by Michael Snyder, The Economic Collapse Blog:

Over the past several years, the cost of living has been rising significantly faster than paychecks have.  As a result, U.S. consumers have reached a breaking point.  Delinquency rates are spiking and bankruptcies have risen to a very dangerous level.  I have been hearing from so many people that are struggling to survive in this suffocating economic environment.  It has become increasingly difficult just to pay for the basics, and so many Americans have very little or no discretionary income to spend these days.  If you want evidence that this is having a major economic impact, just consider the fact that 1,000 dollar stores are going to be shut down.  If U.S. consumers were in good shape, that wouldn’t be happening.