The economic meltdown that is coming should not be a surprise to anyone. Throughout U.S. history, there have always been signs that a major downturn was coming, and that is precisely what we are witnessing right now. Tax revenues are way down, demand for trucking services is way down, demand for cardboard boxes is way down, the money supply is shrinking at the fastest pace in modern history, and the Conference Board’s index of leading economic indicators has already declined for 15 months in a row.
At this point, anyone that cannot see what is coming has got to be willingly blind. The following are 7 trends which indicate that economic disaster is approaching very rapidly…
#1 When economic activity slows down, less tax revenue comes in. Right now, federal government and state government tax revenues are declining precipitously…
US state and local governments just experienced the worst decline in income tax revenues ever recorded.
This was the second steepest year-over-year percentage decline in history, with only the GFC having a worse outcome.
Note that Federal tax receipts are also dropped again, now at recessionary levels and approaching -10% on a YoY basis.
#2 When the economy slows down, trucking companies see less demand for their services. So it is deeply alarming that truck freight volume and spending absolutely plummeted during the second quarter…
Truck freight volume and spending in the second quarter of 2023 declined by the highest levels since the early days of the pandemic, the latest U.S. Bank Freight Payment Index revealed. Spending by shippers dropped 10.9% compared to the second quarter of 2022 while shipment volume dropped 9%, according to a statement from the Minneapolis-based bank.
#3 Employment is supposed to be the “bright spot” for the economy, but the latest employment report shows that the U.S. actually lost 585,000 full-time jobs last month…
Well, one look at this month’s adjustment and it’s literally a shocker: you will not hear anyone from the Biden admin or associated economist cheerleaders mention this, but the BLS reported that in July the number of full-time jobs plunged by 585,000 to 134.274 million, the biggest monthly drop since record covid crash of 14.7 million jobs!
#4 U.S. employers have already announced more job cuts this year than they did in all of 2022, and the hits just keep on coming…
CVS Health said Monday it is cutting approximately 5,000 jobs to focus more on healthcare services for its customers.
The move, which is supposed to help the company save money, will affect workers primarily in corporate jobs, the Wall Street Journal reported.
#5 Thanks to rapidly rising interest rates, monthly costs for new homebuyers are almost 20 percent higher than they were a year ago. This is absolutely crushing the housing market…
The monthly cost for a potential homebuyer has surged nearly 20% compared with a year ago as prices remain elevated, according to new data.
During the four-week period ending July 30, the monthly mortgage payment for the typical U.S. homebuyer sat at $2,605, 19% higher than the same period a year earlier, according to Redfin.
#6 The fact that delinquency rates for commercial real estate mortgages are skyrocketing is yet another sign that we are in the early stages of the worst commercial real estate crisis in all of U.S. history…
The delinquency rate of commercial real estate mortgages on office properties that had been securitized into Commercial Mortgage-Backed Securities (CMBS) spiked to 5.0% by loan balance in July, up from a delinquency rate of 2.8% in April, having now spiked by 2.2 percentage points in three months, by far the biggest three-month spike in the data going back to 2000, and by 3.4 percentage points so far this year, by far the biggest seven-month spike, according to Trepp, which tracks and analyzes CMBS.
#7 The share of the U.S. population that cannot even afford “a $400 emergency expense” just continues to go up…
“The share of U.S. adults who said they would cover a $400 emergency expense with cash or equivalents dropped by 2 percentage points from the previous quarter to 46%, highlighting how cash-strapped many Americans are despite the recent decrease in headline inflation,” according to the survey developed by Bloomberg and conducted by intelligence company Morning Consult.
But Joe Biden and his defenders continue to insist that everything is just fine.
In fact, Joy Behar is quite certain that “the economy is booming” right now…
Leftist Joy Behar — who reportedly earns $7 million annually as a co-host on “The View” — said on Friday’s program that “the economy is booming” and “people are having an easier time putting bread on the table” in a passionate defense of President Joe Biden.
For those that are making millions of dollars a year, I am sure that everything must seem great.
But for the rest of us, things are tough.
