(The Economic Collapse Blog)—Many among the elite don’t really care that tens of millions of Americans on the bottom of the economic food chain are deeply suffering right now. It is being reported that approximately 93 percent of all stock market wealth held by U.S. households is controlled by the top 10 percent, and the stock market has been performing remarkably well in recent months.
As long as their stock portfolios look good, there won’t be too much concern about the economic pain that the masses are experiencing. But they should care, because what we are witnessing is going to deeply affect all of us.
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2023 was really tough for much of the country, and many of the economic trends from last year just continue to intensify.
For example, just look at what is happening at food banks all over the nation. At one location in southern California, demand is up almost 60 percent since before the pandemic…
The nonprofit Second Harvest Food Bank of Orange County, which provides food for 400,000 people a month in Orange County, has seen a nearly 60 percent increase in demand since before the pandemic.
“If we are really going to help lift people out of poverty, they need fresh food,” Claudia Keller, CEO of Second Harvest Food Bank of Orange County,
At a food bank in the Big Apple, demand has actually doubled since before the pandemic, and now they are being forced to turn people away due to a lack of food…
The shelves at a Bronx food pantry have been bare for the past two weeks as hungry New Yorkers face heightened food insecurity at the beginning of the New Year.
The Albanian American Open Hand Association (AAOHA), located in Pelham Parkway, fed around 800 weekly before the pandemic, but that has since doubled to 1,600.
For the first time in 10 years, the pantry has been forced to turn people away.
This is something that is going to become increasingly common.
From coast to coast, donations are down and food costs are up, and so in the months ahead more desperate Americans that have lined up for hours at food banks around the nation will be told that there is “no food today”…
Food pantry president Alexander Nilaj told The Post Tuesday that he has had to turn them away.
“It’s very heartbreaking. People line up at six or seven in the morning,” the 52-year-old said in a phone interview. “We tell them: ‘Don’t wait, we have no food today.’”
Despite all of the happy talk that we are constantly getting from the Biden administration and the mainstream media, the truth is that poverty is exploding and homelessness in the U.S. has been growing at the fastest pace ever recorded…
Homelessness is on the rise in the United States, and it’s growing at a rate never seen before, according to data released Friday by the U.S. Department of Housing and Urban Development.
The 2023 Annual Homeless Assessment Report shows that more than 653,000 people were experiencing homelessness in the U.S. — marking a 12% increase from 2022. The report uses compiled Point-In-Time Count data — a method that attempts to count every person living homeless one day out of the year — from across the nation to track the ebbs and flows of the nation’s homelessness crisis.
Unfortunately, our economic problems appear to be accelerating.
According to the government’s own numbers, the U.S. lost a whopping 1.531 million full-time jobs in December alone.
And layoffs continue to be announced at a furious pace here in January. Earlier today, I was stunned to learn that Pixar has decided to conduct mass layoffs…
Walt Disney’s Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows and now has more staff than it needs, a source familiar with the situation told Reuters on Thursday.
TechCrunch reported earlier that Pixar was set to undergo layoffs as high as 20% this year, with the studio’s team of 1,300 people reduced to under 1,000 over the coming months.
Twitch is laying off workers too. In fact, more than a third of their workers will soon be searching for new employment…
Amazon’s livestreaming platform, Twitch, announced it would cut 35% of its workforce in a blog post.
“As you all know, we have worked hard over the last year to run our business as sustainably as possible,” wrote Twitch CEO Dan Clancy in a blog post. “Unfortunately, we still have work to do to rightsize our company, and I regret having to share that we are taking the painful step of reducing our headcount by just over 500 people across Twitch.”
Sadly, even Google is laying off workers at this stage. We are being told that “hundreds of staff” are getting the axe…
Google has laid off hundreds of staff across the company as it tries to cut costs and focus on artificial intelligence.
The tech titan confirmed the new wave of mass firings on Wednesday night, which employees claimed was more than 1,000 people.
Welcome to 2024.
This is going to be such a crazy year.
And as more companies lay off workers, large numbers of Americans won’t be able to pay their bills.
In fact, credit card delinquency rates at all stages have already surpassed pre-pandemic levels…
More Americans are buckling under the weight of mounting credit card debt.
All stages of credit card delinquency (30, 60 and 90 days past due) jumped higher during the third quarter of last year, surpassing pre-pandemic levels for the first time, according to a report released Thursday by the Federal Reserve Bank of Philadelphia.
Don’t let anyone tell you that the economy is in good shape.
The elite may be doing just fine for the moment, but most of the country is really struggling.
Do you remember the tremendous suffering that we witnessed during the Great Recession?
Well, what is ahead will be even worse.
A giant economic mess has already begun, and 2024 will be even more painful than 2023 was.
Sound off about this story on the Economic Collapse Substack.
Michael’s new book entitled “Chaos” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
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