Food costs 13% more under Biden than it cost under Trump.
Everything is more expensive.
That’s Bidenomics. pic.twitter.com/Xi01c7w3qk
— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) August 25, 2023
"[The public is] focused on how to pay for food. Gasoline costs. Nobody is buying a house. Nobody talked about that last night."
Democratic presidential candidate @RobertKennedyJr reacts to the #GOPDebate: 'Surreal' pic.twitter.com/z4iqTCGofG
— The Epoch Times (@EpochTimes) August 25, 2023
Great Depression vs Silent Depression 🚨🚨🚨
Comparing costs of homes, cars, rent and income between 1930 and 2023.
These numbers are incredible.
What went wrong?🔊 … sound on pic.twitter.com/TneVTHEUVC
— Wall Street Silver (@WallStreetSilv) September 3, 2023
40% of US adults have less than $1,000 of savings 👀 pic.twitter.com/2IpIOqUR9H
— Markets & Mayhem 🤖 (@Mayhem4Markets) September 3, 2023
Struggling Americans May Soon Max Out Their Credit Cards – Interest Rates Highest since 1972
Consumer spending is in jeopardy as excess pandemic savings dwindle and credit card debt mounts. The strain is compounded by high borrowing costs and tightened lending standards. “Credit card borrowing costs are the highest since records began in 1972 so there is going to be a lot of pain out there,” ING’s James Knightley said. He predicts a decline in early 2024, highlighting the exhaustion of savings, student loan payments restarting in October, and limited credit card capacity. The US has seen total credit card debt reach a record high of over $1 trillion.
ISM Manufacturing Surveys Scream Stagflation In July
US manufacturing woes persist as the ISM Manufacturing index for July falls to 47.9 (down from June’s 49.0). The Manufacturing PMI also rises only slightly to 47.6, remaining below 50 for four months. Chris Williamson from S&P Global warns of declining orders, weak pricing power, and fading business confidence. The report hints at potential stagflation, with rising prices but dampened demand. Hope rests on future policy initiatives, but immediate outlook remains uncertain.
August Unemployment Rate Spikes As Payrolls For Every Month In 2023 Is Revised Sharply Lower
The US labor market disappoints once again as August’s payrolls report reveals a grim reality. Despite a nominal beat with 187K jobs added, the trend of downward revisions continues, indicating potential data manipulation. The unemployment rate unexpectedly jumped to 3.8%, and wage growth remains lackluster, rising by only 0.2% month-on-month and 4.3% annually. The labor market’s instability persists, painting a bleak outlook.