What Trump is inheriting

[Mick1]

The media has focused on the presidential race, but hasn’t focused on how badly Biden, Newsom, Whitmer and Harris shredded the American economy and crushed poor Americans. Here is what Trump is inheriting:

1. Our cost of living crisis is officially out of control.  According to Bank of America, almost a third of all households “spend more than 95% of their disposable income on necessities such as housing costs, groceries and utility bills”…
2. A recent Lending Tree survey discovered that nearly a quarter of all households couldn’t pay their entire power bill at some point within the past year…
3. The same Lending Tree survey found that about a third of all households had to reduce spending “on necessary things” within the past year in order to pay utility costs…
4. Demand is at record levels at food banks all over the nation…
5. In 2024, only 16 percent of Americans say that they are going to spend more than last year and 35 percent of Americans say that they are going to spend less…
6. The Labor Department reported Tuesday that the number of job openings dropped to 7.4 million in September from 7.9 million in August, lowest since January 2021.
7. The Philadelphia Federal Reserve Manufacturing Index, a critical gauge of the general business conditions in Philadelphia, has reported a significant drop. The actual figure stands at -16.4, a sharp decline that suggests worsening conditions for manufacturers in the region. The previous number was -5.5.
8. Thanks to rapidly rising mortgage rates, the average U.S. homebuyer just lost $33,250 in purchasing power in just six weeks…rates hit 7% in October.
9. As of the end of November, more than 7,000 store closings had been announced in the United States.  That is a 69 percent increase from last year…
10. During normal times, troubled retailers would at least wait until after the holiday season to throw in the towel.  But we haven’t even reached Christmas and Party City has already announced that it will be closing all stores…
11. Not to be outdone, Big Lots has announced that all 936 of their remaining stores will be shutting down on a permanent basis…
12. Downtown areas all over California “are crumbling under the weight of homelessness and drug addiction”…

Audaces fortuna iuvat

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