Deep down, many know the economic situation is not well. Nobody wants to admit we're already in a recession. Soon, however, nobody will be able to pretend any longer. It's time to prepare accordingly.
Planned Job Cuts
An article posted in Becker's Hospital Review states they're expecting roughly 604,514 job cuts. While they may not all happen this year, that is a staggering number. As the article author astutely points out, this is "up 198% from the 209,495 cuts announced through September 2022." (Source)
Unemployment
The data in the latest report released by the House Budget Committee indicates that unemployment is up 0.4% higher than the lowest last reported unemployment numbers before all the COVID drama started in 2020. (Source)
Payroll Companies Taking A Hit
According to an article from Investing.com, payroll companies' share prices have tumbled due to expected lower employment. The ripples are spreading out to the rest of the pond. (Source)
More Financial Woes Coming to A Head
Let's not forget that student loan payments have resumed, and while many will be able to enter an income-based repayment plan, that's still money they were budgeting for food, gas, rent, mortgage, etc. Budgets are tightening.
Speaking of mortgages, those who haven't been paying their mortgages due to the COVID Forbearance granted by HUD (Department of Housing and Urban Development) will now have to start paying again after November 30th. How many do you think were paying their mortgage when they weren't required to do it? (Source)
It's estimated that about 54% of all mortgages are between 2% and 4%, which means with treasury bonds paying over 4%, the bank is losing money with treasury bond rates currently hovering over 5%. This will be an ongoing loss that will likely continue for many years going forward. Don't be surprised if we see more bank bailouts due to insolvency.(Source)
So What?
The point of all of this isn't to cause panic. This is where we're at. Things are going downhill and there are sharp rocks on bottom. That doesnt mean YOU have to be one of the victims. Since you know things will only continue to get worse, you have a chance to act. Silver and gold preserve wealth through turbulent times. You can put money into crypto to try and capitalize on growth and increase it. You can put your money into real estate, land or other assets. I'm not a financial advisor. I'm just warning you that eventually, things will screech to a crawl, and those caught unprepared will be the worst off. Don't be one of them.
Each month, I give away a $1 Goldback or 4 HBD. The winner gets to choose.
Note: Some countries may have prohibitively expensive shipping or delivery, which may not be feasible. I reserve the right to award the winner 4 HBD instead of a Goldback at my discretion.
Not sure what a goldback is? Click here to find out more about them.
How The Reblog Lottery Works
- Follow me. (If you're not a follower, you won't be entered into the drawing)
- Look for "Reblog lottery" in any of my post titles.
Make sure it's for the current contest month, and is 6 days old or less, and click "Reblog".
(Reblogging an older post will not get you an entry) - An upvote is appreciated but not required, and does not give you additional entries.
- You'll get one entry for each qualifying article you reblog this way.
- At the end of the month I'll enter your name into the drawing and pick a winner at random.
Note: Bots are not eligible to win