America is on a glide path to trouble. It just doesn’t know it yet. And, in truth, millions of Americans do not want to know it. Nevertheless, the U.S., like a Cormac McCarthy novel, is on its own Road to self-discovery. A painful learning experience is fast approaching.
As I write this article, over the past year, hundreds of thousands (perhaps a million already) of jobs have been eliminated, or have been identified to be eliminated in the very near future.
Small companies and firms are closing at an increasing rate throughout the country: Airlines, tech firms, banking establishments, shipping, trucking, medical facilities, liberal arts colleges, teachers and administrators, transportation companies, auto jobs, etc. The rise of those unemployed in these vocations and others are on the rise.
This looming storm has already claimed Japan, Germany and Britain. All are in different stages of a deepening recession. However, the world is holding its collective breaths because the second largest economy on the planet, the People’s Republic of China, is in huge trouble.
It has been engulfed by the collapse of the Evergrande Group, China’s largest real estate holding company, has file for bankruptcy because it was unable to restructure its $30 billion dollar debt. (sound familiar?) Youth unemployment is soaring. Again, like America, Chinese small companies and firms are closing their doors. Unemployment is soaring, particularly amongst its youth.
The China Miracle, as President Xi Jinping had boldly proclaimed a couple of years ago, is now sinking into chaos. In 2024, for the first time in 30 years, the Chinese Premier, the job is presently held by Li Qiang, did not inform the citizenry about the status of the national economy.
Premier Li had been ordered to remain silence by President Xi Jinping. Such an act has certainly sent shockwaves through China and the world.
With the European and Japanese economies stagnant at best, and China’s finances being extremely fragile and vulnerable, the current global economy is situated at its most dangerous axis since 2008-2009.
The bloodletting is non-stop. Corporate TV tells Americans daily that the nation’s economy is strong and vibrant. But for whom? They never say. According to data-based organizations, 81% of jobs created in 2023 were what the late Professor David Graeber often referred to as “Shit-Jobs”.
These jobs are low-paying service jobs. Jobs could have been obtained with only a high school diploma. Or low-paying jobs, that lacked respectability or societal stature, that supported primarily the welfare system in America.
As a result, millions of bitter and disillusioned college graduates are either unemployed, or underemployed. They feel ripped-off. They were. Huge student loan debt, and no future or visible path toward achieving the American Dream, has created a very agitated and anxiety-filled generation of educated Americans.
It should be noted that dozens and dozens of small colleges, minor law schools, fine arts institutes, and other types of educational institutions have either closed, or they are in the process of closing.
Students have figured out the Big Scam. Millions have dropped out of colleges and universities throughout the nation. Thousands of faculty, staff and administrators were sent packing. Permanently.
Historian Peter Turchin, author of End Times, has compiled significant research covering the past quarter-century that indicates that when the educated class of any society has only menial or “shit” jobs for a future, this usually leads to great instability and unrest within a society.
This certainly explains the anger exhibited amongst young Americans who are stuck in lousy jobs with no future. And, unfortunately, most will not have prosperous futures. The ‘musical chairs’ nature represented by American capitalism, precluded millions from ever achieving their youthful goals.
Hence, uber drivers, sales clerks, service employees, stockers, waiters, fast-food workers, and low-paying jobs - in general - end up the employment homes for far too many degree holding employees — more than you think!
However, even these jobs are now at risk.
This morning while I was watching Bloomberg Surveillance, I noticed a story about how JP Morgan. They are beginning to implement AI technology for thousands of jobs that are primarily for customer service. JP Morgan stated that this dramatic reduction in jobs was for cost-cutting purposes, and to introduce enhanced technology to its banking system.
Of course, what went unsaid, was that the other five major banks would soon absorb AI technology as well due to a competitive market. In the end, thousands of jobs will be eliminated very soon. Especially when other lower scale banks begin to introduce the same AI technology to their systems.
It goes without saying, other facets of the US economy will soon shed jobs, a lot of jobs, in the very near future. What will people do for a living? How will they pay for rising rents, higher costs for food, increasing premiums for insurance, etc.
Just the mere prospect of making a living and surviving financially in America, where more and more of its citizenry are steadily falling out of the sainted American Dream category into the trenches of the economic lower classes, is causing enormous stress and gnawing sense of desperation.
Home foreclosures are on the rise again. Credit card debt are at an historic high, but non-payment is also rising accordingly. Statistics show irrefutably that an growing number of America are living on their credit cards, and will continue to until their cards hit their limits.
Don’t worry. Corporate TV tells us the economy is strong. And that we are operating at full-tilt in terms of national employment. In truth, no one actually believes such drivel, nonsense and lies. It’s an election year.
Hence, the propaganda will only get worse. America, until Election Day, will be presented to us, continually, based upon a grotesque and twisted version of reality.
Don’t kid yourself. More than a few Americans, who do know the truth, will still absorb this garbage, and repeat it to their friends and colleagues at work. Accepting and understanding the actual economic truth is far too much for them to deal with. Instead, they believe that if they just wish it away, everything will turn out fine.
Sadly, naked and unadulterated Greed is becoming all too common in America. It is seriously undermining the nation’s economy. Inequality is at epic and historical levels. The majority of Americans are simply struggling to exist. The rates of suicides, drug overdoses and mental breakdowns are soaring.
In short, American has become a violent and unstable country. If you have any doubts concerning the prior statements — check the data. It’s frightening.
Plus, the corporate media absolute refusal to educate Americans about the true nature and status of America’s economic well being is criminal.
Finally, the 2024 presidential election will be historic. Both candidates representing the major parties will be extremely unpopular with American voters. Independent candidate Robert F Kennedy, Jr. already has the highest approval rating among the major candidates. He leads among voters 45 & younger.
NBC ran a story, about a month ago, saying the 2024 presidential race in now a three-way race. For Kennedy supporters, this was music to their ears. However, there is one BIG caveat to be recognized. America has never elected a third party candidate to the White House.
In 1912, former president Teddy Roosevelt, candidate representing the Bull Moose Party, received 28% of the vote. He finished second, losing to Democrat Woodrow Wilson. TR’s performance is the best result for any third-party in US political history.
RFK, Jr.’s momentary popularity is special, but will his support remain solid up to Election Day. Most American voters are sick and tired the corrupt two-party system.
But will they vote for RFK, Jr. in November?
Will American voters finally break loose from the two-party duopoly that has literally choked and suffocated American politics for the last fifty years?
With the American economy struggling to produced middle-class jobs. And more and more small towns and rural areas fighting to just survive. Plus, our cities are turning into refugee camps and violent locales — increasingly made up of our poor and desperate.
And, let’s not forget, US debt has climbed above $34 trillion. Credit card debt is at $1 trillion-plus. Student loan debt is also over $1 trillion.
All three financial figures represent historic highs.
In 2008-2009, China saved the world’s economy. It can’t this time around.
Now what?
Is America ready for NEW political leadership? Or, has it thrown in the towel?
The 2024 presidential election will not only send a message to ourselves, but to the world.
Are we ready for this? I don’t know.
Perhaps, I am afraid of the answer myself.