Posted on 08/06/2024 9:46:56 AM PDT by Red Badger
Two new surveys say most Americans think the recession has already begun.
This must come as a shock to our mendacious media sacrificing fresh mountains of newsprint to gaslight Kackles over the 50-yard line come November.
Meanwhile, nearly 70% of Americans report that inflation—which that same media told us was long gone —continues making life a struggle, with little prospect of saving for the future or getting out of debt.
The numbers come from two surveys by left-wing Guardian-Harris polling, and another from payment network Affirm, who sampled 2,000 Americans.
Nearly 60% say we’re already in recession, and on average, they say it started 15 months ago.
Keep in mind the last normal recession in 2008 they didn’t announce the recession until fully one year after it began. The previous two recessions in 2001 and 1991 both waited eight to nine months before admitting the obvious.
In other words, the people always see the recession before it’s officially announced, raising the question: Are they hiding it or are they just stupid?
Indeed, the numbers are now saying that winter is already here.
Yesterday, I talked about the jobs collapse. I’ve mentioned in recent videos the dismal numbers on consumer confidence and business confidence—especially small business, which just hit an 11-year low in confidence with nearly half of small businesses unable to make rent.
80% of Americans now see McDonald’s as a luxury, millions are buying groceries on credit cards, and the number of young Americans living at home just hit the highest rate since the 1940s.
Manufacturing just turned in recession-level numbers.
Then, throw in after-inflation wages that are down 5% since pre-COVID-19, along with exploding debt costs between $300,000 starter homes, 7% mortgages, and 25% credit card interest rates.
In short, inflation never went anywhere, while the economy’s been running on fumes—trillions in stimulus checks, trillion-dollar deficits, and soaring personal debt that’s turning from a temporary lifeline into a permanent albatross.
At this point, the trillions in duct tape and bubble gum isn’t holding it together: Delinquencies are soaring: They recently passed 9% in credit cards, which matches 2008 levels—and we’re seeing them jump in car and house loans that were both inflated by the Fed.
Most concerning for an economy running on the Fed‘s magic money printer, fully three-quarters of income taxes now go to interest on the national debt, while inflation remains stuck going on four years now. A couple more years and all our taxes will go to interest, and the government will run on pure money printing.
I’ve previously mentioned the Fed is positioning for recession.
All the dire economic data we’re seeing now—the jobs, the delinquencies, the $35 trillion in debt—get much worse when the recession hits in full.
If we’re headed for a repeat of 2008, expect 10% unemployment, millions of bankruptcies, and $3 trillion plus deficits taking us toward $50 trillion in debt and 100% of income taxes going to debt service.
On the other hand, if we are repeating the 1970s—as I’ve long feared—we could be looking at a much worse catastrophe that could take a decade to dig out of.
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And rising credit card debt. We're heading into a recession with the consumer already tapped out. Recipe for a serious downturn.
We use the Walmart app to make purchases for pickup on occasion. My wife, on a whim, looked up a purchase from 2021. It was for almost $66. She then asked to make a re-purchase of all items. The new total to re-purchase the same items was $108. For those of you in Rio Linda, that’s a 63.63% increase in the overall cost for those items (mix of eggs, toiletries, packaged goods, dairy, fruits and vegetables).
I’ve noticed how grocers try to hide inflation. They’ll have promotional discounts on popular items for a few weeks, but when the discounts end, the “real” price is slightly higher than before.
I’m a paper hoarder and save receipts, so I can actually see the trends in rising prices for years.
I love skim milk. I drink 3 gallons a week. A gallon of skim milk costs 3 times what it did 3 years ago
I drink Almond milk......................
To each his own
I’m sure the investors will try to rescue Harris by getting back into the markets today. I want Americans to suffer economically until the election is over. Otherwise it will be a Dem victory from the great unwashed.
Has anyone else noticed enterprises closing up shop near them?
All the Rite Aids in the state of Michigan are closing.
Many Big Lots, too.
A big pet supply place closed up near me to go with the already closed Denny’s next to it.
Any place that closes has employees out of work and not going out to eat or to the movies or buying back to school items and clothes. Ripple effect.
That sort of thing shows a slowdown even if TV people don’t mention them.
Is almond milk more expensive?
And we are heading into what I call “Layoff” season.
When companies lay people off at the end of the year to cut back on their biggest expense, payroll.
Slightly. But has less calories and unfortunately protein as well...........
“...if we are repeating the 1970s—as I’ve long feared—we could be looking at a much worse catastrophe that could take a decade to dig out of.”
We are in a completely different paradigm than we were in the 70’s, one from which we’ll never recover as a nation. We have a critical mass of brainwashed Gen Y’s and Gen Z’s up and coming to take over all the decision making with a hyper-racist, irrational, anti-science, anti-religious, woke world view. No one can survive under that.
I go through a few gallons of whole milk a week for myself.
Pricey drinking habit.
It is pricy but I love it. My wife bitches about me wanting junk foods but she never complains about the milk. Great wives are cool about that.
The economic effect of the civil war that has already begun.
three to four whole almonds in each 8-ounce glass
And no one but China to manufacture the phones that tell them what to do and think.
I’m sure the investors will try to rescue Harris by getting back into the markets today.
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Looks like the Kamala Krash is already over. Markets up bigly today. Looks like it’s President Kamala.
How do you milk an almond? Those must be awfully small nipples.
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