Online lending marketplace Lending Tree asked 2,040 U.S. consumers about their current situation in early September. Of those, 76% said Bidenflation has made it more difficult than ever to pay their bills. Half of them said they had to pay a specific bill late in the past 12 months. This includes necessities like utilities, mortgage payments, cable and internet bills.
When asked why, more than half of them answered, “I didn't have enough money.''
The New American has passionately reported on economic decline, in contrast to mainstream media coverage that has passed away. On September 10th, a report from the New York Fed revealed that American consumers are in dire straits. But we had to dig deep into the numbers to find the truth.
The U.S. Census Bureau is a bit more positive, with nearly 4 in 10 adults in the country finding it “somewhat” or “very” difficult to pay household expenses such as food, gas, rent, insurance, and medical bills. reported. .
The United States Administrative Office of Courts could not hide the truth. The number of individual bankruptcy filings has increased by more than 15 percent this year compared to last year, while bankruptcies among small businesses, the backbone of the U.S. economy, have increased by more than 40 percent from a year ago.
unbiased report
The Economic Times, which is published in English in India, is insulated from political correctness. According to the report, even in the high-tech sector, companies such as IBM, GoPro, Apple, and Dell are laying off employees at an accelerating rate, with more than 136,000 people laid off since the beginning of the year.
Just a few weeks ago, Michael Snyder, editor of the blog Economic Collapse, wrote that Americans are suffering a double whammy: reduced purchasing power and higher living costs on a paycheck. The cost of gasoline has increased by 46%. electricity, 31 percent; groceries, 22 percent; And car insurance, 55 percent!
Even the Beige Book, a snapshot of the U.S. economy published every six weeks by the New York Fed, reveals the extent of the damage in its latest report. Nine of the 12 Federal Reserve districts reported an economic slowdown, up from just five in the previous report.
We reported on October 1 that manufacturing in the US economy contracted again in September. This caught the attention of Moody's Chief Business Officer Chris Williamson, who said:
September's Purchasing Managers' Index (PMI) survey released a number of disappointing economic indicators regarding the health of the U.S. economy.
Understatement of the year
RealClearMarkets (RCM) reports its Economic Optimism Index, and the news is that there is little optimism. The index has been in negative territory for 38 consecutive months. Unsurprisingly, RCM reported that its financial-related stress index worsened again in September. The magazine reported that “Americans are experiencing financial stress about 13% higher than usual.” That might be the understatement of the year.
At the end of the report, RCM noted that 84% of Americans are concerned that inflation will continue to erode the purchasing power of their paychecks. 80% are “concerned” about an economic slowdown over the next 12 months. Half of those surveyed believe the U.S. economy is already in recession.
The next day, Forbes revealed that the American auto industry had its own problems. This is not surprising. Despite falling car prices, retail sales of new cars have remained roughly flat for the year. And the number of new car purchases due to loan defaults has increased 23% so far this year.
Revitalizing the economy doesn't work
With less than a month until the presidential election, it's clear that the Federal Reserve's efforts to stimulate the economy to help elect Marxist Kamala Harris are not working. Americans who are tired of being forced to deal with this declining economy will realize who is to blame and will vote for someone else in November.
