by Michael Snyder, The Economic Collapse Blog:
How can anyone out there possibly believe that the U.S. economy is doing well? As you will see below, the number of homeless Americans has risen to the highest level ever recorded, and large companies all over the country are laying off workers in droves. As I have discussed previously, the number of Americans that were laid off in 2023 jumped 98 percent compared to the year before, and now during the first month of 2024 it feels like we are being hit by a tsunami of layoffs. It literally seems like someone has turned a fire hose on, but the Biden administration continues to insist that unemployment is “low” and that the outlook for the U.S. economy is positive.
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Honestly, I don’t understand how the Biden administration can say that the outlook for the U.S. economy is positive when the number of Americans that are homeless has been increasing at the fastest pace ever recorded. According to a brand new report that was just released by Harvard’s Joint Center for Housing Studies, the number of homeless Americas has increased 48 percent since 2015…
According to a Jan. 25 report from Harvard’s Joint Center for Housing Studies, roughly 653,000 people reported experiencing homelessness in January of 2023, up roughly 12% from the same time a year prior and 48% from 2015. That marks the largest single-year increase in the country’s unhoused population on record, Harvard researchers said.
Homelessness, long a problem in states such as California and Washington, has also increased in historically more affordable parts of the U.S.. Arizona, Ohio, Tennessee and Texas have seen the largest growths in their unsheltered populations due to rising local housing costs.
We can see evidence of this all around us.
Tent cities are popping up like mushrooms in our major cities and countless Americans are living in their vehicles and RVs.
One of the primary reasons why homelessness has been surging so dramatically is because rental costs have soared to unprecedented heights…
Rent in the U.S. has steadily climbed since 2001. In analyzing Census and real estate data, the Harvard researchers found that half of all U.S. households across income levels spent between 30% and 50% of their monthly pay on housing in 2022, defining them as “cost-burdened.” Some 12 million tenants were severely cost-burdened that year, meaning they spent more than half their monthly pay on rent and utilities, up 14% from pre-pandemic levels.
People earning between $45,000 and $74,999 per year took the biggest hit from rising rents — on average, 41% of their paycheck went toward rent and utilities, the Joint Center for Housing Studies said.
Tenants should generally allocate no more than 30% of their income toward rent, according to the U.S. Department of Housing and Urban Development.
But Joe Biden insists that inflation is “low”.
You believe him, don’t you?
Sadly, more Americans will soon be hitting the streets because we are witnessing an insane wave of layoffs all over the nation.
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