If you are an American with no real assets and even an above-standard-fare white collar job, your chances of ever being able to afford a home are slim to none.
Since January 2020 when the Wuhan coronavirus (COVID-19) "pandemic" was first launched, the average monthly mortgage payment has nearly doubled, increasing by 96 percent in just four years. Back then, a typical buyer paid just under $1,100 a month for a mortgage with 10 percent down – today, that average has ballooned to $2,200 a month, which is well above the 30 percent of median income that was once thought to constitute an "affordable" housing cost in America.
The average 30-year fixed-rate mortgage is around seven percent, and despite promises that rates will soon go down, it does not appear that this will realistically happen anytime soon unless the country wants to see massive hyperinflation.
What are today's young people supposed to do? Not much other than slave away in vain while those with all the assets continue adding to their stockpiles. Welcome to third-world America, compliments of Wall Street and the private central banking cartel known as the Federal Reserve.
(Related: You know the economy is bad when even Dollar Tree is having to close stores.)
America is done
Whenever the system finds itself in a financial bind, the powers that be typically flood the market with more cash. This creates an inflationary trend that benefits Wall Street but not Main Street, the latter being the bread and butter of what makes up a true economy.
The economy of America today is fake in that it is mostly just paper "money" circulating around that creates an illusion of value and wealth. When you pull back the curtain, you find that many Americans are up to their eyeballs in debt, and even corporate America is seeing major delinquencies at an ever-increasing rate.
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Try as they might to keep the stock market propped up and always-climbing, in today's climate primarily with just one big stock, Nvidia, the truth is that the emperor has no clothes. The American empire is dying, which is why the war drums are beating louder and louder all around the world.
To even be able to afford just a modestly-priced, average-sized home in America today, one must make at least $106,000 per year. Back in 2020, that figure was just $59,000 per year.
And how about fast food? The overrated burger chain Five Guys now charges more than $20 for a meager burger, fries and drink. This, despite continued claims from Washington that things are looking on the up and up.
February 2024 marked the worst February for layoffs since Challenger, Gray & Christmas first started keeping records. This is a sign that the labor market is deteriorating as well amid rising inflation and interest rates.
Challenger, Gray & Christmas found that companies planned a whopping 84,638 job cuts in February, a three percent increase from the month prior and a nine percent increase from the same time last year.
"It marked the highest layoff total for the month of February in data going back to 2009," one report explains.
It turns out that even college-degreed young people with strong drive and motivation are unable to find any kind of viable position to start a life. This as rent prices soar, leaving them jobless, homeless and ultimately hopeless.
What does the next generation of Americans have to look forward to? Not much. Poverty, joblessness, homelessness, and apparently bug-eating are the only thing on the menu for them. So much for being the land of opportunity.
The American economy is running on fumes. Find out more at Collapse.news.
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