Article by Michael Snyder from The Economic Collapse Blog cross-posted with permission.
Things are hard. But I lived thru the S&L mess of the 80's and I remember 21% mortgage rates and people tossing their keys back at the bank for not being able to make payments. The Texas Oil Patch Bust followed just a couple of years later. That period of my life taught me -- Don't go into debt and don't spend needsly. My newest car is 10yrs old.
The kids are the hardest hit. They cannot form the capital base to get a household going. That failure is going to last us a generation I am afraid.
A Question as a former CEO of Ford, how much stock income does Mr. Fields make? Or income when he worked there?
Kroger's CEO made $22 Mil, perks, bonuses, and stock during the Plandemic, The prices at Krogers are touted as the lowest around, but I don't know where, it is certainly not in W. Tennessee. Where prices increase weekly. With a few pathetic sales on rotten produce, or heavily processed foods. Meat, dairy, cheese, meat bread, flour, rice, pasta, sugar, and eggs, even the cheapest meat OM Bologna is $3.00 for 12 ounces. If you do a Pickup order the price of a tube of Fixodent is over $14.00. Walk into the store it's $7.00. They also own Vita Cost online supplements, and the Albertson's merger will affect 400-600+ stores. At 75, I refuse to check and bag the overpriced food, that has NO discount for the 2 workers they fired. Most are working PT 20 hours now. Checkers are now working as stockers. Our nearest can't expand, it has stores on both sides along with a Military Recruiting office. You now need to bring in your own shopping cart.
The Obama-era BING YOUR OWN BAGS is coming back. These are not washable thus bacteria from leaky meats contaminate them.
Walmart is paying new hires less than now PT's older hires. While they fix to go cashless. No one has calculated what the cashless society will cost, or if they can keep hackers out. TN State Pension Fund was hacked in May, the Aug. notice said SS# and more was stolen. Good luck, all we can do is notify you. I maybe old, but I'm not gullible or ignorant about shopping.
I keep seeing these Clickbate SS articles claiming my SS is going up $2,400 this month, Considering it is below-average now, I'd have to live to 150 to see that amount. At 75, even that figure is doubtful.
Commentary: Bidenomics in Action: US Household Incomes Tumble for the Third Straight Year
Biden has been touring the country claiming that Bidenomics is "working" for America, but the actual news seems to put that in doubt. This would tend to show that Biden’s economy is so bad, more women are being forced into full-time work for families to make ends meet.
Wage growth also did not come anywhere near keeping up with inflation. Wages grew at a rate of 6.4 percent last year, but with inflation topping out at 9.1 percent, that means workers actually lost money even if they did get a raise.
In June, former Regan advisor Larry Kudlow (LINK NYT) destroyed Biden’s claim that Bidenomics is working for Americans.
Kudlow: It’s not clear exactly what criteria Biden was using, but according to Statista, India’s GDP growth rate in 2022 was 6.8 percent, Canada’s was 3.4 percent and China’s was 2.99 percent, while in the U.S. it was 2.1 percent.
MONOPOLIES, THE SHERMAN ANT-TRUST ACT, WAS SUPPOSED TO PREVENT THEM. BUT IT FAILED FROM LACK OF USE.
It means a few own and control your buying power. And they get richer, the middle class poorer, the poor even worse.