Most Americans Are Literally Living On The Edge Of Financial Disaster
By Michael Snyder/Economic Collapse Blog January 30, 2024
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There is a tremendous disconnect between the economic numbers that the government is giving us and what most Americans are personally experiencing on a daily basis.
The government says that inflation is low, but the cost of living just continues to spiral out of control.
The government says that unemployment is low, but Challenger, Gray & Christmas says that the number of layoffs in the U.S. was up 98 percent last year.
The government says that the economic outlook for 2024 is positive, but companies all over America are acting as if extremely hard times are ahead. So who are we supposed to believe?
Personally, I trust numbers that come from private sources far more than numbers that come from government sources.
For example, a survey that was just conducted by Bankrate discovered that 56 percent of all U.S. adults do not have enough money to handle an unexpected expense of $1,000...
A majority of Americans say a $1,000 emergency expense would be too great of a hit to their savings and that they could not afford it, according to new data released Wednesday.
Bankrate's latest survey results found 56% of U.S. adults lack the emergency funds to handle a $1,000 unexpected expense and one-third (35%) said they would have to borrow the money somehow to pay for it.
More than half the country is literally living on the edge of financial disaster.
That is crazy.
Another survey has found that much of the nation barely keeps any money in their bank accounts...
Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.
About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more.
Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.
Most Americans would be financially wiped out by just one major accident or emergency.
The vast majority of us are just barely scraping by from month to month, and the rapidly rising cost of living is making that increasingly difficult to do.
One woman recently found a Taco Bell receipt from 12 years ago, and she discovered that prices are now approximately three times higher than they were back then...
A TikTok video by a user who found an old Taco Bell receipt has gone viral - as Americans realize prices are now almost three times higher.
The old receipt showed that - 12 years ago - Americans could buy TWO of the chain's beefy five-layer burritos for $2.59 including taxes.
Today, those same burritos cost about $3.69 for just ONE. That doesn't include tax, which can vary across the US. So too can the base price.
The government continues to insist that inflation is "low", but everyone knows that is a big fat lie.
Insurance rates have been spiking at a particularly alarming rate. One man in Las Vegas was horrified when his auto insurance bill shot up by 72 percent in just eight months even though he had no accidents and no tickets...
They say 'What happens in Vegas stays in Vegas' - but the eye-watering auto insurance bill city resident Simon Edwards recently received is just one example of the staggering rises in premiums consumers are facing all across the US.
The 2012 Mazda 5 owner was shocked to find his monthly bill from Geico had rocketed up from $130 last April to $223 now - a rise of 72 percent in just eight months.
'I've been in no accidents, no tickets, been with Geico for many years,' a perplexed Edwards told the Wall Street Journal.
Another man recently posted a video on TikTok in which he ranted about how the cost of literally everything is absolutely soaring...
Four years ago my rent was $1,200 a month at a luxury apartment complex"
"It is NOW $2,100, not even including utilities"
"3 years ago my electric bill was averaging $45 now it's averaging $125..."
"I went to the grocery store yesterday and got 3 bags of chips, some ground turkey and some vegetables and it was $67 DOLLARS?!"
U.S. consumers are being squeezed like never before, and as a result debt levels have been rising to unprecedented levels.
For example, unpaid residential utility debt in the U.S. rose to a new all-time record of 20.3 billion dollars last year...
Bloomberg cites a new report from the National Energy Assistance Directors Association that reveals US household utility debt hit a record as an alarming number of Americans can no longer afford heating and cooling their homes.
NEADA said one out of every six ratepayers is behind on energy bills, adding residential utility debt hit a new record last year of $20.3 billion.
Please don't let anyone tell you that the U.S. economy is in good shape.
Most Americans are really hurting in this economic environment, and conditions continue to get even worse.
As I discussed yesterday, large companies all over America are feverishly laying off workers. In fact, earlier today we learned that even eBay is now laying people off...
Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce, saying its number of employees and costs have exceeded how much the business is growing in a slowing economy. It marks the latest layoffs in the tech industry.
CEO Jamie Iannone said in a message to employees on Tuesday that the company also will reduce how many "contracts we have within our alternate workforce over the coming months."
The worse economic conditions become, the more crime we are going to see.
At this point, looting has already become a way of life in some areas of the country.
In Washington D.C., a CVS store is permanently shutting down because dozens of teens would literally loot the store multiple times per day...
A Washington D.C. CVS store is shutting its doors after being repeatedly ransacked by thieves, the chain has confirmed.
The pharmacy, located in the Columbia Heights neighborhood, went viral last October when videos emerged of it totally stripped of all its products after being targeted by a teen gang.
Staff claim more than 45 schoolkids would go into the store and steal chips and drinks in the morning, after their classes and late at night. It will close on February 29, according to WTTG-TV.
If this is what is happening now, what will we see once economic conditions get extremely bad in this country?
I would encourage you to get prepared while you still can, because so much chaos is ahead of us.
We are living at a time when most Americans are literally living on the edge of disaster, and disaster is coming.
Millions will be wiped out by the economic tsunami that is approaching, and you do not want to be among the victims.
Originally published at The Economic Collapse Blog - reposted with permission.