Meanwhile, our banks continue to experience really weird “technical glitches”. For example, in recent days many Wells Fargo customers have been greatly upset about money disappearing from their accounts…
On X, the platform formerly known as Twitter, users complained about their disappearing funds. One bank customer said they saw the news about the problem right as they noticed their deposits weren’t in their account.
“Right before this popped up in the news I saw that my deposits weren’t in my account,” their tweet read. “I was trying to pay bills and none would go through. This is so unacceptable.”
The company responded in a statement to CNN that a “limited amount” of their customers are experiencing the disappearing deposits. They said most of them were “resolved” and that they would fix the problem soon.
This is another example which shows why it is wise to never keep all of your eggs in one basket.
Our financial institutions are far more vulnerable than most people realize, and the cyberattacks that we have seen so far are just a small preview of what is coming.
Unfortunately, most Americans don’t understand any of the things that I have discussed in this article.
Most Americans are simply trusting that our leaders have everything under control, and so they will be bitterly, bitterly disappointed when they finally realize the truth.
Sound off about this story on our Economic Collapse Substack.
Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
Article cross-posted from The Economic Collapse Blog.
Preparing for the Unexpected: Your Essential Partner in Health Readiness
In an increasingly unpredictable world—where supply chain disruptions, natural disasters, and global travel can leave us vulnerable to sudden health challenges—being prepared isn’t just smart; it’s essential.
That’s where Jase Medical steps in, offering innovative solutions that empower individuals and families to take control of their health with emergency medication kits designed for real-life scenarios. As someone who’s always advocated for proactive wellness, I was impressed by how Jase Medical combines expert medical guidance with convenient, customizable options to ensure you’re never caught off guard.
At the heart of their offerings is the Jase Case, a comprehensive emergency antibiotic kit priced at just $289.95. This powerhouse contains five life-saving antibiotics and five vital symptom-relief medications, capable of treating over 50 common infections—from respiratory issues and skin conditions to traveler’s diarrhea and more.
What sets it apart? It’s fully customizable with 28 add-on options, including a specialized KidCase for children ages 2-11, making it ideal for families.
Whether you’re stocking up for home emergencies or preparing for remote adventures, the Jase Case provides peace of mind with medications that boast extended shelf lives—up to five years or longer when stored properly, with studies showing 90% potency retention even after 20 years.
For those on the move, the Jase Go travel med kit at $129.95 is a game-changer. Curated by physicians, it addresses over 30 common travel ailments, from digestive upsets to minor injuries, ensuring explorers, hikers, and globetrotters can handle health hiccups without derailing their plans.
And for targeted concerns, Jase Medical offers specialized kits like the UTI Kit ($99.95), which includes test strips and treatments for urinary tract infections, vaginal candidiasis, and even jock itch, or the Parasites Kit (starting at $199.95), featuring compounded Ivermectin and Mebendazole to combat internal and external parasitic infections.
But Jase Medical isn’t just about one-off kits; their Jase Daily service provides an extended supply of your ongoing prescriptions, supporting hundreds of medications for chronic conditions like diabetes, heart health, high blood pressure, mental health, and more. This ensures long-term preparedness, safeguarding against factory shutdowns or extreme weather that could interrupt your regular supply.
The process couldn’t be simpler or more reassuring. Start by customizing your order online, then benefit from a thorough review by a team of world-class physicians who ensure safety and accuracy. In most cases, prescriptions are issued after a quick consultation—sometimes just a call to clarify allergies or needs—and your kit arrives discreetly at your door. While they don’t accept traditional health insurance, many customers use HSA cards, and refills are available for added convenience.
What truly stands out is the real-world impact. As radio host Glenn Beck puts it, “The supply lines for antibiotics already are stressed to the max. Please have some antibiotics on hand… You can do it through Jase.”
One satisfied customer shared, “It could have been a nightmare. Instead, the best trip we’ve had,” after their kit turned a potential health crisis into a minor blip during a family vacation.
In a time when health uncertainties loom larger than ever, Jase Medical isn’t just selling products—it’s delivering empowerment. Don’t wait for the next disruption; visit Patriot.TV/meds today to build your personalized emergency plan and step into a more secure tomorrow. Your health, and your family’s, deserves nothing less.