manqiangrexue
Brigadier
They should put onions in the American kid's basket with a WTF look on his face LOL
They should put onions in the American kid's basket with a WTF look on his face LOL
Part 35:American Dream!!!
----Americans are rarely this pessimistic about the economy.
Consumer sentiment plunged 11% this month to a preliminary reading of 50.8, the University of Michigan said in its latest survey released Friday, the second-lowest reading on records going back to 1952.
----Americans are growing increasingly uneasy about the state of the U.S. economy and their own personal financial situation in the face of stubborn inflation and tariff wars.
To that point, 73% of respondents said they are “financially stressed,” with 66% of that group pointing to the tariff wars as a main source, according to a new CNBC/SurveyMonkey online poll.
The survey of 4,200 U.S. adults was conducted April 3 to 7.
----67% of Americans feel behind on their savings goals, with nearly half (47%) believing they’ll never reach their targets
----63% of people with savings accounts have withdrawn money since the beginning of 2025, primarily for unexpected expenses (48%) and everyday necessities (36%)
The percentage of U.S. credit card accounts that were at least 90 days past due hit a 12-year high in the fourth quarter of 2024.
According to data from the Federal Reserve Bank of Philadelphia, 0.90% of accounts were delinquent, the most since the Fed bank began its report.
---Of the more than 42.7 million student loan borrowers in the U.S., who owe a collective $1.6 trillion, the department says that more than 5 million have not made a payment in the past year. That number is expected to grow as an additional 4 million borrowers are approaching default status.
---The U.S. Department of Education today announced its Office of Federal Student Aid (FSA) will resume collections of its defaulted federal student loan portfolio on Monday, May 5th. The Department has not collected on defaulted loans since March 2020. Resuming collections protects taxpayers from shouldering the cost of federal student loans that borrowers willingly undertook to finance their postsecondary education. This initiative will be paired with a comprehensive communications and outreach campaign to ensure borrowers understand how to return to repayment or get out of default.
---America’s credit score just took its biggest hit since the 2008 crash.
The average FICO score in the US has dropped to 715 from 717 — the largest one-year drop since the Great Recession, according to new data from the credit-rating giant FICO.
---Once rapidly growing commercial marvels, casual dining chains — sit-down restaurants where middle-class families can walk in without a reservation, order from another human and share a meal — have been in decline for most of the 21st century. Last year, TGI Fridays and Red Lobster both filed for bankruptcy. Outback and Applebee’s have closed dozens of locations. Pizza Hut locations with current dining rooms are vanishingly rare, with hundreds closing since 2019.
According to a February survey by the market research firm Datassential, 24 percent of Americans say they are having dinner at casual restaurants less often, and 29 percent are dining out less with groups of friends and family.
Merry Go Round, Bon-Ton, Lord & Taylor, The Limited, Loehmann’s, Bonwit Teller, Chess King, and Anchor Blue are just a few once-successful clothing retailers that no longer exist.
Now, a once-trendy fashion/clothing retailer finds itself having to make massive cuts and shut down 100s of stores in a fight to avoid bankruptcy.
Part 36:American Dream!!!
----Stylists from Manhattan to rural New Hampshire are seeing regular clients start to skip cuts and blowouts. In the Maine town of Brewer, hairstylist Alyssa Dow said clients are choosing cheaper, “more low-maintenance” looks—and tipping less. In affluent Longmeadow, Massachusetts, where “people don’t like to walk around with roots” showing, clients who previously got color every two or three weeks are stretching it to four or five, citing the “political situation” and implying they’ve lost money in the stock market, said Michelle LaValley. “They’re cutting back in other areas as well, so it’s not just us,” said the salon owner, who has 28 years in the business. The wider pullback in spending seems to go beyond the general grumpiness that accompanied the so-called vibecession that started years ago when inflation rose, interest rates spiked and yet the US kept growing.
---The central bank’s monthly Survey of Consumer Expectations showed that respondents saw inflation a year from now at 3.6%, an increase of half a percentage point from February and the highest reading since October 2023.
Along with concerns about a higher cost of living came a surge in worries about the labor market: The probability that the unemployment rate would be higher a year from now surged to 44%, a move up of 4.6 percentage points and the highest level going back to the early Covid pandemic days of April 2020.
----The final figures for home sales last year are in, and the story is quite grim: 2024 was the slowest year for existing home sales in nearly three decades.
Existing-home sales last year totaled 4.06 million, the lowest on an annual basis since 1995, according to the National Association of REALTORS® on Friday.
A big factor behind the slowdown was elevated mortgage rates, which spent most of the year above 6.5%.
---Higher mortgage rates and concern over the broader economy are making for a weak start to the all-important spring housing market.
Sales of previously owned homes in March fell 5.9% from February to 4.02 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. That's the slowest March sales pace since 2009.
---Sales fell despite a sharp increase in available listings. At the end of March, there were 1.33 million units for sale, an increase of nearly 20% from March 2024.
Young Americans are sounding the alarm about their finances, with roughly 2 in 5 people under 30 saying they’re either “struggling to make ends meet” or “getting by with limited security.”
That’s according to a survey of 2,096 adults ages 18 to 29, conducted by Harvard’s Institute of Politics between March 14 and 25, 2025. The survey found that among that age group, financial insecurity most affected women, Hispanics and those without college degrees.
I'm getting suspicion that there will be no more re-elected US president since in this decline nobody can make even half of people satisfy.Part 36:
U.S. consumers aren’t spending as much money at hair salons, and Bloomberg is telling us that’s an indicator that a recession is coming...
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According to the Fed, U.S. consumers are becoming more concerned about inflation and unemployment…
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In 2024, while Joe Biden was still in the White House, existing home sales hit their lowest level in nearly three decades...
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The number of existing homes sold in March 2025 was even lower than in March 2024. In fact, we haven't seen a March this bad since 2009 ...
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Sales are falling even though the number of homes listed for sale is increasing at a very fast pace ...
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New research just released finds that approximately two-fifths of all North American adults under the age of 30 are barely making ends meet financially...
I'm getting suspicion that there will be no more re-elected US president since in this decline nobody can make even half of people satisfy.
If the US didn't wage all those wars it would have been better off right now for sure. But I don't think that is going solve America's economic problems. The real issue is that the US economy is increasingly becoming dependent on the wealth effect of asset price inflation to fuel consumption of foreign made goods. That comes at the expense of infrastructure and industry. So even if the US didn't have all those wars I don't know how much that would have improved industry and infrastructure but the national debt would have been much lower.The funny thing is that if Clinton, through Bush Jr. and Obama, had not gotten bogged down in the Middle East spending trillions of dollars on useless wars, they could have redesigned international geopolitics, rebuilt their infrastructure and created industrial opportunities to maintain or rehabilitate American industry, they would now be in a much more comfortable position to face China, at all levels.
A US with a functional infrastructure, with a truly competitive industry, in addition to having maintained a more egalitarian socio-economic situation, would be in a much better position today than the current US to face China. They would not have this unpayable debt, they would not have these deficits that corrode public finances and accumulate debt.