(The Economic Collapse Blog)—When I was a kid, “Weekend at Bernie’s” was one of my all-time favorite movies. In that film, two guys worked really hard to convince everyone that their boss was still alive so that they wouldn’t get into trouble. I remember laughing throughout that entire movie. Today, the Biden administration is working really hard to convince all of us that the U.S. economy is still alive, and that isn’t funny at all. A horrific cost of living crisis is absolutely crushing millions of U.S. households, large companies are conducting mass layoffs all over the nation, and the real estate industry is in a gigantic mess. But Joe Biden and his minions would have us believe that everything is just fine.
What we are witnessing is so similar to a very shocking incident that recently happened in Brazil.
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A very disturbed woman, seeking a loan, actually wheeled a corpse into a local bank…
Now Joe Biden, seeking another term, is wheeling out the corpse of the U.S. economy and pretending that it is still alive.
But no matter how many fake numbers they give us, we all know the truth.
Last week, I came across a very sad post by an elderly man on a popular Internet forum, and it was one of the most heartbreaking things that I have read in a very long time…
For the first time ever, the wife went to the local food bank yesterday. We had dinner last night because she did. My heart is crushed. I have always been able to keep food in our house. We met in 84 , married in 92 and we have had some tough times sure enough. But it’s never been like this. I don’t know how people are making it. Our bills are all paid. So we are indeed fortunate. The past two years has been an ever increasing decline in our ability to make ends meet. The cost of literally everything has taken what we use to put in the bank for road trips to the coast or mountains. Now we can’t afford to even feed ourselves.
How much more are you going to take from us? You democrats have brought us low. Now we can’t even afford to eat. The wife and I are thin anyways. The wife, she weighs maybe 95 pounds. I can not let her go without food. Now I will never retire. I will die with my work boots on.
Am I alone in this? Am I the only one who has lost so much just in the last two years? Are we the only couple going without food? In all my years things have never been this bad.
Are you democrats proud of yourselves? Is this what you wanted? An elderly couple who worked their whole lives Now begging for food?
This elderly man is employed.
But the cost of living crisis has gotten so bad that he and his wife literally cannot afford enough food to eat.
This is our economy now.
And with each passing day, even more American workers are being laid off.
In fact, we just learned that Nike has decided to lay off hundreds of workers at their world headquarters…
US athletic footwear and apparel company Nike announced late in the cash session on Friday that it is undergoing a restructuring effort to trim costs at its World Headquarters (WHQ) located in Beaverton, Oregon.
Michele Adams, VP of People Solutions at Nike, might be the most hated person at the company this afternoon. In a letter to staff, she wrote that “approximately 740 employees at WHQ” will be “permanently” laid off by late June.
No job in the private sector is truly safe at this point.
In recent months, we have seen dozens of large companies in the U.S. conduct mass layoffs.
And a lot more layoffs will be coming in the months ahead.
Meanwhile, the real estate industry continues to tank.
Last month, sales of previously owned homes were down 4.3 percent…
Sales of previously owned homes dropped 4.3% in March compared with February, to a seasonally adjusted annualized rate of 4.19 million units, according to the National Association of Realtors. Sales were 3.7% lower than in March 2023.
High interest rates are killing home sales, and they are absolutely devastating the commercial real estate industry.
But the Federal Reserve is scared to reduce interest rates at this point, because that will just make our cost of living crisis even worse.
They have trapped themselves in a no win situation.
After years of incredibly bad decisions, those that are running our economy are out of good options.
But even though economic conditions are so bad right now, Joe Biden and his minions would like us to believe that everything is just great and that a new golden age of prosperity is right around the corner…
It is mind-blowing that Biden’s campaign ads still claim he helped the ordinary American worker. The economic bad news just keeps coming, as inflation climbs up and up in spite of propaganda to the contrary, real wages drop, and the value of the dollar goes down both at home and abroad. And even while real wages are decreasing, inflation is costing Americans an estimated $1,000 extra every month.
The rich are doing well, but the rest of us are struggling. The wealthiest Americans reportedly increased their fortunes by $195 billion just in Biden’s first 100 days in office back in 2021, and it didn’t stop there. Economist Dave Brat noted on April 10 that the wealth of America’s top 1% hit a record $44 trillion. The top 1% own half of our country’s individually held stocks, while 87% of such stocks and mutual funds belong to the top 10% of Americans.
Biden’s economy helps the uber-rich, but it is absolutely disastrous for ordinary Americans.
If you are ultra-wealthy, you are probably doing extremely well in this economic environment.
But just about everyone else is really struggling.
We really do have a “Weekend at Bernie’s economy”, and the Democrats really do have a “Weekend at Bernie’s candidate”…
That video would be a lot funnier if it wasn’t so true.
By now, most of you realize that this story is not going to end well.
In my latest book entitled “Chaos”, I included a lot of practical tips that will help you get prepared for what is ahead of us.
A major economic meltdown has already begun, but we are still only in the early chapters.
And it has become exceedingly clear that the guys that are currently running the show are definitely not equipped to lead us out of this mess.
Michael’s new book entitled “Chaos” is 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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