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  • Are we in a silent depression?
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Are we in a 'silent' depression?

Last updated: 6/29/2024
Jobs

Layoffs, Unemployment to Spike Amid Rising Bankruptcies - Business Insider

Report Reveals Huge Increase In Layoffs Surpassing Great Recession Peaks (msn.com)

Even Jay Powell doesn’t believe the jobs numbers — why should we? (msn.com)

The number of Americans filing for jobless benefits jumps to the highest level in 10 months - The Washington Post

Weekly Jobless Claims Come in Higher Than Expected (wsj.com)

White-collar workers are struggling to find jobs as the labor market slows (msn.com)

The 'Great Hesitation': Fewer Americans are switching jobs lately as labor market cools (msn.com)

Taking Second Jobs

More people are taking on second jobs because they literally can’t afford not to (yahoo.com)

"54% of Americans have added a side hustle"
"66% of Americans reporting to be living paycheck to paycheck, 57% of which add that they’ve tacked on other gigs to cushion their income."
"It all results in Gen Zers being the most likely to have two jobs (at 71%), followed by millennials at 68%, Gen Xers at 48%, and boomers at 32%."
Americans Struggling

27% of Americans Are Skipping Meals Because of Skyrocketing Food Costs, Survey Shows (msn.com)

Older Americans are struggling to afford food at an alarming rate — and it’s expected to get worse. Why US seniors are getting left behind (msn.com)

18 Reasons 70% of Americans are Struggling Financially (msn.com)

The U.S. Is Experiencing Extreme Financial Strain and Americans Are Struggling to Stay Afloat (msn.com)

Nearly two-thirds of middle-class Americans say they're 'struggling financially': poll (fox4news.com)

Nearly 40% of Americans paid a late fee in past 12 months: aurvey (msn.com)

Paychecks

66.2% of Americans Report Struggling Between (marketwatch.com)

Most Americans Living Paycheck to Paycheck This Year(investopedia.com)

More people are taking on second jobs because they literally can’t afford not to (yahoo.com)

Even Americans earning six figures say they are living paycheck to paycheck—including people making over $200,000 (yahoo.com)

Americans Living Paycheck to Paycheck Is Now 'the Most Common Financial Lifestyle' | Moneywise

Grocery Costs

80% of Americans say grocery costs have notably increased since the pandemic started, survey finds (msn.com)

What the price difference between ham and bacon tell us about inflation - KTVZ

New Consumer Price Index report: Food prices up 2.1% over last year (kshb.com)

Here's how inflation has ratcheted up the cost of basics like housing and food for families across the US (msn.com)

Rabobank: Consumers battle fatigue over food inflation - Produce Blue Book

Fast Food

Nearly 80% of Americans now view fast food as a luxury (yahoo.com)

The new quiet luxury is burgers and fries: Over 60% of Americans are buying less fast food because it’s just too expensive | Fortune

How Fast Food Became a Luxury - Newsweek

In-N-Out raises California prices of Double-Double after minimum wage law (msn.com)

Olive Garden owner’s CEO says fast food is so expensive you might as well have a sit-down meal (yahoo.com)

Insurance Costs

Full coverage car insurance rose an average of 26% in 2024 (cnbc.com)

Homeowners insurance costs are going through the roof. Here's why, and what you can do about it. - CBS News

Nationwide says it’s dropping thousands of pet insurance policies due to inflation (msn.com)

Investments v. Reality

Wall Street success doesn’t mean average Americans are thriving | Watch (msn.com)

Most Private Equity Investors Fear Cash Is Stuck in Zombie Funds | Wealth Management

These consumer stocks are struggling. What it says about the market and U.S. households. (msn.com)

House Poor

18 million Americans are house poor, new study shows (msn.com)

More Than 1 in 4 American Homeowners Is ‘House Poor’(nytimes.com)

What Does Being ‘House Poor’ Mean? - MoneyTips

Millions of U.S. Homeowners Remain ‘House Poor’ - The MortgagePoint

Car Sales

8 Cars the Upper Middle Class Can’t Afford Anymore (msn.com)

Today's New Car Sales Part of a Great Recession-like Trend - Newsweek

Used car retailer CarMax posts 33% drop in first-quarter profit | Reuters

People are delaying buying new cars, creating a deflationary 'spiral' that's bad news for the auto industry (msn.com)

