(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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Is Kamala Harris’ Media Blitz Exposing Her Economic Flaws?
by Liberty Nation
Vice President Kamala Harris has been under scrutiny for her campaign rhetoric since she was handed the Democratic nomination ahead of the November election. While the mainstream media has called out her penchant for missing the mark, the examples are few and far between. The Fourth Estate’s failure to push…
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New Poll Shows National Debt Concerning for Swing State Voters
by Just The News
A new poll of battleground states shows the $35 trillion rising national debt is a critical issue for voters. The swing state poll shows that nine out of 10 voters want candidates to have a plan for the rising national debt. This includes 95% of those voting for Democratic Vice…
“Line All Those Guys Up and Shoot Them”: Professor Says Men Who Don’t Support Female Candidates Should Be Massacred
by Daily Caller
(Jaryn Crouson, DCNF)—A professor at the University of Kansas (UK) told a class that men who would not vote for a female president should be lined up and shot, according to a video posted on X Wednesday. The university confirmed the professor is employed at UK and made the comment…
Democrats Insist That Transgender “Medicine” Is Essential to Military Recruitment
by Tyler O’Neil, Daily Signal
(The Daily Signal)—Several Democrats running in tight races for the U.S. House and Senate joined a larger group of Democrats in signing a letter urging Congress not to defund a measure providing experimental transgender medical interventions that’s included in a bill to fund the U.S. military. The vast majority of…
Whistleblower Warns That the Secret Service Is Trying to Hide Its “Negligence, Sloppiness, and Gross Incompetence” When Protecting Trump
by Bob Unruh, WND
(WND News Center)—There’s been a lot of open speculation about how effective the U.S. Secret Service, under the Joe Biden-Kamala Harris administration, has been in protecting President Donald Trump, who held that office from 2017-2021 and once again is a candidate. After all, that administration is the same administration that…
Three-Quarters of Americans Surveyed Can’t Pay Their Bills
by The New American
Lending Tree, the online lending marketplace, asked 2,040 American consumers in early September how they were doing. Seventy-six percent of them said that Bidenflation has made it more difficult than ever to pay their bills. Half of them said they have had to pay certain bills late in the last…
America Can’t Afford Four More Years of Governance by ‘Luxury Beliefs’
by Human Events
This Monday was the one-year anniversary of the October 7 massacre, an event which will rightly live in infamy. This is not simply because it remains the most vicious assault on Jews since the Holocaust, but rather because – sadly – it amounts to merely the prologue to a year…
New ‘Transparency’ Act Forces Small Businesses to Register Personal Data With Federal Law Enforcement
by The Federalist
The Corporate Transparency Act (CTA) is an aggressive domestic program to federally register millions of unsuspecting small business owners under the guise of an “anti-money laundering initiative.” By the end of this year, Americans will be required to hand over their small businesses’ private data — such as owners’ names…
New Research Shows America Isn’t Headed for a Recession… It’s Been in One Since 2022 and the Government Has Been Fudging the Numbers to Hide It
by Andrew Moran
(The Epoch Times)—New research by a pair of prominent economists suggests that the U.S. economy has been in a recession for the last two years after inflation adjustments are taken into account. According to Bureau of Labor Statistics data, cumulative inflation since 2019 has totaled nearly 25 percent. But inflation…
Survey Reveals Small Businesses Are More Uncertain Than Ever
by Casey Harper
(The Center Square)–American small business uncertainty hit an all-time high and optimism remains low just weeks before Election Day, according to the latest survey. The National Federation of Independent businesses on Monday released the survey, which showed small business uncertainty rose last month to the highest level ever recorded by…