Since the depths of the last recession, the price of ground beef in the United States has doubled. Has your paycheck doubled since then? Even though the Federal Reserve insists that we are in a “low inflation” environment, the government’s own numbers show that the price of ground beef has been on an unprecedented run over the past six years. In early 2009, the average price of a pound of ground beef was hovering near 2 dollars. In February, it hit a brand new all-time record high of $4.238 per pound. Even just 12 months ago, the price of ground beef was sitting at $3.555 per pound. So we are talking about a huge increase. And this hits American families where they really live. Each year, the average American consumes approximately 270 pounds of meat. The only nation in the world that eats more meat than we do is Luxembourg. If the paychecks of American workers were going up fast enough to deal with this increase, it wouldn’t be that big of a deal. But of course that is not happening. In an article just last week, I showed that real median household income is a couple thousand dollars lower now than it was during the depths of the last recession. The middle class is being squeezed, and we are rapidly getting to the point where burgers are going to be considered a “luxury” item.
The following chart was posted by the Economic Policy Journal on Wednesday, and it incorporates the latest data from the Bureau of Labor Statistics. When I first saw it, I was rather stunned. I knew that the price of ground beef had become rather outrageous in my local grocery stores, but I had no idea just how much damage had been done over the past six years…
The biggest reason why the price of ground beef has been going up is the fact that the U.S. cattle herd has been shrinking. It shrunk seven years in a row, and on January 1st, 2014 it was the smallest that it had been since 1951.
The good news is that the decline appears to have stopped, at least for the moment. According to the Wall Street Journal, the size of the U.S. cattle herd actually increased by 1 percent last year…
The U.S. cattle herd expanded in 2014 for the first time in eight years, offering hope to consumers that beef prices could start to subside after soaring to a series of records.
The nation’s cattle supply increased 1% in the year through Jan. 1 to 89.8 million head, according to data released Friday by the U.S. Agriculture Department, reversing a steady decline fueled by prolonged drought in the southern U.S. Great Plains and industry consolidation that encouraged many ranchers to thin herds.
But an increase of 1 percent is just barely going to keep up with the official population growth rate. If you factor in illegal immigration, we are still losing ground.
And if we have another major drought in cattle country this summer, the cattle herd is going to start shrinking again.
In addition, the price of food overall has been steadily rising for years. Here is a chart that I shared the other day…
It boggles the mind that the Federal Reserve can claim that we are in a “low inflation” environment. Anyone that goes grocery shopping feels the pain of these rising prices every time that they go to the store.
In the list that I put together yesterday, I included the following statistic…
Almost half of all Americans (47 percent) do not put a single penny out of their paychecks into savings.
One of the primary reasons why so many Americans are not saving any money is because many families simply cannot save any money. Their paychecks are stagnant while the cost of living just keeps going up and up.
There simply are not enough “good jobs” out there anymore. Our economy continues to bleed middle class jobs and the competition for the jobs that remain is quite intense.
Do you know what the two most common occupations in America today are?
According to the Bureau of Labor Statistics, they are “retail sales clerk” and “cashier”.
And of course neither of those “occupations” pays even close to what is required to support a middle class family.
On average, a retail sales clerk makes $24,020 a year, and a cashier makes $20,670 a year.
Because the quality of our jobs has declined so much, there are millions of American families today in which both the mother and the father are working multiple jobs in a desperate attempt to make ends meet each month.
But don’t worry, the Federal Reserve says that we are nearly at “full employment“, and Barack Obama says that everything is going to be just fine.
Actually, the truth is that things are about to get a lot worse. At this point, we are even getting pessimistic numbers out of the Federal Reserve. Just this week we learned that the Fed is now projecting that economic growth for the first quarter of 2015 will be barely above zero…
From almost 2.5% GDP growth expectations in February, The Atlanta Fed’s GDPNow model has now collapsed its estimates of Q1 GDP growth to just 0.2% – plunging from +1.4% just 2 weeks ago. The reality of plunging capex and no decoupling is starting to rear its ugly head in the hard data and as the sun warms things up, weather will start to lose its ability to sway sentiment.
We are at a turning point. The bubble of false stability that we have been living in is rapidly coming to an end, and when people start to realize that another great economic crisis is coming there is going to be a lot of panic.
And as far as food prices go, they are just going to keep taking a bigger chunk out of all of our wallets.
As high as prices are already, the truth is that your food dollars are never going to go farther than they do right now.