New car inventory at 4-year high. (usatoday.com)

But can you afford a car? (usatoday.com)

Retirement

46% of the US's middle class workers are now slashing — or completely cutting out — contributions to their retirement funds. Why it's a bigger problem than they might think (msn.com)

The End of Retirement as We Know It (msn.com)

Average 401(k) Balances Fall Short Across All Ages — Many Over 50 Barely Have Enough To Buy A New Car (msn.com)

Only 1 in 5 workers nearing retirement is financially on track (msn.com)

AARP: 1 in 5 Americans over 50 have no retirement savings (kolotv.com)

Dead Housing Market

When Will the Housing Market Crash? Economists Don't Foresee It in 2024 (businessinsider.com)

Americans Are Struggling to Sell Their Homes - Newsweek

America’s Frozen Housing Market Is Warping the Economy - WSJ

More Than 3 in 5 Home Listings Are Now ‘Stale’ As Record-High Costs Dampen Demand (redfin.com)

Listings Surge, Luring Some Buyers off the Fence, But Near-Record Housing Costs Price Others Out (redfin.com)

Signs of a bad economy:

Renters

Only 6% of Renters Can Afford to Buy an Average Home: Harvard Study - Business Insider

Less than 40% of renters earn enough money to afford the median US apartment (msn.com)

America’s housing crisis continues to worsen | CNN Business

Americans explain why they are struggling to buy a home: 'Suffocated in every corner' | Fox Business

New Report Shows Housing Costs Strain Owners and Renters Alike; Millions Priced Out of Homeownership (harvard.edu)

"Middle Class"

Why Is the Middle Class Shrinking? | (usnews.com)

America's Middle Class Is Shrinking - Newsweek

Here’s how much the middle class has shrunk since the 1970s (msn.com)

7 Things the Middle Class Won’t Be Able To Afford in the Next 5 Years (msn.com)

8 Cars the Upper Middle Class Can’t Afford Anymore (msn.com)

Why more middle class Americans think they are working class (fastcompany.com)

"Middle class" is an outdated misnomer: It's now "a minimum standard of living" | Salon.com

Are we Venezuela?
Is the US on this path? Our inflation is increasing along with our stock market.

Venezuela's inflation on track to top 1 million percent | AP News

Venezuela's stock market is booming for all the wrong reasons (vice.com)

"Venezuela is experiencing food shortages, political crisis, riots in the streets, and… a stock-market boom?"
National Debt

CBO: U.S. adds $2.1T to national debt obligations in 3 months | Fortune

As US 'debt bomb' spirals towards $35 trillion, hedge fund boss warns politicians are spending 'at the expense of future generations' (msn.com)

The National Debt Is Now So High That Every American Essentially Owes $100,000 (yahoo.com)

The US Debt Is Near $1,000,000 Per American: Where the Money Went and Why It Matters to You (msn.com)

Why is the U.S. Fiscal Outlook More Daunting Now than After World War II? (pgpf.org)

The National Debt Is Making Us Poorer (reason.com)

U.S. National Debt Clock : Real Time (usdebtclock.org)

Recession talk

Goodbye Inflation, Hello Recession? - (nytimes.com)

Warning signals: 30-year recession indicator 'accelerating aggressively' (finbold.com)

Recession Will Hit This Year, 21 States Flashing Red Already- Business Insider

Majority of people say US is in recession: What it means and how it is defined - Washington Examiner

21 States Where Recession Bells Are Ringing After Unemployment Jumps - Business Insider

Everybody Thinks We Are In A Recession (SP500) | Seeking Alpha

A recession in early 2025 could send the stock market tumbling 30%, strategist says (msn.com)

Living Frugally: Adopting Lessons From the Great Recession (msn.com)

IRS

IRS penalties on American taxpayers surged nearly 300% last year (msn.com)

