A catastrophe on the stock market is about to happen…

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61 Percent of Americans Are More Afraid of Going Broke Than Dying

A recent Allianz survey reveals that 61% of middle-class Americans fear running out of savings in retirement more than death. The study, which gathered responses from 1,000 individuals aged 25 and up, defined the middle class based on investable assets or annual income. This significant apprehension emphasizes the role of Social Security in ensuring financial stability during one’s golden years. Alarmingly, 56% see recurring “financial crises” as a norm in retirement planning, with 46% saying their retirement strategies have been affected by the crisis starting in March 2020.

51% Of Americans Can’t Pay Off Their Credit Card Balance Each Month

Credit card interest rates are near 40-year highs, leading to Americans accumulating record amounts of debt, J.D. Power’s survey suggests. Data reveals Americans have amassed over $1 trillion in credit card debt for the first time, as reported by both the Federal Reserve Bank of St. Louis and the Federal Reserve Bank of New York. Furthermore, FICO discloses the average credit card balance in June increased by 6.5% from the previous year, standing at $2,573. Alarmingly, there’s a 42.6% surge in accounts overdue by one cycle over the past two years, reaching its peak since September 2017.

Housing Market Affordability Now Worse Than at the Height of the Housing Bubble in 2006

August 2023 has been marked as the most challenging month for housing affordability this century, with average 30-year fixed mortgage rates skyrocketing to 7.48%, a peak not seen since 2000. The Atlanta Fed’s data shows housing affordability plunging even before this recent hike, surpassing the lows of the 2006 housing bubble. This crisis has roots in the last year when mortgage rates leaped from 3% to over 7%. When combined with a 40% spike in U.S. home prices during the Pandemic Housing Boom in just two years, the nation faces unprecedented housing unaffordability.

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More Than Half of U.S. Small Business Owners Believe the Economy Is Already in a Recession

Over half of U.S. small business owners perceive the economy to be in a recession, according to a recent survey by the National Federation of Independent Business. This pessimistic view persists, even though some businesses report stable financial conditions. While there are signs of economic vigor like strong retail sales, the sentiment is overshadowed by lingering concerns. The aftermath of significant bank collapses earlier in the year still weighs on confidence. Moreover, the Federal Reserve’s aggressive rate hikes since March 2022, raising borrowing costs, exacerbate concerns for many enterprises.