The Average Joe; From the Great Resignation to The Great American Squeeze in Two Years.

But not to worry, the 2024 Summer Giveaway, aka Wealth Redistribution aka Socialism is here:

Doors closing in on Average Joe; From the Great Resignation to The Great Lamentation, aka the Great Squeeze.

The good news for Walmart, as reported by New York Times’ Jordyn Holman: “Walmart, the largest retailer in the United States, on Thursday reported growth in sales and profit in the first quarter, helped by higher-income shoppers. Investors sent the stock to a record close.”

The bad news for high-income earners is that according to Forbes Advisor, most live paycheck to paycheck: But they are blessed for even getting a paycheck:

We forecasted the Great Resignation was a misnomer. While people referred to the record number of Americans voluntarily leaving their jobs as the Great Resignation, we called it the Great Seppuku – and we were right. The Great Resignation has turned into the Great Lamentation aka the Great American Squeeze.

https://www.forbes.com/advisor/banking/living-paycheck-to-paycheck-statistics-2024/

And the bad news just keep pouring in. The Sacramento Bee reports Walmart is closing dozens of stores across 12 states this year. Where are high-income earners going to shop now?

As if that was not bad enough, Red Lobster restaurant filed for Chapter 11 bankruptcy in Florida and has since closed 100 locations. Other chains, including Tijuana Flats, Rubio’s Coastal Grill, Sticky Fingers, and Ink Coffee have filed for Chapter 11 bankruptcy in recent months after struggling to stay afloat. Where are the high-income earners going to find affordable fine dining?Or what about a staycation? Following months of speculation, the Hilton hotel on Hegenberger Road near the Oakland airport is closing after more than 50 years.

What about the lower cost options, you might ask? Earlier this year, Motel 6 Left the lights on too long and declared bankruptcy – Motel 6, the low budget motel chain, declared bankruptcy in January of this year. Plagued by more than $1.2 trillion in electricity bills without debt forgiveness, the board voted 7–1 in favor of filing for chapter 11. The announcement did not come as a surprise to Wall Street.

You think minimum wage works? Budget retailer 99 Cents Only filed for Chapter 11 bankruptcy protection in Delaware on April 7, saying that it intended to close all of its 371 stores in the U.S. and sell off its real estate and remaining inventory. 99 Cents Only sells everyday household items, basic grocery items, and seasonal and party merchandise, much of which was priced at or below 99 cents. The company, headquartered in Tustin, California, had over 10,800 part-time and full-time employees at the time of its bankruptcy filing.

Desert anyone? Daniel Kline writes: “Bakery chains and cafes have struggled as they try to become full-day businesses. Even Starbucks has worked to get people to visit its cafes outside of breakfast and lunch hours. The coffee giant has tried multiple evening menus, attempted to launch a soda line, and often resorts to buy-one-get-one offers to drive business later in the day.”

Many smaller cafes and bakeries have closed because many of their customers simply aren’t there anymore. Corner Bakery, a Starbucks-like chain, was purchased for pennies on the dollar after a Chapter 11 bankruptcy filing.

Patis Bakery, which has multiple outlets in New York and New Jersey, and has a kosher menu has fallen victim to many of the same problems that have plagued local bakeries and cafes. The company filed for Chapter 11 bankruptcy, in U.S. Bankruptcy Court for the District of Delaware in Wilmington.

Then there’s furniture. Furniture has always been a category that’s both needed and discretionary. With people worried about the economy, their jobs, and inflation that could mean opting for cheaper options like Ikea and other discount furniture chains. But, the economic environment has claimed several big-name players, including Mitchell Gold + Bob Williams, which was liquidated, and Z Gallerie, which filed for Chapter 11 protection, then sold its assets in May.

What about college?  The costs of operating a higher education institution are becoming more and more overwhelming.

But why? Is it the Education Industrial Complex that turnedturned schools and universities into madrasshas: more indoctrination less education leaving a $1.7 trillion worth of useless degrees:? The most in-demand jobs in the next decade do not require a college degree, for example

Compare the increase in the cost of college with the increase in the Consumer Price Index, the cost of medical care, and the cost of a new car over the last 41 years. While medical costs have risen at almost two and a half times the rate of inflation, the cost of college tuition and fees has exceeded inflation by more than four times!

Not the Babylon Bee: Student Fails Medical School, Remedial Finance & Personal Accountability
Leaving $430K In Student Loan Debt Behind – imagine having him operate on you?

A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.

Similarly, a 2023 Forbes Advisor survey revealed that nearly 70% of respondents either identified as living paycheck to paycheck (40%) or—even more concerning—reported that their income doesn’t even cover their standard expenses (29%).

U.S. Household Debt Is at an All-Time High. The total household debt of $17.3 trillion entering 2024 is a new high for the U.S. The largest increase in any category was credit card debt, which swelled by 16.6% between Q3 2022 and Q3 2023.

Americans owe $12.14 trillion on their mortgages, and mortgage debt accounts for 70.2% of consumer debt in the U.S. not to mention Americans have an absolute mountain of credit card debt — $1.115 trillion, to be exact.

But not to worry, the 2024 Summer Giveaway, aka Wealth Redistribution aka Socialism is here:

The Washington state Department of Commerce announced $72.6 million for 71 clean-energy projects that will fund electrical upgrades, solar panels and hydrogen projects for schools, community centers and other organizations

Meanwhile the City of Pomona, California, is giving away cash, even though the State faces its greatest budget shortfall.

The Biden administration just announced it is canceling nearly $5 billion in student loans for 74,000 borrowers – except that “student loan borrowers” Is a misnomer. It should be student loan delinquents. Otherwise why not cancel mortgage and credit card debt?

The Biden Administration boasts of a buttom up, side out approach to improve the economy. Yet a Venn Diagram, as Kamala Harris might say, shows that Zelensky, the Iran Mullahs, illegal immigrants, Millionaires and delinquents, are fairing much better than a two-income household or a fetus for that matter.

Joe Biden says “It’s time hardworking Americans had a little breathing room.” While this is true, his administration has sucked out all the air – average Americans are getting by with fumes in what is known as the Great American Squeeze.

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