So let us hope for the best, but let us also get prepared for the worst.
Are you in better shape financially than you were last Thanksgiving? If so, you should consider yourself to be very fortunate because most Americans are not. As you chow down on turkey, stuffing and cranberry sauce this Thursday, please remember that there are millions of Americans that simply cannot afford to eat such a meal. According to a shocking new report that was just released by the National Center on Family Homelessness, the number of homeless children in the U.S. has reached a new all-time high of 2.5 million. And right now one out of every seven Americans rely on food banks to put food on the table. Yes, life is very good at the moment for Americans at the top end of the income spectrum. The stock market has been soaring and sales of homes worth at last a million dollars are up 16 percent so far this year. But most Americans live in a very different world. The percentage of Americans that are employed is about the same as it was during the depths of the last recession, the quality of our jobs continues to go down, the rate of homeownership in America has fallen for seven years in a row, and the cost of living is rising much faster than paychecks are. As a result, the middle class is smaller this Thanksgiving than it was last Thanksgiving, and most Americans have seen their standards of living go down over the past year.
In 2014, there are tens of millions of Americans that are anonymously leading lives of quiet desperation. They are desperately trying to hold on even though things just keep getting worse. For example, just consider the plight of 49-year-old Darrell Eberhardt. Once upon a time, his job in a Chevy factory paid him $18.50 an hour, but now he only makes $10.50 an hour and he knows that he probably would not be able to make as much in a new job if he decided to leave…
For nearly 20 years, Darrell Eberhardt worked in an Ohio factory putting together wheelchairs, earning $18.50 an hour, enough to gain a toehold in the middle class and feel respected at work.
He is still working with his hands, assembling seats for Chevrolet Cruze cars at the Camaco auto parts factory in Lorain, Ohio, but now he makes $10.50 an hour and is barely hanging on. “I’d like to earn more,” said Mr. Eberhardt, who is 49 and went back to school a few years ago to earn an associate’s degree. “But the chances of finding something like I used to have are slim to none.”
Of course you can’t support a family on $10.50 an hour.
You can barely support one person on $10.50 an hour.
But there are many men out there that would absolutely love to switch positions with Darrell Eberhardt. At this point, one out of every six men in their prime working years (25 to 54) does not have a job. That is an absolutely crazy number.
And of course just because you “have a job” does not mean that things are going well. The number of Americans that are “working part-time involuntarily” has risen by over 50 percent since the beginning of the last recession. There are millions of hard working Americans that would love to get a full-time job if they could land one. But these days “decent jobs” are in short supply.
For example, CNN recently profiled the story of college graduate Meghan Brachle…
Meghan would love to be a music teacher or play full-time in an orchestra. She studied music at Loyola University in New Orleans and plays the flute.
Instead, Meghan works a slew of part-time jobs and receives no benefits.
She is a cashier at Whole Foods, a substitute teacher, a flute tutor and an administrative assistant at a non-profit.
Even with all of her hard work, Brachle and her husband often really struggle to pay the bills…
With inconsistent hours, Meghan monthly income fluctuates between $1,000 and $3,000. Even with her husband’s teaching salary, the couple sometimes struggles to cover the $3,600 of monthly expenses they have.
“It’s very stressful,” Meghan, a college graduate, says. “I think about all the job applications I’ve turned in and all the interviews I’ve been on and all the other people who are in the same situation, looking for those same [full-time] jobs. It’s frustrating.”
Sadly, a lot of these part-time employers know that their employees desperately need these jobs and are using that leverage to treat them very poorly.
For example, it is being reported that any KMart employees that do not show up for work on Thanksgiving will be automatically fired.
What kind of nonsense is that?
And around the country at Wal-Mart stores, food drives are being held for “needy employees“.
So why wouldn’t Wal-Mart just pay their workers enough so that they could afford to take care of themselves in the first place?
Most people don’t realize this, but approximately one out of every four part-time workers in America is currently living below the poverty line. Many of them are working as hard as they can and still can’t make enough to take care of themselves.
Meanwhile, our paychecks are getting stretched further and further with each passing month.
When you don’t make much money, every dollar is precious. And when food prices go up substantially, it can be very painful. Unfortunately, that is precisely what is happening right now…
-From September to October, the price of a pound of Turkey rose from $1.58 to $1.66. That represents a 5.2 percent price increase in just one month.
