Household Wealth Suffers Record $6.1 Trillion Drop in 2nd Quarter – Truth vs Narrative: The Economy
Compare the analyses and data in this video to the fabricated narrative being presented in the “news”. The lies and deception by the Financial Media has reached a new level of pure dystopian insanity.
As inflation continues to run hot at 8.3%:
– 1 in 6 US Households are in danger of having their utilities shut off for non-payment.
– 52% of large corporations have layoff plans in place already
– 35% of small businesses are behind on rent payments
– Consumer sentiment is at an all-time low
– The stock & bond markets are crashing concurrently (stagflation)
– Mortgage rates hit a 14-year high and mortgage applications are down by 65% from last year.
– The US Dollar is dangerously close to losing its status as the World’s Prime Reserve Currency
– Core Inflation items (food, utilities, fuel) are up 24%
– Real wages have declined for 17 straight months
– Credit card debt levels are near record highs
The economy is approaching depression levels and this has resulted in a record loss of US Wealth:
“Household net worth tumbled to $143.8 trillion at the end of June from $149.9 trillion at the end of March, its second consecutive quarterly decline, the Fed’s quarterly snapshot of the national balance sheet showed. Through June, Americans’ collective wealth had fallen by more than $6.2 trillion from a record $150 trillion at the end of 2021.”