. More Blacks will vote for Trump than any Republican since Eisenhower. Hispanics are now over 50% for Trump, another death blow to Weimar Joe.
The Democrat Military Wing which used to be the KKK, is now Antifa, BLM, LGBTQ militants, and Sharia Supremacists, and it will be in the streets and they will be shooting at US.
Who is John Galt?
I hope he carries.
According to an acquaintance the logging industry in Arkansas, NE Texas and NW Louisiana is massive now. I suspect the increased activity is due in part to speculation about taxes. The industry is to be yuuge now. Part of the “economy”?
FJB/FDT
Can’t say an indication of a sorry economy, I hear you on the construction as it has never stopped in the DFW area since the inception of DFW Airport and now the infrastructure construction is astonishing!
While various retail outlets struggle to keep occupants , none the less new industrial parks and business facilities are being constructed everywhere one looks within 100 mile radius of the metromess and in areas less populated as well. Another astonishing subject for me when the “economy” is horrible. Building materials still highly priced etc. etc. Lake property development has swallowed up lake environments and are high dollar environments beyond belief. No clue the “health” of home new home construction other than there seems to be much dwindling of available space around the lake environments.
Tallahassee is building mucho government subsidized condos for the underprivileged; also many Yankees are still moving to Tallahassee and don’t notice the high crime rates.
Inflation makes a lot of money, takes time for people to figure out it is worthless money. Most don’t figure it out until they lose it all in the next recession.
Trump will save us!
“Say it again” like cheerleaders at a football game, “Trump will save us!”, “Say it again”.
In this corner Demented Clown Joe Blows On Kids Hunter Is a Coke Addict…Biden.
In this corner Demented Clown Donald Can Do No Wrong And Mexico Is Still Gonna Pay For That Wall…Trump.
No one can save us, but Trump can delay the inevitable, and I am old enough to hope that comes after I am gone.
“ delay the inevitable”
That does not sound encouraging for the seculars. Trump, come save US now!
Just keep repeating:
Trump is gonna save us
Trump is gonna save us
Trump is gonna save us…
More likely than you or I can. At least I will try to help. You?
The TDS runs deep. Ask Tex, and more.
With the system that’s currently in place,
you have 4 choices:
Even voting along 1 party affiliation is dangerous, if simply acknowledging the existence of RINOs and supposed moderate Liberals, who don’t come close to your ideals.
So, the man or woman who believes in principals, traditions that have made for a successful, thriving society ought to do the research on what a candidate stands for, in his or her words and actions, with an allowance for a few missteps, as nobody is perfectly matched to every ideal we hold.
Candidates and representatives at the federal level who have the courage to speak truth to power are rare.
Trump, with all his nit-pickable flaws, does this.
So does Marjorie Taylor Green. + a few others.
In a cesspool of swamp creatures that has proven to be difficult to drain, the ones who have the balls to try and fight back against the destruction of the old American traditionalist values are few and far between.
They are to be supported, or all hope is lost, and the “it’s no use” crowd will be no help in trying to right the ship.
Choose wisely.
The whole world’s a stage and the whole purpose, at this point, of TPTB is to gaslight. Constant gaslighting. EVERYWHERE and ALL THE TIME.
Glock, I don’t pay attention to the doom. Huge downturns are simply a time for opportunity for me.
I bought a new Italian sports car this week discounted because they can’t sell ANYTHING in Cali right now. I don’t give a shit about most of this or their BS gaslighting.
Used vehicles are at a premium in Texas and sell fast. If in the market buy in California for personal use or for sale if possible before migrating on over to Texas would be my advice.
This car has 19 miles on it, sat in Cali for a year because they are not moving out there. I’m not selling or trading anything this time.
“you have 4 choices”
Your head is stuck where the sun don’t shine. All predetermined or manipulated. But I guess if whoever it is you support should “win” , you can say you voted for the “winner” while others contend the whole thing was stolen. LMAO “Good luck”.
“ the ones who have the balls to try”
That’s hilarious if your are talking about Trump. Steve Mnuchin sound familiar? SMDH
stop helping
How come RFK was not in the ridiculous so called “debate”? Hum…
Just further proves the only difference between the US and one of communism is in the US there are two choices. In this case both as pathetic as I can recall.
“You?” Funny guy. Would a “vote” for RFK help? Nah, right?
Good to know you are helping. Cast that “vote” for a no choice candidate.
The “Misery Index” which combines the inflation number and unemployment number today sits at 7.3. No President has ever been reelected when it is 7.3 or higher. 7.3 with all of the outrageously manipulated government numbers.
Inflation according to government numbers is down just a bit, although cumulatively 20.1% since Weimar Joe took charge. WHY DOWN? Used cars are way down. WHY? Because Hertz among others have dumped like 250,000 electric cars on the used market because no one wants to rent them. No one wants to buy them used because of all the issues exposed by getting wet, super cold weather and very high insurance costs because they are so much heavier and do much more damage in collisions. The idea of needing to replace a $10-$30,000 battery pack at the point where a gas engine is just really getting broken in scares the shit out of people who can’t afford tires any more.
Take out the phony used car number and of course inflation is again increasing and the Misery Index higher than 7.3. J6Pack doesn’t know the number, he just feels the effects and no amount of happy talk makes him think his empty wallet is just great and Thank God for Weimar Joe’s “leadership.” FJB F all Democrats F all RINOs. F the Federal Reserve.
Perhaps we should adopt the Brit drinking song “Bugger the bankers and politicians, bugger the bureaucrats too. Bugger the buggers who make all the rules, and if you’re one of them bugger you!”
A truck and logistics company has abruptly shut – affecting 2,000 workers – just three years after being bought by private equity.
Mitt Romney Admits to Having a Secret Twitter Account, ‘Pierre …
Hey guys!
It’s the end of the world as we know it.
I gotta say, I feel fine.