-The price of a pound of ground beef has just risen to a brand new record high of $4.15 a pound, and more price increases are on the way. The U.S. Department of Agriculture is projecting that U.S. beef production will drop by another 1 billion pounds next year due to a variety of factors including the horrific multi-year drought out west.
-The entire planet is bracing for a huge chocolate shortage, and this threatens to push the price of chocolate beyond the reach of many American families…
Start hoarding those Hershey’s Kisses and stockpile your Snickers: The world could soon experience a chocolate shortage.
Mars Inc. and Barry Callebaut, two of the world’s largest chocolate makers, say that’s the path we’re headed down. They cite a perfect storm of factors: Less cocoa is being produced as more and more people are devouring chocolate.
In 2013, consumers ate about 70,000 metric tons more cocoa than was produced, The Washington Post reports, and that deficit could go up to 1 million metric tons by 2020. The Ivory Coast and Ghana produce more than 70 percent of the world’s cacao beans, and both countries are experiencing dry weather that limits growth. To make things worse, a fungal disease called frosty pod has destroyed 30 to 40 percent of global cocoa production.
As a result of all of the things that I have just discussed above, more Americans than ever are being forced to turn to the government for assistance. Today, the number of Americans getting a check from the government each month is at an all-time high, and at this point Americans collectively get more money from the government than they pay in taxes. For much, much more on this, please see my recent article entitled “21 Facts That Prove That Dependence On The Government Is Out Of Control In America“.
So if things are going well for you this Thanksgiving, you should be truly thankful.
For most of the country, things just continue to get even worse. And if the next major wave of our economic crisis arrives next year like many are projecting, this may just be the beginning of our economic pain.
Thanks to the Federal Reserve, the middle class is slowly being suffocated by rising food prices. Every single dollar in your wallet is constantly becoming less valuable because of the inflation the Fed systematically creates. And if you try to build wealth by saving money and earning interest on it, you still lose because thanks to the Federal Reserve’s near zero interest rate policies banks pay next to nothing on savings accounts. The Federal Reserve wants you to either spend your money or to put it in the giant casino that we call the stock market. But when Americans spend their paychecks they are finding that they don’t stretch as far as they once did. The cost of living continues to rise at a much faster pace than wages are rising, and this is especially true when it comes to the price of food.
Someone that I know wrote to me today and let me know that she had to shut down the food pantry that she had been running for the poor for so many years. It isn’t that she didn’t want to help the poor anymore. It was that she just couldn’t deal with the rising food prices any longer. Now she is just doing the best that she can to survive herself.
Perhaps you have also noticed that food prices have gotten pretty crazy lately. In particular, meat prices have become absolutely obscene. For example, the average price of ground beef has risen to a new record high of over $4.09 a pound. Over the past twelve months, that works out to a whopping 17 percent increase…
The average price for a pound of ground beef climbed to another record high–$4.096 per pound–in the United States in September, according to data released today by the Bureau of Labor Statistics (BLS).
In August, according to BLS, the average price for a pound of all types of ground beef topped $4 for the first time–hitting $4.013. In September, the average price jumped .083 cents, an increase of 2.1 percent in one month.
A year ago, in September 2013, the average price for a pound of ground beef was $3.502 per pound. Since then, it has climbed 59.4 cents–or about 17 percent in one year.
The “intellectuals” over at the Federal Reserve insist that “a little bit of inflation” is good for an economy, but the truth is that inflation slowly robs us of our buying power.
In a previous article, I shared a chart that showed how food inflation has risen dramatically since the year 2000. For this article, I wanted to show how food inflation has risen since the 1970s. As you can see, the rise in food prices has been absolutely relentless for more than 40 years…
If our paychecks were going up at the same rate or even faster that would be okay.
But they aren’t.
In fact, CNN is reporting that our paychecks have fallen back to 1995 levels…
Americans also don’t feel any better off. While more people may have jobs, they aren’t bringing home fatter paychecks. Wages and income have remained stagnant for years, making it tough for folks even though inflation is low. Median household income, which stood at $51,939 last year, is back to 1995 levels.
Consumers expect a median income boost of 1.1% over the next year, Curtin said. But that won’t keep up with their inflation expectations of 2.8%.
“American households, on average, are still struggling with their living standards slowly eroding,” he said.
This is one of the primary reasons why the middle class is disappearing in America.
The purchasing power of our dollars is continually diminishing.
