4 Nov 2024 7:28 am
America’s middle class is feeling the squeeze like never before, according to new data.
Primerica’s latest Financial Security Monitor report for the third quarter found 55% of middle-income households now rate their personal financial situation negatively, a 6-point jump from the previous survey.
“For the first time in a year, a majority of middle-income households are feeling negative about their personal finances,” said Glenn Williams, CEO of Primerica. “In fact, this latest report represents the highest negative rating we’ve seen since we began fielding the survey exactly four years ago.”
The middle class is being absolutely eviscerated, and it is getting worse with each passing month.
Last week, I was stunned to learn that hundreds of people had applied to rent a “sleeping pod” in San Francisco for $700 a month…
A company that rents “sleeping pods” in downtown San Francisco for $700 a month has had 300 people apply for its remaining 17 beds, the company’s CEO said.
Brownstone Shared Housing describes its mission as “providing low cost housing in the most expensive cities”. Its bunkbed-style “pods” measure approximately 3.5ft-by-4ft-by-6.5ft, large enough to fit a twin mattress. The pods come with privacy curtains, inside lighting and charging ports.
I still remember the days when you could rent a spectacular luxury apartment for $700 a month.
Now all you get for $700 is a “pod” that allows you to sleep in a large room with a bunch of other stinky people.
The government has been feeding us numbers that indicate that the economy is performing well, but it turns out that they were just an illusion.
For example, we are now learning that the labor market is actually far weaker than we were originally told…
Biden/Harris lied about jobs numbers.
They said in August there were 159k added, there were only 78k.
In September they said 254k, but only got 223k.
In October they expected 100k, but only got 12k.
Will they later revise October’s number even lower?
It takes 150,000 jobs a month just to keep up with population growth.
And that doesn’t even account for the millions upon millions of people that have been coming into this country illegally.
And the outlook for the months ahead is not good at all.
It is being reported that Nissan “is planning on cutting production of its main U.S. models by 30%”…
In continuing signs that the U.S. consumer is tapped, Nissan is planning on cutting production of its main U.S. models by 30%, according to a new report from Nikkei, which says the cuts could jeopardize the automaker’s 2024 global sales targets.
Nissan forecasts a 99% drop in quarterly operating profit to 995 million yen ($6.52 million) and a 12% decline to 500 billion yen for the year, citing weakening U.S. market earnings, the report says.
The company’s target of 3.65 million vehicles sold for 2024 is now at risk, it says.
If Nissan thought that the economy was about to turn around, they wouldn’t be doing this.
So far in 2024, U.S. banks have shut down more than 700 branches…
US banks closed more than 700 branches in the first nine months of the year, forcing thousands to travel further to access vital services.
Bank of America closed the most locations of any bank, shuttering 132 between January and September.
U.S. Bank followed swiftly behind, having closed 101 of their own branches.
Continued......
Primerica’s latest Financial Security Monitor report for the third quarter found 55% of middle-income households now rate their personal financial situation negatively, a 6-point jump from the previous survey.
“For the first time in a year, a majority of middle-income households are feeling negative about their personal finances,” said Glenn Williams, CEO of Primerica. “In fact, this latest report represents the highest negative rating we’ve seen since we began fielding the survey exactly four years ago.”
The middle class is being absolutely eviscerated, and it is getting worse with each passing month.
Last week, I was stunned to learn that hundreds of people had applied to rent a “sleeping pod” in San Francisco for $700 a month…
A company that rents “sleeping pods” in downtown San Francisco for $700 a month has had 300 people apply for its remaining 17 beds, the company’s CEO said.
Brownstone Shared Housing describes its mission as “providing low cost housing in the most expensive cities”. Its bunkbed-style “pods” measure approximately 3.5ft-by-4ft-by-6.5ft, large enough to fit a twin mattress. The pods come with privacy curtains, inside lighting and charging ports.
I still remember the days when you could rent a spectacular luxury apartment for $700 a month.
Now all you get for $700 is a “pod” that allows you to sleep in a large room with a bunch of other stinky people.
The government has been feeding us numbers that indicate that the economy is performing well, but it turns out that they were just an illusion.
For example, we are now learning that the labor market is actually far weaker than we were originally told…
Biden/Harris lied about jobs numbers.
They said in August there were 159k added, there were only 78k.
In September they said 254k, but only got 223k.
In October they expected 100k, but only got 12k.
Will they later revise October’s number even lower?
It takes 150,000 jobs a month just to keep up with population growth.
And that doesn’t even account for the millions upon millions of people that have been coming into this country illegally.
And the outlook for the months ahead is not good at all.
It is being reported that Nissan “is planning on cutting production of its main U.S. models by 30%”…
In continuing signs that the U.S. consumer is tapped, Nissan is planning on cutting production of its main U.S. models by 30%, according to a new report from Nikkei, which says the cuts could jeopardize the automaker’s 2024 global sales targets.
Nissan forecasts a 99% drop in quarterly operating profit to 995 million yen ($6.52 million) and a 12% decline to 500 billion yen for the year, citing weakening U.S. market earnings, the report says.
The company’s target of 3.65 million vehicles sold for 2024 is now at risk, it says.
If Nissan thought that the economy was about to turn around, they wouldn’t be doing this.
So far in 2024, U.S. banks have shut down more than 700 branches…
US banks closed more than 700 branches in the first nine months of the year, forcing thousands to travel further to access vital services.
Bank of America closed the most locations of any bank, shuttering 132 between January and September.
U.S. Bank followed swiftly behind, having closed 101 of their own branches.
Continued......