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(The Economic Collapse Blog)—Americans are extremely pessimistic about the state of the U.S. economy, and that is really bad news for Joe Biden. Despite the glowing economic numbers that the Biden administration has been relentlessly feeding us, there is an overwhelming consensus among the American people that the economy is rapidly heading in the wrong direction. Prices continue to rise, mass layoffs are happening all over the country, loans are going bad at a staggering rate, homelessness and poverty are spiking, and economic activity is slowing down all around us. According to a poll about the economy that was recently conducted for Newsweek, the percentage of Americans that believe that the economy is going in the wrong direction is twice as high as the percentage of Americans that believe that the economy is going in the right direction…
Their widespread pessimism is reflected in the results of a Redfield & Wilton Strategies poll conducted on behalf of Newsweek on April 11. According to the survey, some 50 percent of Americans believe that the U.S. economy is heading in the wrong direction, while only 25 percent said it is going in the right direction.
Americans are also negative about their own financial situation. Some 42 percent of respondents said their financial situation has worsened in the last year. Only 26 percent said it has improved, while 32 percent said it has stayed the same.
Some 47 percent of Americans said they were now financially worse off than they were three years before, against 26 percent who said they were better off and 27 percent who said they were about the same. Some 45 percent said they were now worse off than before the pandemic, while 28 percent said they were better off and 27 percent were about the same.
The Biden campaign should be deeply troubled by those numbers.
When U.S. voters don’t feel good about the economy, they tend to want change in Washington.
And the main thing that Americans don’t like about the economy right now is the high cost of living…
Forty-one percent of Americans responding to an April Gallup poll said inflation or the high cost of living is their main economic concern. The number has risen for three years running, from 32 percent in 2022 to 35 percent in 2023.
Prior to 2022, the highest rating inflation received in the survey was 18 percent in 2008 during the Great Recession. Otherwise, the figure has been below 10 percent since Gallup began asking the question in 2005.
Joe Biden and his minions keep telling us that inflation is “low”.
But hardly anyone believes them, because that is obviously not true.
Anyone that goes shopping for groceries on a regular basis understands what has been happening to food prices, and another recent survey discovered that young adults are really feeling the pain…
Younger Americans are feeling the pinch from inflation, with 54% saying that rising food costs have hit them the hardest.
The findings are part of a recent CNBC/Generation Lab survey that polled 1,033 people between the ages of 18 and 34.
When I was a young adult, I could get everything that I needed for one week, including an entire cake, for just 25 dollars.
But today a full cart of food will cost you hundreds of dollars.
At this point, beef is actually considered to be a “luxury meat”, and Americans have cut back as prices have soared.
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In fact, Tyson is going to lose a ton of money this year because people are buying a lot less beef now…
“Tyson Shares Fall as Beef Business Struggles” is a headline story in today’s Wall Street Journal. They go on to note that Tyson, America’s largest U.S. meat supplier, said its beef business was softening and that “The company, a bellwether for the U.S. meat industry, forecast a bigger operating loss for its beef business this fiscal year—between $100 million and $400 million.”
Why? Mostly because people can’t afford beef and are eating chicken. And droughts and shrinking herds have made the situation worse.
At one time, you could economize by eating some of your meals at fast food chains, but those days are long gone…
Prices at America’s biggest fast-food chains have soared above the rate of inflation in the last five years as firms come under fire for ‘greedflation.’
Customers are now voting with their wallets causing traffic to chains to drop 3.5 percent in the first three months of the year compared to 2023, according to data from Revenue Management Solutions.
It means big chains like McDonald’s, Wendy’s, Popeyes, Pizza Hut and Chipotle have likely sold millions fewer burgers, pizzas and burritos.
Only the wealthy can afford to regularly eat at fast food chains at this stage.
I never imagined that I would write such a thing, but this is how bad things are in 2024.
Of course housing has gotten a lot more expensive as well.
As David Stockman has aptly point out, during the Biden administration home prices have become more unaffordable than ever before…
The data leaves no room for doubt. Home prices today stand at 18.2X their Q1 1970 value while average hourly wages are at only 8.7X their value of 54 years ago.
Expressed in more practical terms, the median home sales price of $23,900 in Q1 1970 represented 7,113 hours of work at the average hourly wage. Assuming a standard 2,000-hour work year, wage workers had to toil for 3.6 years to pay for a median-priced home.
With the passage of time, of course, the Fed’s pro-inflation policies have done far more to goose asset prices than wages. Thus, at the time of Greenspan’s arrival at the Fed after Q2 1987, it required 11,350 hours to purchase a median home, which had risen to 12,138 hours by Q1 2012 when the Fed made its 2.00% inflation target official. And after still another decade of inflationary monetary policy, it now stands at just under 15,000 hours.
