Part 7:
A recent survey conducted by the U.S. Census Bureau found that 37% of U.S. adults are now struggling to pay their most basic expenses each month:
According to the same survey, consumers are especially struggling in “poor” states like Mississippi, Alabama, and West Virginia. The Census survey found that 41.8% of Floridians, 40% of New Yorkers, 39.9% of Texas residents, and 37.5% of California residents are struggling to pay their basic expenses right now. When you can barely afford food, shelter, and other essentials, there’s no extra money left over to spend at retail stores and restaurants. This is one of the main reasons why so many retailers and restaurant chains are facing bankruptcy by 2024.
The lack of consumer spending is particularly affecting the restaurant industry:
According to Carson, a number of factors have contributed to the nightmare the restaurant industry is facing right now. Retailers are also going bankrupt at a frightening rate. Earlier this year, LL Flooring closed nearly 100 stores, but now the company has decided it’s time to permanently close all 442 of its stores:
Things are so bad that even the tech industry is carrying out mass layoffs:
