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(The Economic Collapse Blog)—Have things been getting better for the middle class, or have things been getting worse? Needless to say, the answer to that question is obvious. The cost of living is absolutely crushing us, we can’t afford to replace our rapidly aging vehicles, debt levels are exploding, and the proportion of the country that is living paycheck to paycheck has been steadily rising. Our economy is a mess, and America’s middle class is getting smaller and smaller. Sometimes I feel like I am watching a very tragic version of musical chairs. If you are still holding on to your chair, you should be very thankful, because more people are slipping out of the middle class and into poverty with each passing day.
If you are old enough, you can still remember a time when many middle class families would purchase a new vehicle every few years.
Sadly, today most of us are being forced to get as much mileage out of our rapidly aging vehicles as we possibly can. As a result, the average age of the passenger vehicles traveling America’s roads has reached an all-time record high…
This should be the best of times for the people who help keep America’s cars running.
There have never been as many on the road—around 290 million light vehicles—and they have never been so old. One reason for that is good news: They are better made. Getting the odometer past 100,000 miles has gone from being noteworthy to normal. Thirty years ago the average passenger car was about 8.4 years old and today that is 13.6 years.
Even keeping our aging vehicles repaired has become exceedingly difficult.
These days, if the mechanic hands you a repair bill for less than a thousand dollars that is a reason to celebrate.
In the old days, you could get a really nice used vehicle for a thousand dollars.
Of course groceries have become insanely expensive as well. Earlier today, I came across a USA Today article that discussed the fact that the average household in Miami spends 327 dollars at the grocery store per trip…
Many longtime Miamians say they’ve felt this way since the pandemic transformed much of their city. As New Yorkers and Californians faced lockdown orders and restrictions, many flocked to Florida, with the largest increase of New Yorkers moving to Miami where they could benefit from tax and mandate breaks while working remotely. But along with having the largest net population gain of any state in the country came exploding living and housing costs. Housing prices have risen almost 50%, according to the UBS Global Real Estate Bubble Index released last month.
Grocery prices shot up. (An average household spent about $327 per trip). So did electric bills. A carton of eggs last year cost $5.
327 dollars used to be a lot of money.
Now it will just buy you one cart of food.
I warned my readers that the economic conditions that we were witnessing in Venezuela would eventually come here, and now it has happened.
As I discussed a few days ago, core consumer prices have actually risen for 53 months in a row. Our cost of living crisis is out of control, and there is no end in sight.
As they struggle to pay their bills, many Americans are turning to credit cards for some relief. As a result, credit card debt balances have soared to record high levels…
The average American household credit card balance as of the third quarter of 2024 was about $10,757 after adjusting for inflation, according to a new study.
The personal-finance website WalletHub onFriday released its new Credit Card Debt Study, which found that consumers added $21 billion in debt during the third quarter of 2024.
Early results for the fourth quarter of the year show preliminary data for October at a new record high for credit card debt in the month, in absolute terms.
As credit card debt levels rose, it was inevitable that more Americans would start getting behind on their payments, and that is precisely what has happened…
Are you feeling financially stressed as 2024 comes to a close? You’re not alone, not even close. In fact, 7.8 million Americans have delayed payments on at least one of their credit accounts this year. That’s a million more than in 2023.
This is really bad news for the economy as a whole, because our economy is highly dependent on consumer spending.
You can’t get blood from a stone, and restaurants all over the country are learning the hard way that most consumers simply cannot afford to eat out as regularly as they once did…
Seafood giant Red Lobster, Italian chain Buca di Beppo, fish taco eatery Rubio’s Coastal Grill and the owner of burger and pizza chains BurgerFi and Anthony’s Coal Fired Pizza are among those that have sought to reorganize through bankruptcy this year. Hooters of America is also huddling with lenders and advisers amid revenue declines, Bloomberg reported.
Shares of Dine Brands Global Inc., the parent of Applebee’s and IHOP, are down about 30% year-to-date, while shares of Bloomin’ Brands Inc., which owns Outback Steakhouse, dropped to near 2020 lows last month after it reported a decline in US same-store sales.
Yes, a “restaurant apocalypse” has begun.
When I first started using that term, a lot of people thought that I was exaggerating.
But of course I was not exaggerating one bit.
Don’t wait for a stock market crash, dedollarization, or CBDCs before securing your retirement with physical precious metals. Genesis Gold Group can help.
There was a time when it seemed like just about anyone in this nation could achieve “the American Dream” if they just worked hard enough.
But now we have reached a point where only 31 percent of Americans believe that they have “made it” in life…
Despite being the land of opportunity, the American Dream remains frustratingly out of reach for most Americans, with a mere 31% believing they’ve financially “made it” in life.
Sadly, that figure is even lower for Baby Boomers…
However, the picture becomes less optimistic with age. Only 27% of baby boomers feel they’ve reached financial success, and among those who haven’t, just one-third believe they ever will. The survey found that Americans consider their path to financial success threatened by various external factors, including presidential elections (46%), interest rate changes (45%), and the job market (42%).
After working so hard for so many years, only 27 percent of Baby Boomers feel like they have “made it” in life.
Well, that is quite depressing.
Things could have turned out far differently. Many of us ranted and raved for years that things would turn out this way, but most of the country did not want to listen.
Bad decisions lead to bad results.
Our leaders have been making comically bad decisions for decades, and thanks to them we now have a complete and utter nightmare on our hands.
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.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
