by Michael Snyder, The Economic Collapse Blog:
I have a great idea. Let’s wildly print money, let’s systematically destroy the reserve currency of the globe, let’s add a trillion dollars to the national debt every 100 days, let’s strangle the economy with all sorts of ridiculous regulations, let’s dramatically hike interest rates, let’s make things exceedingly difficult for our domestic energy industry, and let’s allow theft, violence, homelessness and migration to run wild. Then we’ll sit back and see what happens. What I have just described is essentially what we have witnessed over the last three years. Joe Biden and others in positions of power in Washington are running our economy into the ground. The system really is coming apart at the seams, and Bidenomics really is the beginning of the end for the U.S. economy.
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Former Chrysler and Home Depot CEO Bob Nardelli is also sounding the alarm about the severe damage that Bidenomics is doing.
In fact, he just told Maria Bartiromo that the fault lines of our economy are “about ready to crack”…
Former Chrysler and Home Depot CEO Bob Nardelli warned that the fault lines of the economy are “about ready to crack” on Monday, adding that the Biden administration’s alleged policy missteps could leave a cumbersome mess for the next person who sits in the Oval Office to clean up.
“What I’ve seen over the past three-and-a-half years is that a series of debacles and missteps have created a tremendous pressure on the fault lines of our economy, and they’re about ready to crack,” he told FOX Business’ Maria Bartiromo.
He is right.
Our economy is steamrolling in the wrong direction, and the short-term outlook is extremely troubling.
One recent survey of small businesses found that nearly half of them believe that they will “definitely” or “probably” not survive another four years under Joe Biden…
In a new report from RedBalloon and PublicSquare, nearly half of the 80,000 small businesses surveyed said they “definitely” or “probably” will not survive another four years with Biden.
“There is nothing I can afford to do in addition to what I’m already doing. If things don’t change, I’ll be finished,” one business owner said in the report.
Already, businesses are making moves to preserve their cash flows. Four in 10 now said they are delaying paying bills while a whopping seven in 10 have put all staffing plans on hold, the survey found.
And a different survey discovered that a whopping 43 percent of all small business renters in the U.S. could not pay their rent in full last month…
A significant number of small businesses across the nation are struggling to pay rent due to skyrocketing costs, a recent study by business networking platform Alignable found.
The company’s latest Small Business Rent report, published on Friday, found that 43 percent of small business renters in the U.S. were unable to pay their rent in full and on time in the month of April. Such a high delinquency rate hasn’t been reported in the U.S. since March 2021, at the height of the COVID-19 pandemic, when it reached 49 percent.
More small businesses are going under with each passing day.
We really are in the midst of a “small business apocalypse”, and that is extremely bad news, because small businesses create most of the new jobs in this country.
Rising costs are one of the primary reasons why so many small businesses are now in hot water, and inflation is also crushing ordinary American families that are just trying to make it from month to month.
Earlier today, I was astounded to learn that the price of an order of medium fries at one McDonalds location in Los Angeles was $1.79 at the end of 2019, but now it has risen to $4.19.
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