Financial instability grips communities nationwide, with a significant portion of households struggling with debt payments. In Phoenix, soaring evictions and bankruptcies signal a growing economic crisis.
Current economic indicators point to a concerning trend of declining savings and stagnant interest rates, exacerbating inflationary pressures and paving the way for a potential recession.
Wow – more than 1 in 8 households expect they'll be unable to make even minimum payments on their debts over the next 3 months – that's the highest level since tens of millions lost their jobs during gov't-imposed lockdowns in '20.
Probably nothing… pic.twitter.com/N2ykyqIFzo— E.J. Antoni, Ph.D. (@RealEJAntoni) April 8, 2024
BREAKING NEWS: Phoenix evictions in March 2024 hit 6,200 (likely a record for March)
This is 50% higher than a typical March reading of 4,131 and higher than 2023, a near record year for evictions in Phoenix.
March is typically the lowest month for evictions in Phoenix.
The… pic.twitter.com/y0bbLAlN59
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) April 9, 2024
Bankruptcies are growing.
Bankruptcy filings jumped across all major US categories in Q1 2024, per Epiq Bankruptcy.
The biggest jump: commercial Chapter 11 filings. Those increased 43% YoY in Q1, with 1,894 filings.
Federal debt spending & immigration are keeping GDP growing.
— AKM (@akm515) April 9, 2024
Net savings as a % of GDP is now negative for the 3rd time in 100yrs.
The difference between 2024 and 2020/2008 is interest rates are not coming down to cushion the blow. All the stimulus has been wiped out by inflation which will lead to stagflation, then deflationary recession
Net savings as a % of GDP is now negative for the 3rd time in 100yrs.
The difference between 2024 and 2020/2008 is interest rates are not coming down to cushion the blow. All the stimulus has been wiped out by inflation which will lead to stagflation, then deflationary recession https://t.co/YlMmgCHGkk pic.twitter.com/Fnh8As9TfO
— Financelot (@FinanceLancelot) April 9, 2024