With alarming reports showing inflation skyrocketing – and that is even with the numbers they are admitting to — and a significant drop in income for US households, it’s becoming increasingly clear: we’re teetering on the edge of an economic collapse. For years, we have warned about this looming disaster, telling our readers to prepare for the real economic threat. As the evidence mounts, it’s not just about being ready—it’s about bracing for the coming chaos.
The signs of impending economic chaos are hard to ignore:
Mortgage Meltdown: Mortgage rates are racing toward an unprecedented 8%. Homes that were once within reach for many Americans are now unaffordable in 99 percent of US counties. Homeownership, once a pillar of the American Dream, now seems like a far-off fantasy for many.
Tumultuous Bond Market: With soaring US government bond yields, September saw a shock wave through global markets. Some long-dated Treasury securities are trading below 50 cents on the dollar, a crisis level not seen since the 2008 financial meltdown. The mounting fear? More banks might collapse, reminiscent of Silicon Valley Bank and Signature Bank’s downfall last March.
Credit Card Crisis: Credit card companies are experiencing losses at a pace not seen in three decades. Since the beginning of 2022, the rate of losses has been soaring, rivaled only by the 2008 recession’s downturn.
Bankruptcy Boom: Americans filed more than 39,000 bankruptcy cases in August 2023, an 18% increase from last year. This grim statistic marks a year-long trend of rising bankruptcy filings, clearly indicating the devastating impact of the current administration’s economic policies.
Runaway Prices: American Households Spending $709 More for Same Goods as Two Years Ago. In fact, even CNN had to admit that even small comforts aren’t immune to the crunch. For instance, a box of Girl Scout cookies is now priced at a staggering six dollars. These gigantic spikes in everyday items indicate that our standard of living is deteriorating rapidly.
Americans have lost over $7,100 in spending power since January 2021: According to a report by the Heritage Foundation, inflation during Biden’s reign has caused the average American family to lose around $7,100 in buying power.
Despite these glaring red flags, the mainstream narrative largely dismisses concerns. But for those paying attention, the warning signs have been flashing for a while.
Breaking Down America’s Financial Disarray: By The Numbers
- Unbridled Borrowing: An astonishing average of $5.2 billion being borrowed every day for the upcoming decade!
- Sky-High Interest Payments: We’re poised to dish out an astounding $1 trillion on interest alone in a single year.
- Tax Revenue Decline: A concerning drop of about 8% in tax revenue over the recent 12 tumultuous months.
- Mounting National Debt: An alarming increase of $8 trillion to our national debt in a mere 3 years.
- The Aftermath of the Debt Ceiling “Crisis”: Since this crisis, the debt has surged by $1.5 trillion, and the climb shows no signs of stopping.
- Runaway Government Spending: Expenditures in 2023 have soared by 40% compared to 2019 figures, raising questions about fiscal responsibility.
- Dodging Default… But At What Expense?: We narrowly escaped default by uncapping the debt ceiling until 2025. Yet, this is just a temporary band-aid.
- A Looming Debt Disaster: Projections show our Debt-to-GDP ratio catapulting to a mind-boggling 225% by 2050. This ticking financial time bomb is a catastrophe waiting to happen!
- Total consumer debt has soared to a staggering new high, surpassing $31 trillion, as homeless encampments start to overwhelm a number of cities throughout the United States.
Are you Prepared for an Economic Collapse?
In many ways it is already here, and millions of American families are already living the nightmare. This economic crisis is not to be taken lightly, it is one of the biggest threats we face. Don’t wait for the mainstream media to tell you how bad it is, take action now to protect yourself and your loved ones.
We advise reading our article on Preparing for an Economic Collapse. We talk about the history of economic collapses, list the steps you need to take, and talk about what will most likely happen when the banking system goes down. You can read the article here.