And this could be just the beginning. Right now, severe drought is affecting some of the most important agricultural areas around the globe. Most people are aware of the nightmarish drought in California, but did you know that things in Brazil are even worse? Brazil is one of the most important food exporters in the world, and so they definitely need our prayers.
In addition, a “black swan event” such as a worldwide explosion of the Ebola pandemic could quickly drive food prices into the stratosphere.
Just this week, we learned that food prices in the Ebola-stricken regions of Liberia, Guinea and Sierra Leone have already risen by an average of 24 percent…
Infection rates in the food-producing zones of Kenema and Kailahun in Sierra Leone, Lofa and Bong County in Liberia and GuDeckDedou in Guinea are among the highest in the region. Hundreds of farmers have died.
The three governments quarantined districts and restricted movements to contain the virus’ spread. But those measures also disrupted markets and led to food scarcity and panic buying, further pushing up prices, WFP and the Food and Agriculture Organization have said.
“Prices have risen by an average of 24 percent,” said WFP spokeswoman Elisabeth Byrs, adding an assessment of major markets showed the price of basic commodities was rising in Guinea, Liberia and Sierra Leone and in neighboring Senegal.
If you have been storing up food, I think that you will be very happy with your decision in the long run.
Without a doubt, food prices are only going to be going up from here.
But the Federal Reserve continues to insist that inflation is under control.
One of the ways that they make the “official numbers” look good is by playing accounting games. They regularly change the way that inflation is calculated in order keep everyone calm.
You don’t have to take my word for it. Posted below is an excerpt from an article by Mike Bryan, a vice president and senior economist in the Atlanta Fed’s research department…
The Economist retells a conversation with Stephen Roach, who in the 1970s worked for the Federal Reserve under Chairman Arthur Burns. Roach remembers that when oil prices surged around 1973, Burns asked Federal Reserve Board economists to strip those prices out of the CPI “to get a less distorted measure. When food prices then rose sharply, they stripped those out too—followed by used cars, children’s toys, jewellery, housing and so on, until around half of the CPI basket was excluded because it was supposedly ‘distorted'” by forces outside the control of the central bank. The story goes on to say that, at least in part because of these actions, the Fed failed to spot the breadth of the inflationary threat of the 1970s.
I have a similar story. I remember a morning in 1991 at a meeting of the Federal Reserve Bank of Cleveland’s board of directors. I was welcomed to the lectern with, “Now it’s time to see what Mike is going to throw out of the CPI this month.” It was an uncomfortable moment for me that had a lasting influence. It was my motivation for constructing the Cleveland Fed’s median CPI.
I am a reasonably skilled reader of a monthly CPI release. And since I approached each monthly report with a pretty clear idea of what the actual rate of inflation was, it was always pretty easy for me to look across the items in the CPI market basket and identify any offending—or “distorted”—price change. Stripping these items from the price statistic revealed the truth—and confirmed that I was right all along about the actual rate of inflation.
It is all a game to them.
It is all about getting to the “right number” to release to the public.
But anyone that goes to the grocery store knows what has been happening to food prices.
The next time you get to the checkout register and you feel tempted to ask the cashier what organ you should donate to pay for your groceries, please keep in mind that it is not the fault of the cashier.
Instead, there is one entity that you should blame.
Blame the Federal Reserve – their policies are slowly pushing the middle class into oblivion.
One of the things that this era of American history will be known for is conspicuous consumption. Even though many of us won’t admit it, the truth is that almost all of us want a nice vehicle and a large home. They say that “everything is bigger in Texas”, but the same could be said for the entire nation as a whole. As you will see below, the size of the average new home has just hit a brand new record high and so has the size of the average auto loan. In the endless quest to achieve “the American Dream”, Americans are racking up bigger debts than ever before. Unfortunately, our paychecks are not keeping up and the middle class in the United States is steadily shrinking. The disparity between the lifestyle that society tells us that we ought to have and the size of our actual financial resources continues to grow. This is leading to a tremendous amount of frustration among those that can’t afford to buy expensive cars and large homes.
I remember the days when paying for a car over four years seemed like a massive commitment. But now nearly a quarter of all auto loans in the U.S. are extended out for six or seven years, and those loans have gotten larger than ever…
In the latest sign Americans are increasingly comfortable taking on more debt, auto buyers borrowed a record amount in the first quarter with the average monthly payment climbing to an all-time high of $474.
Not only that, buyers also continued to spread payments out over a longer period of time, with 24.8 percent of auto loans now coming with payment terms between six and seven years according to a new report from Experian Automotive.
