(The Economic Collapse Blog)—The health of the economy has been a major determining factor in many past presidential elections, and the health of the economy is certainly going to have an enormous influence on the outcome of the upcoming presidential election. In fact, according to a poll that was just released by Rasmussen the economy is the number one issue by a wide margin for voters in the ultra-important swing state of Pennsylvania. Unfortunately for the Democrats, most Americans are not pleased with how the economy is performing, and it appears that conditions are now taking another turn for the worse. The following are 10 signs that the economy is a giant mess as the election approaches…
#1 The number of Americans filing first time claims for unemployment benefits just hit the highest level in over a year…
The number of people filing for unemployment for the first time was at its highest levels in more than a year, partly due to storm damage and labor stoppages.
Initial jobless claims for the week ending Oct. 5 came in at 258,000, up 33,000 from last week’s level of 225,000, and the highest since it hit the same level in August 2023, data from the Labor Department shows.
#2 According to Primerica’s latest Financial Security Monitor report, the percentage of middle-income households that “rate their personal financial situation negatively” has hit the highest level that they have ever recorded…
Primerica’s latest Financial Security Monitor report for the third quarter found 55% of middle-income households now rate their personal financial situation negatively, a 6-point jump from the previous survey.
“For the first time in a year, a majority of middle-income households are feeling negative about their personal finances,” said Glenn Williams, CEO of Primerica. “In fact, this latest report represents the highest negative rating we’ve seen since we began fielding the survey exactly four years ago.”
#3 I am old enough to remember a time in this country when you were set for life if you had a million dollars. Unfortunately, thanks to our endless cost of living crisis it now costs 4.4 million dollars to live “the American Dream” over the course of a lifetime…
You can live the American Dream, but it will cost you.
The lifetime tab for such aspirations as owning a home, driving new cars, raising kids and taking annual vacations comes to a cool $4.4 million, according to Investopedia, the financial media site.
That’s more than the average American earns in a lifetime.
#4 The company that produces more french fries than anyone else in North America is cutting production and laying off workers due to a dramatic slowdown in consumer demand…
Lamb Weston, the largest producer of french fries in North America and a major supplier to fast-food chains, restaurants and grocery stores, is closing a production plant in Washington state. The company announced last week that it would lay off nearly 400 employees, or 4% of its workforce, and temporarily cut production lines in response to slowing customer demand.
#5 At one time Boeing was flying high, but now it has decided to lay off approximately 10 percent of its entire workforce…
The CEO of Boeing told employees late Friday that the company plans to cut 10% of its total staff “over the coming months.”
“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” said Kelly Ortberg, who started at CEO of the troubled aircraft maker two months ago and has been dealing with a strike by 33,000 hourly workers for half his time on the job.
#6 The banking industry continues to deeply struggle. So far this year, banks in the United States have permanently shut down over 700 local branches…
US banks closed more than 700 branches in the first nine months of the year, forcing thousands to travel further to access vital services.
Bank of America closed the most locations of any bank, shuttering 132 between January and September.
U.S. Bank followed swiftly behind, having closed 101 of their own branches.
#7 After 75 years, True Value has been forced to file for bankruptcy and will be “selling substantially all of its operations to a rival”…
True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday.
In a press release, True Value said it will continue day-to-day operations of selling hardware and other homeware tools to its 4,500 independently operated locations during the Chapter 11 process, which includes a $153 million stalking horse bid from rival company Do it Best.
#8 Did you ever think that you would live to see a day when hundreds of 7-Eleven stores would be closing? Sadly, that time has now arrived…
Several hundred “underperforming” 7-Eleven locations across North America are closing, the convenience store announced.
Seven & I Holdings, the chain’s Japan-based parent company, revealed in an earnings report Thursday that 444 locations of 7-Eleven are shutting down because of a variety of issues, including slowing sales, declining traffic, inflationary pressures and a decrease in cigarette purchases.
#9 Home Depot apparently believes that rough times are ahead, because they are dumping millions of square feet of warehouse space…
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Home Depot is hastily exiting warehouse space, to the tune of 3.2 million square feet in a month, according to Bisnow.
Since late August, Home Depot has put up nearly 4 million square feet of warehouse space for sublease, including a 1.3M SF Phoenix warehouse and a 1.1M SF distribution center in the Inland Empire, according to CoStar Analytics.
#10 At this point, things are so bad that even Disney is laying off workers…
According to sources cited by Deadline, Disney is pushing ahead with new layoffs as part of a broader “cost-saving initiative.” About 300 employees across Disney’s corporate divisions will be impacted this week.
The layoffs of 300 employees began on Tuesday and will continue until the end of the week. They are all US-based employees who work across the company’s corporate operations, including legal, HR, finance, and communications.
If you have recently lost your job, I feel very badly for you, because the employment market has gotten a lot more “complicated” than it was in the old days.
Once upon a time, being good at what you do was enough.
But now other considerations are often more important than pure merit…
A top Oregon state official has been put on administrative leave after a pink-haired, DEI-obsessed subordinate complained he was making hiring decisions based on qualifications instead of personal identity considerations, according to a report.
