by Michael Snyder, The Economic Collapse Blog:
Hundreds of millions of dollars are being spent to persuade the American people to vote for either Kamala Harris or Donald Trump. But ultimately two things are probably going to matter more than anything else. Millions of Americans will be basing their votes on how they currently feel about the economy and who they trust to handle it moving forward. This will be particularly true for independents, and they actually make up the largest block of voters at this point. About 30 percent of the population considers themselves to be Democrats, about 30 percent of the population considers themselves to be Republicans, and almost everyone else considers themselves to be independents. In the end, how independents vote will be of paramount importance, and a brand new survey has discovered that only 23 percent of independents believe that the U.S. economy is on the right track…
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A majority of voters think the U.S. economy is on the wrong track, according to a new poll, as the Federal Reserve appears likely to lower interest rates this month after months of holding them steady.
The Harvard CAPS-Harris poll showed 63 percent of respondents said the economy is on the wrong track, while 30 percent said it’s on the right track and 8 percent said they’re not sure.
Opinions were split along partisan lines, with 54 percent of Democrats saying the economy is going in the right direction but only 9 percent of Republicans saying the same. The poll found 23 percent of independents said it’s on the right track.
Needless to say, this is horrible news for Kamala Harris.
She desperately needs to convince independent voters in the swing states that the policies of the Biden administration have the economy moving in the right direction, and that is not an easy sell.
Economic conditions are very tough all over the country right now, and everyone can see it.
In a recent editorial, small business owner Bruce LeVell detailed what things are like in Georgia at this moment…
Inflation is crushing small businesses like mine. Between rising costs for supplies, utilities and gas, it’s becoming harder to keep up. And I’m not alone. Families across Georgia are feeling it, too. From the grocery store to the gas pump, prices are out of control, making it harder for working folks to make ends meet.
We’ve all watched as our favorite Georgia products, like peaches, have skyrocketed in price. Peaches were up 25% last year. Chick-fil-A is up 21%. Even Bulldogs game tickets have jumped 45%. This inflation has cost Georgia families more than $27,000 since 2021, and that’s a hit most of us just can’t afford. The reality is clear: the Biden-Harris administration’s reckless spending and misguided policies are to blame.
He is right.
The cost of living has been going up much faster than paychecks have, and that is one of the biggest reasons why 37 percent of Americans are struggling to pay for their most basic expenses.
Millions of households are just barely scraping by, and as a result many are using credit cards to stay afloat…
But fast forwarding just one month later, when in a stunning reversal, July consumer credit growth unexpectedly reversed the dramatic June slowdown, and soared more than $25 billion, to a new record high of $5.093 trillion.
Looking at the components, the sudden spike in revolving credit was most notable as credit card debt growth suddenly reversed its recent slowdown, surging by $10.6 billion, the biggest monthly increase since February and the 2nd biggest of the year.
This is a really bad time to be racking up credit card debt.
But a lot of people feel like they have no choice.
Meanwhile, the personal savings rate has fallen to the lowest level since the financial crisis of 2008…
Yet with consumers ever more strapped for actual cash and equity, as the personal savings rate in the US collapses from over 5% to 2.9% – the lowest since the Lehman bankruptcy – in just one year, as all the excess savings from covid are long gone…
U.S. consumers have not been in such bad shape since the Great Recession, and now there are signs that the overall economy is rapidly slowing down all around us.
For example, a trucking company in Illinois that had about 480 drivers just suddenly ceased operations…
An Illinois-based trucking and logistics company, which contracted with the U.S. Postal Service to haul mail has notified over 650 employees, including more than 480 drivers, that the carrier is ceasing operations, according to sources familiar with the closure.
Former truck drivers for Midwest Transport Inc. (MTI), headquartered in Robinson, Illinois, told FreightWaves that they received telephone calls from their regional managers late Thursday notifying them the company was winding down operations.
And week after week, large banks continue to shut down even more branches…
Major banks have shuttered more than 40 locations in just two weeks as the local branch bloodbath continues.
Chase, Wells Fargo and Santander were among the banks who closed locations between August 4 and August 18.
Bank of America led they way, notifying the regulator that they would be removing 12 of their local branches from use.
Last, but certainly not least, I did not want to leave the stunning bankruptcy of Big Lots out of this article…
Another huge nationwide retailer filed for bankruptcy this morning – raising questions over the future of its 1,400 stores.
The Chapter 11 filing from discount home goods retailer Big Lots is the latest from big American retailers and restaurant chains, with the highest profile until now being Red Lobster.
A total of 21 have filed for bankruptcy in the first half of this year – the most since the pandemic wrecked havoc with businesses in 2020, S&P said in a July report.
Normally, troubled retailers will do whatever is necessary to hang on through the lucrative holiday shopping season before declaring bankruptcy.
But apparently Big Lots was so far gone that they were not able to do that.
Every piece of bad economic news that we get brings Kamala Harris even closer to defeat and Donald Trump even closer to victory.
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