Meanwhile, the overall economy continues to slow down.
I shared a very shocking statistic with my readers the other day, and I am going to share it again because it demonstrates just how dire conditions have become.
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During the month of April, 43 percent of all small business renters in the United States were not able to pay their rent in full…
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.
If you can’t even pay your rent, your business is literally on the brink of failing.
I believe that vast numbers of small businesses will fail in the months ahead as the historic economic meltdown that I have been relentlessly warning about continues to pick up speed.
Needless to say, a deteriorating economy is not going to help Joe Biden one bit.
According to an average of recent national polls, in a two way race Donald Trump is leading Joe Biden by 1.2 points.
In a five way race, Donald Trump is leading Joe Biden by 2.7 points.
As economic conditions become harsher during the second half of this year, I would expect Trump’s numbers to improve and Biden’s numbers to get worse.
Economics and politics always have a tremendous amount of influence over one another, and that will particularly be true here in 2024.
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Bypass Big Tech Censors
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I have family members who work for UPS and they went from a six day work week in 2019 to a four and occasionally a three day work week now. And business is steadily declining.
Ditto my neighbor who works for Fed-ex.
I’m retired but work part time in an auto parts store where I meet a lot of disgruntled customers and 90% do not mince words about the need of ridding the country of the scourge currently squatting in the white house.
I see the upcoming election as America’s last chance to remain a Constitutional Republic without massive bloodshed but we may already be beyond that point.
FJB
Trump 24
Dear Friend, Is the following of interest ?? Jim
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THE INCOME TAX SCAM
The irony of 87,000 new IRS agents is that there does not appear to be a valid law that imposes an income tax on Sovereign Citizens.
Article IV, Section 4 of the Constitution establishes the Citizens are “guaranteed” a “Republican” form of government. Taxation is an attribute of sovereignty. That over which the taxing authority is not sovereign is not a suitable object for taxation. Sovereign Citizens of a Republic are not subject to taxation by the subordinate federal government. Subordinate states cannot tax federal property or levy a sales tax on federal purchases.
If a tax upon the labors of a Sovereign Citizen existed it would authorize the subordinate government to seize 100% of a Citizen’s earnings. ‘Reasonable’ is not a justification for a tax. It is not a matter of concern to the court if the tax destroys the object being taxed. Such a law would authorize confiscation of all wealth of the citizens and would conflict with Amendments XIII and XIV regarding slavery. The power to tax is the power to destroy.
Confiscation of all property appears to be the object. The IRS is currently pursuing a policy of taxation on assessed non-received value. The inflated value of your home, or the junk pile behind your barn, could be assessed as taxable profit. The litigation cost to challenge such an arbitrary malicious assessment could easily bankrupt any selected domestic terrorist. The IRS will be totally weaponized. [Is Congressional approval required for the IRS position ?] Ref. Moore v IRS, Opinion pending in SCOTUS.
Indeed, we may have determined the reason for 87,000 new IRS, ARMED, agents. At the same time, the IRS is pressuring credit card firms and banks to collect info on individuals who buy firearms.
The 16th Amendment attempts to remove specific constitutional restrictions on Direct and Indirect taxes. Ref. Article I, Section 8, clause 15. An excise tax is based upon a privilege being received. This writer does not see any privilege being received by a Sovereign Citizen upon which the government of the United States can properly impose an Indirect income tax. The SCOTUS has declared the Amendment does not expand, nor restrict, the Constitutional taxing authority. The Supreme Court’s 1881 Springer adjudication declared an income tax is not a Direct tax.
Article VI, clause 2, limits Constitutional modifications to “be made in Pursuance…” to the Constitutional goals. A claim that the 16th Amendment authorizes unrestricted taxing authority would stand the Constitution on its head and would establish a new unidentified sovereign power. That appears to constitute a coup. To enforce a coup would violate the judge’s oath of office. The courts do not have jurisdiction to impose a coup.
LIBERTY, enshrined in the 5th and 14th Amendments, include the Citizen’s opportunity to Pursue a Livelihood as a fundamental Right. Such Rights, including your Right to a Trial by Jury, are not suitable objects for taxation or fee. Such Rights cannot be infringed by administrative decree. Nor is an administrative decree evidence of a tax liability.
26 USC §1 authorizes an income tax on the “taxable income” of an individual. ‘Taxable income’ is not legally defined. Mere legislation cannot infringe on Constitutional Rights. If you wish to donate to the government, they will take your money—and demand more. 87,000 new IRS agents appear to be getting hired to harass ‘domestic terrorists’ who dispute the government narrative. This statute is never alleged to be violated in an indictment.