Mike Shaw, who until recently served as the Oregon Department of Forestry’s second-in-command, was put on blast by Megan Donecker, the department’s former DEI strategy officer, for looking “beyond gender and identity in hiring, seeking only candidates most qualified for the job,” OregonLive reported.
He was formally placed on administrative leave Aug. 6 after Donecker filed a formal complaint, according to the Daily Mail.
Isn’t that nuts?
Our society is getting crazier with each passing day, and I am deeply concerned about where all of this is heading.
Sadly, the tough economic times that we are experiencing now are not even worth comparing to the pain that is coming if we don’t turn things around.
Our system is literally crumbling right in front of our eyes, and unless something dramatic happens economic conditions in this country will soon become extremely harsh.
Michael’s new book entitled “Why” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
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Kamala Harris Says the American Dream Is “Gone”
by Modernity News
During a pre recorded interview, Kamala Harris once again failed to deliver any substantive outline of her policies, primarily attacking Donald Trump’s outlook and his first term in office. At one point when speaking about the economy, Harris appeared to suggest, in stark contrast to Trump, that the American Dream…
Gold Price Forecasts Skyrocket Following Moves by China and the Fed
by Sponsored Post
With the Federal Reserve beginning what most expect to be a sustained easing cycle, momentum continues to rise for gold and silver. Values have been steadily rising and the newest forecasts point to even more gains down the road. At the end of September, BMO Capital Markets published updated commodity…
Taxes and Tariffs and Trade: Oh My! Trump’s Plan to Bolster the Economy
by Just The News
In a bid to build a broader coalition, former President Donald Trump has outlined a vision of tax cuts, import tariffs, and “reciprocal trade” to preserve and restore American industries. Since coming down the escalator of Trump Tower in 2015, the Republican standard bearer has espoused unconventional trade policies and…
Expert Testimony: Mass Immigration Under Biden-Harris Is Driving Up Rents for Americans
by Breitbart
The arrival of millions of foreign nationals, many of whom are illegal aliens, under President Joe Biden and Vice President Kamala Harris is helping to drive up rents for working- and middle-class Americans, an expert witness told Congress Wednesday. Center for Immigration Studies Director of Research Steven Camarota told the…
This Year Marks First Since 1958 That Us Held No Oil and Gas Lease Sales
by Just The News
This year will be the first year since 1958 that the Bureau of Ocean Energy Management held no offshore oil and gas lease sales. Energy expert Alex Epstein, author of “Fossil Future,” argued at a recent House Budget Committee hearing the United States’ record-high oil production is in spite of…
Kamala’s Devastating Middle Class Taxes
by Independent Sentinel
With the election coming up, the IRS plans to reduce our taxes for 2025. it’s a common tactic to make it seem like they won’t tax us into oblivion once they return to office. CBS News: Some Americans could see lower federal income taxes in 2025 due to an annual…
Congress Passes Stop-Gap Spending Bill After Failed Mike Johnson Gambit
by Breitbart
Congress on Wednesday passed legislation that would fund the government through nearly the end of December. The House and the Senate passed a stop-gap spending bill that would push the government spending deadline to December 20. The measure, otherwise known as a continuing resolution (CR), keeps federal spending the same….
A ‘Bipartisan’ Bar Tried to Open in DC, Then Libs Cried That an Elephant Image Was ‘Hurtful.’
by The National Pulse
A new bar in Washington, D.C., whose political theme focused on bipartisan agreement and debate, succumbed to partisan pressure before the establishment could even serve its first drink. Originally billed as Political Pattie’s, the bar was flooded with complaints by liberals who said the establishment’s logo—specifically the Republican Elephant—was offensive…
Newsom Signs Bill Requiring Janitors to Take $200 Sexual Harassment Training
by Just The News
California Gov. Gavin Newsom signed a bill requiring companies that hire janitors to make sure janitors take sexual assault training every other year, and pay $200 per participant for sessions with under 10 janitors present, and $8 for sessions with 10 or more janitors. The bill also requires the government…
Biden-Harris Regime Prepares Another $8 Billion in Military Aid for Ukraine During Zelensky’s Washington Visit
by The Gateway Pundit
The Biden-Harris regime is once again prioritizing foreign interests over the well-being of American citizens, with plans to announce an eye-watering $8 billion in military aid for Ukraine during Ukrainian President Volodymyr Zelensky’s visit to Washington. This massive giveaway comes as Americans continue to face economic hardships, skyrocketing inflation, and…
‘Economic Dystopia:’ Silicon Valley Tycoon Predicts AI Will Take Over 80% of All Work
by Breitbart
Vinod Khosla, legendary Silicon Valley investor and entrepreneur, has predicted that AI will replace the majority of work in most jobs, necessitating the implementation of universal basic income (UBI) to prevent economic instability and inequity. Fortune reports that in a recent blog post, Vinod Khosla, the billionaire co-founder of Sun…