by whodisguy32
US consumer credit card debt is at all time high, people don’t stay in 30% interest rate debt unless they are forced to.
People are pulling back on essentials/food as reported by target. People don’t cut back on eating unless they are cut everything else.
Trucking companies that are near or over 100 years old are going bankrupt due to lack of shipping.
Winter is here, meaning significantly more expensive heating. That means even more spending cuts in other categories.
Consumer spending cuts = lack of business = business layoffs/bankruptcy = more consumer spending cuts.
Don’t even get me started on all the tech layoffs. All those technies need jobs, even if not if their field/salary range. They will displace people who would otherwise have gotten that job.
No one is buying real estate and no one is selling because they can’t afford to buy again due to interest rates. But people will sell their house when they need to pay bills/debt and find a cheaper way to live. Forced selling into a pool with no buyer guess what happens.
The economy is on edge of a cliff. How long until that cliff no one knows. Could be months could be years.
