Authored by Michael Snyder via The Economic Collapse blog,
The economic meltdown that is coming should not be a surprise to anyone.
Throughout U.S. history, there have always been signs that a major downturn was coming, and that is precisely what we are witnessing right now. Tax revenues are way down, demand for trucking services is way down, demand for cardboard boxes is way down, the money supply is shrinking at the fastest pace in modern history, and the Conference Board’s index of leading economic indicators has already declined for 15 months in a row. At this point, anyone that cannot see what is coming has got to be willingly blind.
The following are 7 trends which indicate that economic disaster is approaching very rapidly…
#1 When economic activity slows down, less tax revenue comes in. Right now, federal government and state government tax revenues are declining precipitously…
US state and local governments just experienced the worst decline in income tax revenues ever recorded.
This was the second steepest year-over-year percentage decline in history, with only the GFC having a worse outcome.
Note that Federal tax receipts are also dropped again, now at recessionary levels and approaching -10% on a YoY basis.
#2 When the economy slows down, trucking companies see less demand for their services. So it is deeply alarming that truck freight volume and spending absolutely plummeted during the second quarter…
Truck freight volume and spending in the second quarter of 2023 declined by the highest levels since the early days of the pandemic, the latest U.S. Bank Freight Payment Index revealed. Spending by shippers dropped 10.9% compared to the second quarter of 2022 while shipment volume dropped 9%, according to a statement from the Minneapolis-based bank.
#3 Employment is supposed to be the “bright spot” for the economy, but the latest employment report shows that the U.S. actually lost 585,000 full-time jobs last month…
Well, one look at this month’s adjustment and it’s literally a shocker: you will not hear anyone from the Biden admin or associated economist cheerleaders mention this, but the BLS reported that in July the number of full-time jobs plunged by 585,000 to 134.274 million, the biggest monthly drop since record covid crash of 14.7 million jobs!
#4 U.S. employers have already announced more job cuts this year than they did in all of 2022, and the hits just keep on coming…
CVS Health said Monday it is cutting approximately 5,000 jobs to focus more on healthcare services for its customers.
The move, which is supposed to help the company save money, will affect workers primarily in corporate jobs, the Wall Street Journal reported.
#5 Thanks to rapidly rising interest rates, monthly costs for new homebuyers are almost 20 percent higher than they were a year ago. This is absolutely crushing the housing market…
The monthly cost for a potential homebuyer has surged nearly 20% compared with a year ago as prices remain elevated, according to new data.
During the four-week period ending July 30, the monthly mortgage payment for the typical U.S. homebuyer sat at $2,605, 19% higher than the same period a year earlier, according to Redfin.
#6 The fact that delinquency rates for commercial real estate mortgages are skyrocketing is yet another sign that we are in the early stages of the worst commercial real estate crisis in all of U.S. history…
The delinquency rate of commercial real estate mortgages on office properties that had been securitized into Commercial Mortgage-Backed Securities (CMBS) spiked to 5.0% by loan balance in July, up from a delinquency rate of 2.8% in April, having now spiked by 2.2 percentage points in three months, by far the biggest three-month spike in the data going back to 2000, and by 3.4 percentage points so far this year, by far the biggest seven-month spike, according to Trepp, which tracks and analyzes CMBS.
#7 The share of the U.S. population that cannot even afford “a $400 emergency expense” just continues to go up…
“The share of U.S. adults who said they would cover a $400 emergency expense with cash or equivalents dropped by 2 percentage points from the previous quarter to 46%, highlighting how cash-strapped many Americans are despite the recent decrease in headline inflation,” according to the survey developed by Bloomberg and conducted by intelligence company Morning Consult.
But Joe Biden and his defenders continue to insist that everything is just fine.
In fact, Joy Behar is quite certain that “the economy is booming” right now…
Leftist Joy Behar — who reportedly earns $7 million annually as a co-host on “The View” — said on Friday’s program that “the economy is booming” and “people are having an easier time putting bread on the table” in a passionate defense of President Joe Biden.
For those that are making millions of dollars a year, I am sure that everything must seem great.
