This is how bad things have become in the United States.
There is a King World News note at the bottom addressing the following article as well as what this means for gold and silver.
June 13 (King World News) – Gerald Celente: Sixty-five percent of U.S. adults who qualify as middle class say they struggle financially and expect to do so for the rest of their lives, according to an Urban Institute survey of 2,463 Americans commissioned by the National True Cost of Living Coalition.
“Middle class” is defined as earning at least 200 percent of the federal poverty level. That translates to at least $60,000 for a family of four.
A third of survey respondents reported “extreme stress” over paying their bills. One-quarter of people in households with incomes above $150,000 a year also feel hard-pressed financially.
Four in ten said they live paycheck to paycheck, and 46 percent reported having less than $500 saved. A majority find it at least “somewhat difficult” to manage their debt…
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While 20 percent of people polled said they had $10,000 or more in savings, 28 percent reported having no savings at all. About 16 percent regularly have to decide which bills to pay first.
By many measures, the U.S. economy is thriving. However, a rapid rise in interest rates to the highest level in 20 years and record levels of household debt have combined to leave millions of Americans feeling squeezed.
“The economy is booming, and yet many Americans are still gasping for air financially,” Jennifer Jones Austin, chief executive officer of the Federation of Protestant Welfare Agencies, said in a statement. Her agency helped sponsor the poll.
“They simply don’t have the breathing room to plan beyond their present needs,” she added.
“It was Republicans, Independents, Democrats expressing the same kinds of issues,” David Jones, co-chair of the National True Cost of Living Coalition, told Bloomberg. “It’s not going away no matter who becomes president.”
The survey’s results reflect those from the U.S. Federal Reserve’s yearly survey of household finances.
That poll found that 18 percent of respondents would be unable to handle a sudden expense greater than $100 without borrowing; 14 percent would have to borrow to cover an emergency costing $100 to $500.
TREND FORECAST:
As we have long reported, the political parasites running the nation have eliminated the antitrust laws and as a result, America is no longer the “Land of Opportunity.” Indeed, once-upon-a-time there were hardware stores, stationary stores, drug stores, grocery stores, clothing stores etc., that were owned by “Mom and Pops.”
Today they are gone, and the “chains” own and run the nation, and as the cover of the 21 May 2024 Trends Journal illustrates, the population is nothing more than Plantation workers of Slavelandia.
The Truth
King World News note: Despite all of the propaganda claiming the US economy is “booming,” it’s a lie. An economy cannot be “booming” without a successful and flourishing middle class, much less a hollowed out middle class. So make no mistake about it, the “booming economy” narrative is a fabricated illusion.
We are in a cycle that is different but also similar to the 1970s where gold and silver skyrocketed along with mining stocks, but the economy struggled along with the stock market. There was tremendous wealth destruction for those who were positioned in the general stock market and bonds. While those in hard assets were the big winners. The same will be true for this cycle.
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