In the midst of the ongoing economic turmoil, the mainstream media continues to paint a rosy picture of the U.S. economy. They claim that the country is doing great, with consumers undeterred by rising prices and big brands singing praises to shoppers. However, this narrative couldn’t be further from the truth. Here are 10 signs that the media is not telling you about the real state of the economy.
Firstly, one of the country’s oldest and largest trucking businesses, Yellow, is on the brink of collapse. This is a clear indication that the economy is tanking, as trucking companies often suffer during economic downturns. The potential bankruptcy of Yellow could leave around 30,000 workers jobless.
Secondly, Anheuser-Busch, the parent company of Bud Light, is joining the growing list of companies conducting mass layoffs. They announced that they will lay off 350 employees, many of them in corporate positions, as they try to recover from a campaign involving a trans influencer.
The number of corporate debt defaults in the U.S. this year has already exceeded the total for the entire year of 2022. At least 55 American-based companies have defaulted on their loans in the first half of 2023, a 53% increase compared to last year. This wave of defaults is a clear sign of the economic troubles ahead.
The cost of living continues to rise, with vehicle repair costs seeing a nearly 20% increase over the past year. Car owners are experiencing the largest annual price increase for any household good or service, driven by factors such as the pandemic and long-term trends in the auto market.
More than three-quarters of a million households in California are behind on their rent. This staggering number, totaling over $5 billion in debts, puts approximately 721,000 children at risk of eviction. The situation is dire, with residents in the City of Los Angeles facing imminent deadlines to repay their rental debts.
Despite the hype surrounding electric vehicles, Ford is projected to lose $4.5 billion on electric vehicles this year alone. This highlights the struggle that even major car manufacturers face in trying to transition to electric vehicles.
The yield curve inversion, a reliable indicator of an upcoming recession, is the most inverted it has been in over 40 years. This suggests that the economy is heading towards stormy waters, just as it did before the 2008 recession.
Home foreclosures have surged for the second year in a row, driven by an uncertain housing market and soaring mortgage rates. These foreclosures indicate that we are in the early stages of the worst commercial real estate crisis in U.S. history, with one expert comparing it to a “Category 5 hurricane”.
The number of announced job cuts in the U.S. during the first half of this year is 244% higher than the same period last year. This is the highest first-half total since 2020, apart from that year itself, and indicates a worsening employment situation.
In light of all these facts, it is baffling how anyone can claim that the U.S. economy is headed in the right direction. We are living in a time of great deception, and the mainstream media’s attempts to spin the narrative in a positive light only serve to obscure the truth. The reality is that the U.S. economy is in deep trouble, and dark storm clouds are looming on the horizon. As the presidential election approaches, we can expect even more desperate attempts to portray the Biden administration in a positive light, but no amount of spin can change the underlying reality.