It is rumored that Vivian Kellums challenged the IRS code of 1939 and resulted in a simple, but significant, rewording in §1, without legislation, before 1954. Unfortunately, the meager records available locally do not confirm the theory.
26 USC §871 imposes an excise tax upon “non-resident aliens” for the privilege of being permitted into the USA. [Applicable to the southern invasion ?]
Violations of 26 USC §§7201-7215 are frequently alleged in indictments. The Supreme Court, relying upon the Congressional Record, has identified those penalty statutes as applying to all taxes in Title 26. The Supreme and appellate courts have applied these statutes to more than 90 cases of gambling, horse racing, admission, and other taxes. They cannot allege violation of a “known legal duty” for an income tax as required for a valid indictment. Ref: Sansone v US, 1965.
The IRS relies upon a citizen signing a tax form, under oath, over the caveat of “taxpayer’s name” to identify you as legally responsible for a tax. You have just sworn that you legally owe a tax. The court accepts your affidavit. Ref. §7701(a)(14). The income tax is a scam.
Lawyers who aggressively challenge the income tax face lose of license and HAVE been sent to jail on bogus charges. Court formalities are procedural snares.
State courts have repeatedly covered up similar challenges to state income taxes, earnings taxes, and occupational licenses, to avoid an exempt precedent from becoming established.
IRS Exempt Tax form #4852 has been claimed by Pete Hendrickson as successfully recovering prior years’ income taxes erroneously paid to the IRS.
Former IRS special agent Joe Banister, after repeated unsuccessful efforts to find a statutory income tax with the help of his supervisor, separated from the IRS. Ref: AGENT FOR TRUTH.COM for a confirming story. The IRS, with IRS witnesses, failed to convince the jury that such a law exists.1
WARNING: The location of the “burden of proof” (BOP) is critical. Due Process requires the Petitioner to prove the validity of any claimed authority. If the BOP can be shifted by the court to the citizen to prove the tax authority does not exist, they will require proof that there is no possible way the tax might be valid. Such a proof is impossible. This shift doomed the Springer case. Springer v US, 102 US 586, (1881).
The Supreme Court rejected Springer’s claim the income tax was an unapportioned Direct Tax and therefore Springer’s claim was not valid. The court added that the only alternate Constitutional tax was an indirect tax of either an impost, a duty, or an excise tax. Since a duty or impost relates to merchandise crossing a territorial boundary, by deduction, an income tax must be an excise tax. But where is the granted privilege ?
Tax denier Sherry Peel Jackson was convicted of tax charges in 2008. A government website declares several tax protester theories by Jackson were denied by the court. There is no claim the court declared the income tax did not improperly infringe on Constitutional Rights. The court’s shift of the BOP doomed her case. Courts seek every method of concealing tax flaws from the public. The inherent conflict of interests is inescapable.
The 16th Amendment attempts to expand the definition of taxable income. Some federal courts have opined it removes all restrictions on federal taxation. In reality, such a concept would convert a Sovereign Citizen immune from taxation [except for an excise tax on a privilege received] into a subject that can be forced to give 100% of their earnings to the ruler. That would stand the Constitution on its head and is a coup. The power to tax is the power to destroy.
If the 16th Amendment is construed to authorize seizure of a Citizens’ earnings, it is in direct conflict with the Constitution. Article IV, Section 4, establish the federal government has a duty: “The United States shall guarantee to every State in the Union a Republican Form of Government…” A Republican form of government rests Sovereignty in the People. If the political powers of a corrupt government can seize unlimited assets of its Citizens by taxation, under color of law, it is tyranny. The Constitution mandates a duty to judicially review any alleged infringement of the Citizen’s Sovereignty.
If the people are declared not to be sovereign and are responsible for a tax, that would appear to be a coup. To judicially enforce a coup would violate the judge’s oath of office and void the jurisdiction of the court.
If the 16th Amendment can be held valid and allow the Constitutional Right of Sovereign Citizens to be reduced to peonage, there is no provision of the Constitution that is not subject to repudiation.
https://www.youtube.com/watch?v=fVNaqveu0GY
It won’t matter. There will be very little Trump can do. This last three years was terminal. And gold isn’t going to help you. And anyone who tells you different is a liar, and most likely a Jew.
That’s really true. There is not much difference anymore who gets in. Trump has said he will support Israel. That means we will continue to be tax slaves sending billions to a foreign country that has never given back anything to the US. Greatest ally and democracy? Don’t make me laugh. Nothing but endless wars for the supremacist ethnostate.