15 Facts Which Prove That A Massive Economic Meltdown Is Already Happening
By Michael Snyder/Economic Collapse Blog December 27, 2022 Share this article:Economic conditions just keep getting worse. As we prepare to
enter 2023, we find ourselves in a high inflation environment at the
same time that economic activity is really slowing down. And just like
we witnessed in 2008, employers are conducting mass layoffs as a
horrifying housing crash sweeps across the nation.
Those
that have been waiting for the U.S. economy to implode can stop
waiting, because an economic implosion has officially arrived. The
following are 15 facts that prove that a massive economic meltdown is
already happening right now…
#1 Existing home sales have now fallen for 10 consecutive months.
#2
Existing home sales are down 35.4 percent over the last 12 months.
That is the largest year over year decline in existing home sales since
the collapse of Lehman Brothers.
#3 Homebuilder sentiment has now dropped for 12 consecutive months.
#5 The number of single-family housing unit permits has fallen for nine months in a row.
#6
The Empire State Manufacturing Index has plunged “to a reading of
negative 11.2 in December”. That figure was way, way below
expectations.
#7 In November, we witnessed the largest decline in retail sales that we have seen all year long.
#8
Even the biggest names on Wall Street are starting to let workers go.
In fact, it is being reported that Goldman Sachs will soon lay off
approximately 4,000 employees.
#9 The Federal Reserve is admitting that the number of actual jobs in the United States has been overstated by over a million.
#10 U.S. job cuts were 417 percent higher in November than they were during the same month a year ago.
#11
A recent Wall Street Journal survey found that approximately two-thirds
of all Americans expect the economy to get even worse next year.
#12 A newly released Bloomberg survey has discovered that
70 percent of U.S. economists believe that a recession is coming in
2023.
#13 Inflation continues to spiral wildly
out of control. At this point, a head of lettuce now costs 11 dollars
at one grocery store in California.
#14 Overall, vegetable prices in the United States are more than 80 percent higher than they were at this same time last year.
#15 Thanks to the rapidly rising cost of living, 63 percent of the U.S. population is now living paycheck to paycheck.
In a desperate attempt to get inflation under control, the Federal Reserve has been dramatically increasing interest rates.
Those
interest rate hikes are what has caused the housing market to crash,
but Fed officials insist that such short-term pain is necessary in order
to tame inflation.
But meanwhile our
politicians in Washington are busy creating more inflation by borrowing
and spending money at a rate that is absolutely unprecedented in our
entire history.
This week, an abominable 1.7
trillion dollar omnibus spending bill is being rammed through Congress,
but not a single member of Congress has read it.
The bill is 4,155 pages long, and U.S. Senator Rand Paul just held a press briefing during which he wheeled it out on a trolley…
After
the grossly bloated $1.7 trillion Omnibus spending bill advanced in the
Senate by a vote of 70-25, GOP Senator Rand Paul held a press briefing
during which he wheeled in the “abomination” on a trolley and demanded
to know how anyone would be able to read it before the end of the week.
Paul,
along with the only other dissenting Senate Republicans Mike Braun, Ron
Johnson, Mike Lee, and Rick Scott highlighted how ludicrous the fast
tracking of the bill has been.
Unfortunately, this absurd spending bill has broad
support on both sides of the aisle, and that just shows how broken
Washington has become.
Our system of government
has failed time after time, and our politicians continue to spend money
on some of the most ridiculous things imaginable.
The
following examples that were pulled out of the 1.7 trillion dollar
omnibus spending bill were discovered by the Heritage Foundation…
-$1.2 million for “LGBTQIA+ Pride Centers”
-$1.2
million for “services for DACA recipients” (aka helping illegal aliens
with taxpayer funds) at San Diego Community College.
-$477k for the Equity Institute in RI to indoctrinate teachers with “antiracism virtual labs.”
-$1 million for Zora’s House in Ohio, a “coworking and community space” for “women and gender-expansive people of color.”
-$3 million for the American LGBTQ+ Museum in New York City.
-$3.6 million for a Michelle Obama Trail in Georgia.
-$750k for the for “LGBT and Gender Non-Conforming housing” in Albany, New York.
-$856k for the “LGBT Center” in New York.
And
have you noticed that our politicians often prefer to push these types
of bills through just before major holidays when hardly anyone is paying
attention?
No matter who we send to Washington, the story remains the same.
As
long as our politicians are borrowing and spending trillions of dollars
that we do not have, Fed officials won’t be able to win their war
against inflation.
The Fed can send interest
rates into the stratosphere, but inflation will continue to remain high
because our politicians insist on showering the nation with giant
mountains of cash.
We should all be deeply, deeply offended by what is happening, but most Americans simply do not know enough to care.
But
once economic conditions get even worse than they were in 2008 and
2009, the majority of the U.S. population will become extremely angry.
Of
course things could have turned out much differently if we had made
better decisions during the years leading up to this crisis.
Unfortunately,
we have run out of time to change course, and that means that a
tremendous amount of pain is ahead for all of us in 2023.
Originally published at The Economic Collapse Blog - reposted with permission.
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