That’s the highest percentage of 6 and 7-year loans Experian has ever recorded in a quarter.
Didn’t the last financial crisis teach us about the dangers of being overextended?
During the first quarter 0f 2014, the size of the average auto loan soared to an all-time record $27,612.
But if you go back just five years ago it was just $24,174.
And because we are taking out such large auto loans that are extended out over such a long period of time, we are now holding on to our vehicles much longer.
According to CNBC, Americans now keep their vehicles for an average of six years and one month.
Ten years ago, it was just four years and two months.
My how things have changed.
And consumer credit as a whole has also reached a brand new all-time record high in the United States.
Consumer credit includes auto loans, but it doesn’t include things like mortgages. The following is how Investopedia defines consumer credit…
Consumer credit is basically the amount of credit used by consumers to purchase non-investment goods or services that are consumed and whose value depreciates quickly. This includes automobiles, recreational vehicles (RVs), education, boat and trailer loans but excludes debts taken out to purchase real estate or margin on investment accounts.
As you can see from the chart below, Americans were reducing their exposure to consumer credit for a little while after the last financial crisis struck, but now it is rapidly rising again at essentially the same trajectory as before…
Have we learned nothing?
Meanwhile, America also seems to continue to have an insatiable demand for even larger homes.
According to Zero Hedge, the size of the average new home in the United States has just hit another brand new record high…
There was a small ray of hope just after the Lehman collapse that one of the most deplorable characteristics of US society – the relentless urge to build massive McMansions (funding questions aside) – was fading. Alas, as the Census Bureau today confirmed, that normalization in the innate desire for bigger, bigger, bigger not only did not go away but is now back with a bang.
According to just released data, both the median and average size of a new single-family home built in 2013 hit new all time highs of 2,384 and 2,598 square feet respectively.
And while it is known that in absolute number terms the total number of new home sales is still a fraction of what it was before the crisis, the one strata of new home sales which appears to not only not have been impacted but is openly flourishing once more, are the same McMansions which cater to the New Normal uberwealthy (which incidentally are the same as the Old Normal uberwealthy, only wealthier) and which for many symbolize America’s unbridled greed for mega housing no matter the cost.
There is certainly nothing wrong with having a large home.
But if people are overextending themselves financially, that is when it becomes a major problem.
Just remember what happened back in 2007.
And just like prior to the last financial crisis, Americans are treating their homes like piggy banks once again. Home equity lines of credit are up 8 percent over the past 12 months, and homeowners are increasingly being encouraged to put their homes at risk to fund their excessive lifestyles.
But there has been one big change that we have seen since the last financial crisis.
Lending standards have gotten a lot tougher, and many younger adults find that they are not able to buy homes even though they would really like to. Stifled by absolutely suffocating levels of student loan debt, many of these young adults are putting off purchasing a home indefinitely. The following is an excerpt from a recent CNN article about this phenomenon…
The Millennial generation is great at many things: texting, social media, selfies. But buying a home? Not so much.
Just 36% of Americans under the age of 35 own a home, according to the Census Bureau. That’s down from 42% in 2007 and the lowest level since 1982, when the agency began tracking homeownership by age.
It’s not all their fault. Millennials want to buy homes — 90% prefer owning over renting, according to a recent survey from Fannie Mae.
But student loan debt, tight lending standards and stiff competition have made it next to impossible for many of these younger Americans to make the leap.
This is one of the primary reasons why homeownership in America is declining.
A lot of young adults would love to buy a home, but they are already financially crippled from the very start of their adult lives by student loan debt. In fact, the total amount of student loan debt is now up to approximately 1.1 trillion dollars. That is even more than the total amount of credit card debt in this country.
We live in a debt-based system which is incredibly fragile.
We experienced this firsthand during the last financial crisis.
But we just can’t help ourselves.
We have always got to have more, and society teaches us that if we don’t have enough money to pay for it that we should just go into even more debt.
Unfortunately, just as so many individuals and families have found out in recent years, eventually a day of reckoning arrives.
And a day of reckoning is coming for the nation as a whole at some point as well.
You can count on that.