But for the rest of us, things are tough.
Meanwhile, our banks continue to experience really weird “technical glitches”. For example, in recent days many Wells Fargo customers have been greatly upset about money disappearing from their accounts…
On X, the platform formerly known as Twitter, users complained about their disappearing funds. One bank customer said they saw the news about the problem right as they noticed their deposits weren’t in their account.
“Right before this popped up in the news I saw that my deposits weren’t in my account,” their tweet read. “I was trying to pay bills and none would go through. This is so unacceptable.”
The company responded in a statement to CNN that a “limited amount” of their customers are experiencing the disappearing deposits. They said most of them were “resolved” and that they would fix the problem soon.
This is another example which shows why it is wise to never keep all of your eggs in one basket.
Our financial institutions are far more vulnerable than most people realize, and the cyberattacks that we have seen so far are just a small preview of what is coming.
Unfortunately, most Americans don’t understand any of the things that I have discussed in this article.
Most Americans are simply trusting that our leaders have everything under control, and so they will be bitterly, bitterly disappointed when they finally realize the truth.
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VEE think a cyber-pandemic would make zee covid-19 zeem like zee minor izzue in comparizon – Klause Schwab , WEF
What is cyber-polygon ?
No Name,
“What is cyber-polygon”?
A long announced tactic to push all the sheeple (that can be herded) through the WIDE SECULAR GATE…to pen them up before the mark of the beast is ahhhh…offered (it will be a choice – and many will think they have NO CHOICE) for water and food and all the seductive spoiled comforts of the American Dream!
Then after the ‘wide’ Tares are separated from the ‘narrow’ Wheat (both will be marked) push as many deceived tares as now can be sent through the WIDE SPIRITUAL GATE…into HE double LL.
It is not complicated.
Death Cult gonna Death Cult…
8. Consumer Credit card debt just hit $1 trillion dollars, the highest amount ever. People have maxed out their credit, so can no longer fuel the economy with their purchases. They will have no option but to cut back. Recession looms and Biden can’t fix this by printing money.
https://www.cnn.com/2023/08/08/economy/us-household-credit-card-debt/index.html
But is it the highest ever per person?
I would think yes, everything points to that.
Overall household debt has spiked by $2.9 trillion since the end of 2019, before the pandemic.
The average credit card charges a near-record 20.53% interest rate, according to Bankrate.
Earlier Tuesday, Bank of America reported that more people were tapping their 401(k) accounts because of financial distress. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.
credit card delinquencies are at an 11-year high, as measured using a four-quarter average, the data showed.
Now for the hard lesson: There’s no such thing as “free money”!
There is for the minorities that get free shit and stimulus checks…
If FJB sent everybody else (my wife and I don’t qualify as minorities or liberals so the IRS doesn’t send us stimulus checks , in violation of the 14th Amend) another fat stimulus check, that would kick the can down the road, right?
The left’s plan is working quite well to destroy the country. Actually God’s judgement of this now evil country is slowly becoming real and will manifest itself in the complete destruction of the nation He gave every blessing to until the citizens turned their back on Him. Interesting times are upon us.
I was worried about economic collapse but am now satisfied everything will be allright.
Luckily we were hoarding them here and didn’t feel the shortage 😉
Your lands/home is blessed!
Way better than catnip
Kitty Cats were in very short supply back in the late 70’s and early 80’s where I lived when they resettled the Hmongs there. One wondered where they all disappeared?
New homebuyers’ housing cost is 20% higher than a year ago… and that was 20% higher than a year before that.
The Joy Bewhore Indicator is enough to convince me. The bitch lies.
At least things are fine in China.
https://www.zerohedge.com/markets/china-bans-negative-economic-commentary-mentions-deflation
Because their economy is export driven, if the rest of the world was having economic problems, those problems show up in China. They have goods they no longer have a foreign market for, because discretionary spending is a near impossibility for an increasing percentage of the population in the markets China sells to.
Joe has already made sure that things will be great in China, not here.
If anyone would know, it’d be Jew Boi Snyder. I can’t wait for my next opportunity to NOT buy his next book!