Things
haven’t looked this bad for the U.S. economy since 2008. We are in the
midst of the worst inflation crisis in decades, the housing market has started to collapse,
some of the largest companies in America have begun laying off workers,
and economic activity is slowing down all around us. Of course Joe
Biden is telling us that our economy is “strong as hell”, but that is
just because he wants his party to do well in the upcoming elections.
Ultimately, anyone that takes a truly objective view of things is forced
to admit that the outlook for the months ahead is incredibly bleak.
The following are 12 reasons why it is impossible for any rational
person to be optimistic about the U.S. economy at this point…
#1 According to a recent Gallup survey,
two-thirds of Americans believe that economic conditions are getting
worse. When such a large proportion of the population starts behaving
as though an economic downturn is coming, that actually makes an
economic downturn even more likely. So many Americans are starting to
hold on to their money more tightly, and that is having lots of ripple
effects.
#2 The second largest auto lender in the United States just announced
that it “saw charge-offs for retail auto loans quadruple in the third
quarter”. We are also seeing credit card delinquencies start to rise.
We certainly aren’t at 2008 levels yet, but we are moving in that
direction.
#3 Cargo traffic at the Port of Los Angeles just declined to the lowest level that we have seen since the early days of the pandemic. As I noted earlier, economic activity is beginning to slow down all over the nation. One recent survey discovered that 98 percent of corporate CEOs believe that a recession is coming, and those CEOs are behaving accordingly.
#4 Major retailers such as Walmart and Target have been canceling billions of dollars in orders
as they seek to cut back inventory levels. In all my years, I have
never seen our largest retailers cancel so many orders just prior to the
holiday season. Are they expecting the next couple of months to be a
total bust?
#5 Existing home sales just fell to a 10 year low.
We all knew that the housing market was going to implode once the
Federal Reserve started to aggressively raise interest rates, but at
this point that implosion is happening faster than most of the experts had anticipated.
#6 U.S. homebuilder sentiment has declined for 10 months in a row.
That is a brand new record. I really feel sorry for you if you are a
homebuilder or if you work for one. The months ahead are not going to
be pleasant for you.
#7 60,000 real estate deals
were called off in the month of September alone. I was stunned when I
first saw that number. All over the country buyers are realizing that
they agreed to pay too much and are feverishly trying to back out of
deals while they still can.
#8 Mortgage demand has plunged to the lowest level in 25 years. Things never even got this bad during the downturn of 2008 and 2009. To me, this is a really troubling sign.
#9 Ian Sheperdson, the chief economist at Pantheon Macroeconomics, is projecting that home prices could fall 20 percent
over the next year. Hopefully that will not happen, but there is also a
possibility that they could fall even further than that. We will just
have to wait and see how rapidly this new crisis plays out.
#10 U.S. diesel inventories have fallen to the lowest level since 2008. This is something that we will want to watch very carefully, because the U.S. economy runs on diesel.
#11 The core consumer price index has just surged to “the highest level since 1982”.
Even though the Federal Reserve has been on an insane rate hiking
spree, our inflation crisis continues to rage out of control. And as
prices continue to soar, our standard of living is being absolutely eviscerated.
#12 A model created by Bloomberg economists Anna Wong and Eliza Winger indicates that there is a 100 percent chance
of a recession within the next 12 months. Of course it is entirely
possible that their model could be wrong. But without a doubt this is
not a good sign.
Right now, even some of our society’s most relentless optimists are warning that tough economic times are ahead.
For instance, in a post on Twitter Elon Musk just suggested that we could be suffering through a recession until the spring of 2024…
If Elon Musk is any type of financial prognosticator, the market and economy could be in trouble for more than a year to come.
When prompted in a Twitter thread early on Friday morning, the Tesla
CEO said that he thought the current recession would last “probably
until spring of ’24”.
Because he is such an optimist, Musk believes that economic conditions will turn around eventually.
But what if they don’t?
What if the “perfect storm” that we are currently enduring ultimately results in the collapse of everything?
Are you prepared for such a scenario?
Previous generations of Americans handed us the keys to the most prosperous economy that the world has ever seen.
But instead of managing it carefully, we have piled up the biggest
mountain of debt in the history of the planet, we have transformed Wall
Street into the globe’s largest casino, and we have systematically
destroyed the reserve currency of the world.
Thanks to a very long series of incredibly foolish decisions by our
leaders, we are now facing a war with Russia, a collapse of the housing
market, a global food crisis, a global inflation crisis and a worldwide
financial meltdown simultaneously.
The entire system is starting to crumble all around us, but most
people still believe that things will “return to normal” at some point.
Personally, I would love to see things “return to normal”, but
unfortunately it appears that is not likely to happen any time soon.
***It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael and my brand new book entitled “7 Year Apocalypse” is now available on Amazon.com. In addition to my new book I have written five other books that are available on Amazon.com including “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, “Get Prepared Now”, and “Living A Life That Really Matters”.
(#CommissionsEarned) When you purchase any of these books you help to
support the work that I am doing, and one way that you can really help
is by sending digital copies as gifts through
Amazon to family and friends. Time is short, and I need help getting
these warnings into the hands of as many people as possible. I have
published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News,
and the articles that I publish on those sites are republished on
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and happily allow others to republish my articles on their own websites,
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and any way that you can share these articles with others is a great
help. These are such troubled times, and people need hope. John 3:16
tells us about the hope that God has given us through Jesus Christ: “For
God so loved the world, that he gave his only begotten Son, that
whosoever believeth in him should not perish, but have everlasting
life.” If you have not already done so, I strongly urge you to ask
Jesus to be your Lord and Savior today.
Source: Economiccollapse.blog 