If the economy is getting better, then why do incomes keep falling? According to a shocking new report that was just released by the U.S. Census Bureau, median household income (adjusted for inflation) has declined for five years in a row. This has happened even though the federal government has been borrowing and spending money at an unprecedented rate and the Federal Reserve has been on the most reckless money printing spree in U.S. history. Despite all of the “emergency measures” that have been taken to “stimulate the economy”, things just continue to get worse for average American families. Americans are working harder than ever, but their paychecks are not reflecting that. Meanwhile, the cost of everything just keeps going up. The Federal Reserve insists that inflation is “low”, but anyone that goes grocery shopping or that stops at a gas station knows that is a lie. In fact, if inflation was calculated the exact same way that it was calculated back in 1980, the inflation rate would be somewhere between 8 and 10 percent right now. Paychecks are being stretched more than ever before, and that is probably the reason why about three-fourths of the entire country is living paycheck to paycheck at this point.
According to the Census report, the high point for median household income in the United States was back in 1999 ($56,080). It almost got back to that level in 2007 ($55,627), but ever since then there has been a steady decline. The following figures come directly from the report, and as you can see, median household income has fallen every single year for the past five years…
How far does that number have to go down before we admit that we have a major problem on our hands?
The new Census report also revealed that 46.5 million Americans are living in poverty. As CNSNews.com noted, this is far higher than when Barack Obama first entered the White House…
During the four years that marked President Barack Obama’s first term in office, the real median income of American households dropped by $2,627 and the number of people on poverty increased by approximately 6,667,000, according to data released today by the Census Bureau.
So why does Obama continue to insist that things are getting better?
Right now, one out of every five households in the United States is on food stamps.
One out of every five.
How bad does it have to get before we acknowledge that what we are doing economically is not working.
Will half of us eventually end up on food stamps?
In addition, the new Census report also says that 48 million Americans are currently without any kind of health insurance whatsoever.
The biggest culprit for this is the stunning decline of employment-based health insurance. Back in 1999, 64.1 percent of all Americans were covered by employment-based health insurance. Today, only 54.9 percent are covered by employment-based health insurance.
And of course as I noted yesterday, even more companies are going to be dumping health insurance plans because of Obamacare.
All in all, what we have been witnessing over the past decade and a half is the systematic evisceration of the middle class.
After accounting for inflation, right now 40 percent of all U.S. workers are making less than what a full-time minimum wage worker made back in 1968.
Over the years, our incomes have certainly gone up, but inflation has increased even faster.
Back when I was growing up, $50,000 a year sounded like a whole lot of money. I thought that anyone should be able to live a very comfortable lifestyle on that amount of money.
Unfortunately, $50,000 a year doesn’t go nearly as far as it once did.
If you take the current median household income ($51,017) and divide it up by 12 months, it comes to just a little bit more than $4000 a month.
And as I noted last year, it is not easy for the average American family to do everything that it needs to do on $4000 a month…
So can an average family of four people make it on just $4000 a month?
Well, first of all you have got to take out taxes. After accounting for all forms of taxation you will be lucky if you have $3000 remaining.
With that $3000, you have to pay for all of the following…
*At Least One Vehicle
*Home Or Rental Insurance
*Student Loan Debt Payments
*Credit Card Payments
*Entertainment (although it is hard to imagine any money will be left for that)
Have I left anything out?
The truth is that $3000 does not go as far as it used to.
No wonder American families are feeling so stretched financially these days.
The new Census report also noted that the gap between the wealthiest Americans and the rest of us continues to grow. There is certainly nothing wrong with making money, but if the economy was working properly all Americans should be able to have the opportunity to better themselves.
According to CNBC, the 400 wealthiest Americans now have more money than the poorest 50 percent of all Americans combined.
So why is this happening? Well, certainly there are a lot of reasons, but in recent years quantitative easing has definitely played a role. As I noted in my recent article about the Federal Reserve, quantitative easing has been incredibly good for those with stocks and other forms of financial investments. All of that liquidity has juiced the financial markets, and the extremely wealthy have been loving it.
Meanwhile, things just continue to get even tougher for most of the rest of the American people, and the frightening thing is that the next major wave of the economic collapse has not even hit us yet.
How bad will things be for average American families once that happens?
And there are certainly lots of troubling signs as we get ready to head into the fall season…
-Total mortgage activity has dropped to the lowest level that we have seen since October 2008.
-One of the largest furniture manufacturers in America was just forced into bankruptcy.
-According to the Wall Street Journal, the 2013 holiday shopping season is already being projected to be the worst that we have seen since 2009.
Hopefully the slow and steady economic decline that we have been experiencing will not accelerate into a full-blown avalanche any time soon.
But I would definitely get prepared just in case.