Thanks Joe Biden! Ever since you entered the White House, economic conditions have taken a major turn for the worse. We have been experiencing the most painful inflation crisis since the Jimmy Carter era, more than 60 percent of Americans are living paycheck to paycheck, the U.S. actually lost 585,000 full-time jobs last month, consumers now owe more than a trillion dollars on their credit cards, the housing bubble has started to burst, and the most dramatic commercial real estate crisis in U.S. history has begun. Needless to say, the American people are fed up. According to a brand new Reuters/Ipsos survey that was just released, a whopping 73 percent of all Americans believe that the economy is in worse condition than it was five years ago…
Americans have soured on Bidenomics, concluding that the U.S. economy is worse now than it was five years ago under former President Donald Trump’s leadership, a recent Reuters/Ipsos survey found.
The overall survey found that Americans view economic issues as some of the most “pressing problems” of the day. Overall, nearly half, 49 percent, of Americans view inflation as the most important issue facing the country. Further, nearly three-quarters of Americans, 73 percent, say the economy is worse off now than it was five years ago, under Trump’s leadership. A majority, 64 percent, also believe the economy is worse off than it was in 2020, when the coronavirus took a grip, forcing businesses to close.
Those are horrible numbers Joe.
So do you actually have a plan to turn things around if you win a second term, or should we just expect more of the same?
You and your family are probably not feeling the pain of inflation because of the millions of dollars in bribes that you have received from foreign officials, but the truth is that “scorching-hot inflation” has been causing “severe financial pressures” for the rest of us…
Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily affected by price fluctuations.
The latest inflation numbers just came out, and we are being told that the annual rate of inflation has gone up to 3.2 percent.
But if the rate of inflation was still calculated the way that it was back in 1980, the annual rate of inflation would be well into double digits right now.
The cost of living is rising much faster than our paychecks are, and we want you to do something.
It is even becoming a lot more expensive to watch television. In less than two years, the cost of a Disney+ subscription has gone up by 75 percent…
The Disney+ streaming service lost 300,000 subscribers in the United States and Canada in the most recent quarter — an ominous sign for the studio as it continues to pour billions of dollars into new streaming content that is flopping with viewers.
To make matters worse for its fans, the Walt Disney Company is hiking Disney+’s monthly subscription price to $13.99 from $10.99 — a 27 percent increase. Last year, the price rose to $10.99 from $7.99, which means Disney+ subscribers will see their monthly bill climb a total of 75 percent in less than two years.
U.S. households are being squeezed financially like never before, and most of them are just barely scraping by from month to month…
And right now, only 46 percent of Americans say they could cover an unexpected $400 bill without taking on debt.
That’s not to mention that a majority are living paycheck to paycheck.
Credit card debt tops $1 trillion for the first time in U.S. history.
And, in the second quarter of 2023, 36 percent more people drained their retirement accounts to make ends meets, compared to the same period last year, according to Bank of America’s analysis of its clients’ employee benefits programs.
And in recent months large companies all over America have started to conduct mass layoffs. In fact, the number of job cuts in 2023 has already exceeded the total for all of last year.
Sadly, our problems appear to be accelerating. Last week, the number of Americans filing initial claims for unemployment benefits shot up to 248,000. That was an increase of 21,000 from the week before.
Meanwhile, the housing bubble is bursting thanks to the Federal Reserve’s relentless rate hikes.
The average rate on a 30 year fixed mortgage is now hovering around the 7 percent level, and this is keeping millions of potential buyers on the sidelines…
The 7%+ mortgages are doing their magic on the housing market as they keep buyers out of the market, and home sales sagged further in late July and August, from already dismal levels, as indicated by weekly applications for mortgages to purchase a home.
The average interest rate on 30-year fixed-rate mortgages with conforming balances jumped to 7.09%, from 6.93% in the prior reporting week, the third highest since January 2002, with only two weeks last November having been marginally higher than this reporting week, according to data from the Mortgage Bankers Association today.
So what are you going to do Joe? Do you have a way to pull us out of this mess? Of course if you actually had a plan to save the economy you would have implemented it already.
There is no hope for our short-term economic future. Economic activity is steadily slowing down all over the nation, the U.S. consumer is reaching a breaking point, and it appears that a recession is rapidly approaching.
And if we stay on the path that we are currently on, the long-term outlook is far worse.
Bidenomics has been a complete and utter failure, and current economic conditions are starting to eerily resemble what we went through in 2008 and 2009.
It would be wonderful if you would take responsibility for your part in creating this giant mess, but I am sure that you will continue to insist that all of our problems are somebody else’s fault.
Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
Article cross-posted from The Economic Collapse Blog.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
