Monday, August 22, 2022

"Tent Cities Are Taking Over Vast Stretches Of Our Major Cities (And It Is Only Going To Get Worse)"

Full screen recommended.
"Tent Cities Are Taking Over Vast Stretches Of Our 
Major Cities (And It Is Only Going To Get Worse)"
by Epic Economist

"Tent cities are spreading across America, and as the economy slumps, millions of people may face homelessness. Right now, the U.S. economy is in shambles. Housing markets are officially in recession, businesses are laying off thousands of workers, consumers are coping with the highest prices in over 40 years, and the cost of living crisis continues to financially destroy millions of families out there. At the same time, tent cities are popping up all over the nation, and as economic conditions deteriorate, the country’s homelessness crisis is bound to get dramatically worse. At this point, even corporate-controlled media is admitting that “America’s homelessness problem has the makings of an acute crisis”. The population of people living in the streets, in tents, or in their cars is steadily rising, and many more Americans may fall straight into poverty while a new downturn begins.

In Portland, the situation has become so out of control, that many residents are resorting to selling their homes and moving due to the massive increase in the local homeless population and the spike in the number of encampments right outside their front doors. This year, Portland has seen a 26-year high in the number of car theft cases. Authorities say that oftentimes the stolen cars and trucks are ending up in tent city open-air chop shops.

Of course, Portland is not the only one. Several communities all along the West Coast are seeing a stunning surge in the number of tent cities. In many cases, these encampments are filled with people experiencing mental illnesses and substance abuse. But this is not just a West Coast issue, it’s spreading all over the U.S.

Unfortunately, the ongoing economic recession is only going to intensify as the months roll along. In 2008 and 2009, millions of Americans lost their jobs when the economy plunged into a major downturn. After a job loss, many households living paycheck-to-paycheck will no longer be able to afford their homes, just as happened back then. Soon, hundreds of thousands of American families may find themselves on the streets. Many of us still remember how devastating the last recession really was. It was a very dark chapter in our history, and countless people had their lives turned completely upside down.

Sadly, it appears that the nightmare is starting again. In the coming months, hundreds of thousands of Americans will be losing their jobs. A couple of weeks ago, electric truck maker Rivian said will be laying off approximately 840 workers. 7-Eleven has also revealed that it will be eliminating 880 corporate jobs. Shopify is laying off thousands of people. Vimeo announced that it will be eliminating 6 percent of its current workforce. Similarly, Redfin and Robinhood said they will be reducing the size of their workforce by 8 and 23 percent, respectively.

All of this is coming at a time when the housing market is starting to collapse. While demand is cratering due to weaker affordability, prices remain at record highs. In July, the median price of a home was $403,800, an increase of 10.8% year over year. First-time buyers represented just 29% of buyers last month. Historically, they usually make up about 40% of sales, but they are clearly struggling the most with soaring prices.

The stage is being set for a historic economic downturn, and we would like to encourage you to do what you can to get prepared for it. 2008 and 2009 were extremely hard. What is coming will likely be even harder. And as the economy declines, tent cities will continue to take over more neighborhoods all over America."

You'd better enjoy what you have now, while you can...

No comments:

Post a Comment