In a stark and concerning trend, the Conference Board’s index of leading economic indicators has plummeted for 19 consecutive months. While some may argue that this is just a blip on the radar, when a decline persists for so long, it’s hard to dismiss it as anything other than a significant trend. Despite these ominous signs, the mainstream media continues to paint a rosy picture of the economy, insisting that everything is just fine. However, the truth may be far from what they want us to believe.
One key issue that is often downplayed is inflation. The official inflation rate is touted as low, but if calculated using the same methodology as in 1980, it would likely be in the double digits today. Additionally, the unemployment rate, as officially reported, is said to be low. But if we were to use more honest measures, the actual unemployment rate could be as high as 25 percent. Many highly qualified individuals are struggling to secure interviews, despite sending out hundreds of resumes. The problem doesn’t lie with these job seekers; instead, it’s a reflection of a much tighter job market than we’re led to believe.
When a working-age American is not employed, the government categorizes them in one of two groups: “unemployed” or “not in the labor force.” Currently, there are approximately 6.5 million U.S. adults officially considered “unemployed.” However, a staggering 99.9 million U.S. adults fall into the “not in the labor force” category, effectively excluding them from unemployment statistics. When you combine these two figures, a shocking total of 106.4 million U.S. adults do not have a job right now, surpassing the highest levels during the 2008-2009 economic crisis.
It’s crucial not to be misled into thinking that unemployment is low. Despite efforts by the elite to convince us otherwise, the Conference Board’s index of leading economic indicators, which has fallen for 19 months straight, signals a looming recession.
These leading indicators serve as a warning, foreshadowing what lies ahead. We can’t ignore the fact that a storm is brewing on the economic horizon, and the majority of the population remains ill-prepared for its impact.
Multiple surveys have consistently shown that most U.S. adults are living paycheck to paycheck. Even those with higher incomes are struggling to save between paychecks. As layoffs surge across the nation, this precarious financial situation becomes even more precarious. Young Americans, in particular, find themselves in dire straits, contending with low-paying jobs and crippling student loan debt. The American Dream of homeownership is slipping away, with the average age of a U.S. homebuyer steadily rising.
Despite these grim realities, the mainstream media continues to paint a picture of economic prosperity for the years ahead. They predict a positive outlook for 2024 and beyond, with moderate economic growth, declining inflation, and low unemployment. However, it’s becoming increasingly challenging to buy into this narrative.
In these uncertain times, it’s essential to remain vigilant, informed, and prepared for the economic challenges that may lie ahead. Ignoring the warning signs and accepting overly optimistic predictions from the mainstream media can leave individuals and families vulnerable to the financial storms on the horizon.
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