Middle-class earners remain the most targeted group for audits | Moneywise

IRS says its number of audits is about to surge. Here's who the agency is targeting. - CBS News

Millions of Taxpayers Call the IRS for Help. Two-Thirds Don’t Reach Anyone. (msn.com)

Reminder:

IRS To Add 87,000 New Agents(forbes.com)

Biden proposes doubling IRS workforce as part of plan to snag tax cheats - POLITICO

The IRS is set to get billions for audit enforcement| CNN Politics

Ex-IRS whistleblower says middle class targeted under inflation bill (nypost.com)

Zombie Mortgages

Zombie mortgages haunting homeowners now facing foreclosure (nypost.com)

Zombie 2nd mortgages haunt homeowners with foreclosure : Up First : NPR

Nurse shocked to find family home of 17 years sold behind her back - due to mysterious loophole that could affect vast numbers of Americans | This is Money

Zombie Companies

Zombie companies barely surviving due to debt – NBC Connecticut

Debt payment deadlines near for 'zombie' companies | 13newsnow.com

Takeaways from AP analysis on the rise of world's debt-laden 'zombie' companies | AP News

Zombie Banks

As Fed stands pat on interest rates, there are ‘a lot of zombie banks out there’ - MarketWatch

Zombie Bank: What it Means, How it Works, Examples (investopedia.com)

Zombie Banks Feed Off Bailout Money : NPR

Inflation Related:

Inflation

Your Dollar Buys 25% Less Than It Did 10 Years Ago: What Will It Be Worth in 10 Years? (yahoo.com)

U.S. Dollar Devalues By 99% Vs. Gold In 100 Years | Seeking Alpha

‘Real value’ of one U.S. dollar decreases by 86% in the last 50 years (finbold.com)

Infographic: The Buying Power of the U.S. Dollar Over the Last Century (visualcapitalist.com)

Even with food prices flattening out, the cost of dining out is still going up (msn.com)

Americans' buying power to erode further, report says (usatoday.com)

US retail sales miss expectations in May (msn.com)

Contribute to Inflation

Student loan relief contributing to 27% jump in projected federal budget deficit, per CBO (msn.com)

How the Fed’s inflation fight inflames the national debt (msn.com)

US Budget Crunch: CBO Warns Federal Interest Costs Now Higher Than Defense Spending, Deficits To Remain Above 5.5% Until 2034 | Markets Insider (businessinsider.com)

Foreign Aid And Student Loan Forgiveness Behind Massive Increase In Deficit Estimate, – IJR

The Strategic Petroleum Reserve: Biden’s Tool for Managing Inflation (msn.com)

(Biden is putting short term relief for political benefit before long term energy security.)

Housing

Housing market crisis: Home prices jump to record high | Fortune

19 US Cities Where Home Prices Surged More Than 10% in Last Year - Business Insider

U.S. home prices hit record high, average mortgage double what it was in 2020 (yahoo.com)

U.S. home prices have far outpaced paychecks. : NPR

61% of Americans Priced Out of the Housing Market | | wvgazettemail.com

New Report Shows Housing Costs Strain Owners and Renters Alike; Millions Priced Out of Homeownership (harvard.edu)

Housing Prices Weren’t Supposed To Do This, But Did Anyway (msn.com)

A New Future:

When a door closes, a window opens.

Gold

The Signs Are There: The Gold Standard Is Coming Back (forbes.com)

Gold At $3000/Oz In Sight As Central Banks Continue To Buy (forbes.com)

U.S. Congressman Introduces Gold Standard Bill as Inflation Spirals Out of Control (yahoo.com)

Three Congressmen Introduce Gold Standard Bill to Stabilize the Dollar's Value (yahoo.com)

This Is Why The U.S. Must Consider Returning To The Gold Standard (forbes.com)

Survey shows record central bank interest in gold purchases (msn.com)

Central Banks Are Looking at Record-High Gold Purchases (msn.com)

Better to follow the yellow brick road than stocks so far in 2024 (investmentnews.com)

A New Fed Vision

Switch to gold standard could stabilise prices – Philadelphia Fed research - Central Banking

