"20 Facts That Prove That America’s Current Financial Condition Is A Horror Show"

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"20 Facts That Prove That America’s Current 

Financial Condition Is A Horror Show"

by Epic Economist

"The financial condition of the United States just continues to get progressively worse. This week, a new wave of bad news triggered panic in the markets, as consumer prices and living expenses recorded another spike. Meanwhile, business and household debt soared to unprecedented levels, bankruptcies started ticking back up, the number of foreclosures exploded, and more and more Americans are reportedly becoming uncomfortable with their ability to pay their mortgage loans. In essence, each and every long and short-term trend is showing that the financial health of U.S. consumers and businesses is sharply declining.

Americans’ buying power has been steadily declining over the past few years. The national money supply has skyrocketed over the last two decades, up from $4.6 trillion in 2000 to $19.5 trillion in 2021. In fact, around 25% of all U.S. dollars in the money supply, $4.4 trillion, were created in the past 24 months. More money in circulation means that each dollar values less. For instance, one U.S. dollar could buy 10 bottles of beer in 1933. Today, it’s the cost of a small McDonald’s coffee.

On top of coping with a shrinking buying power, the net worth of U.S. households is going down, while household debt is shooting up. According to the Fed’s quarterly Financial Accounts, the net worth of households declined by $500 billion in the first quarter. In contrast, household debt hit $18.3 trillion during the same period, the highest level on record. At this point, nearly four in 10 employed adults say they have struggled to pay for personal expenses over the past 12 months, including the 27% who report difficulty on at least a monthly basis.

Meanwhile, the Fed’s quarterly Financial Accounts Report also found that business debt grew at a rate of 8% in the first quarter of 2022, reflecting strong growth in loans issued by private lenders, and a 14.9% surge in the number of loans issued by federal agencies. Right now, roughly 48% of U.S. small businesses are extremely concerned about the financial impact of rising inflation.

That's why today, we decided to compile the latest numbers that expose America's terrible financial condition. These numbers are proof that the system is seriously broken. The U.S. is now witnessing the growth of a massive debt bubble that threatens the financial future of the entire nation.

Unfortunately, anyone out there who still believes that the U.S. economy is somehow headed for progress is completely mistaken. Nothing has been fixed in our economy in the past few decades. Instead, our long-term financial imbalances are getting worse at an escalating pace. We're actually on the verge of another financial disaster, and from this point on, the downfall is only going to accelerate."

- https://www.epiceconomist.com/