Judy Shelton, Trump’s Federal Reserve pick, backs a gold standard | CNN Business

Timely Topics Videos: About the Gold Standard (stlouisfed.org)

How to Return to the Gold Standard (fee.org)

Wishes and Rainbows - Federal Reserve Bank of Boston (bostonfed.org)

Following the Yellow Brick Road: How the United States Adopted the Gold Standard - (chicagofed.org)

Summary of H.R. 5404 (115th): To define the dollar as a fixed weight of gold. - GovTrack.us

We Just Tested The Gold Standard -- It Still Works (forbes.com)

Alan Greenspan Urges Return to the Gold Standard to Stop Hyperinflation (cointelegraph.com)

Abolish The Fed

Breaking the Bank: Sen. Lee Introduces Bill to Abolish the Federal Reserve - Mik... (senate.gov)

How the Fed Could Accidentally Break the Global Economy - The Atlantic

The Fed can still break markets. Here’s how | CNN Business

The Federal Reserve Just Might Cause a Financial Crisis (nymag.com)

Federal Reserve Broke The Budget. Buckle Up For What Comes Next. | (investors.com)

The Fed can’t go bankrupt. Anymore. (ft.com)

‘The Fed is breaking things’ – Here’s what has Wall Street on edge as risks rise around the world (cnbc.com)

Silicon Valley Bank collapse: Is the Federal Reserve to blame? - Vox

The Fed Can't Fix Our Broken Banking System | TIME

Abolish the IRS

House GOP keeps up attacks on IRS with bill to abolish the agency | CNN Politics

Trump says he will eliminate taxes on tips (cnbc.com)

Here’s why the House GOP made defunding the IRS its first priority (yahoo.com)

DeSantis says he would welcome bill to abolish 'corrupt' IRS: 'We need something totally different' | Fox News

Florida Rep. Matt Gaetz, Kentucky Rep. Thomas Massie Intro “Tax Free Tips Act Of 2024” (msn.com)

The Case for Abolishing the IRS (fee.org)

Death of the Fed

Fed’s $1 trillion pile of paper losses are turning into actual losses - MarketWatch

Fed posts record loss of $114.3 billion in 2023 (yahoo.com)

The Fed is bankrupt (thehill.com)

The Fed is technically insolvent. Should anybody care? | American Banker

Trump and the Gold Standard (Updated 2024) | Nasdaq

Death of the Fiat Dollar

The ‘Only Way To Save The Dollar’—Trump And Biden Warned Of Collapse As Fed Prints ‘$1 Trillion Every 100 Days’ (forbes.com)

Will Debt Sink the American Empire? (msn.com)

U.S. Dollar Death Spiral ‘Crisis’ Fears Grow After Bank Of America Issues Shocking ‘$1 Trillion Every 100 Days’ Warning (forbes.com)

The demise of the dollar? Reserve currencies in the era of ‘going big’

Janet Yellen Issues Serious $34 Trillion Warning(forbes.com)

Stanley Druckenmiller: Fed endangering dollar's global reserve status (cnbc.com)

Cut the government

2024 Republicans want to eliminate the Education Department. What would that look like? (thehill.com)

Trump floats eliminating U.S. income tax and replacing it with tariffs on imports (cnbc.com)

Pence unveils economic proposal that includes eliminating EPA and CFPB | CNN Politics

Which agencies would GOP candidates cut? Try to remember all of these | CNN Politics

Why Trump’s Drastic Plan to Slash the Government Could Succeed - WSJ

Trump keeps his pledge to shrink size of government | The Seattle Times

Marjorie Taylor Greene Calls for Mass Government Layoffs (msn.com)

The Case For Abolishing The CIA - Carnegie Endowment for International Peace

Yes, Cut the Federal Government and Its Workforce | Cato at Liberty Blog

The Changing Shape of Government | Brookings

After JFK was killed, ex-president Harry Truman called for CIA abolition – JFK Facts

How To Downsize the Government | Hoover Institution How To Downsize the Government

The true size of government is nearing a record high | Brookings

The alarming growth of government | The Heritage Foundation