‘Slight Uptick in Unemployment Could Spell Recession’ & ‘The Percentage Of Americans That Worry They Won’t Be Able To Pay Their Bills Is Higher Than It Was During The Great Recession’

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Might there be a recession or worse?

Notice the following:

Slight Uptick in Unemployment Could Spell Recession

July 25, 2024

There is a very fine line between a soft landing and a hard landing when it comes to the economy, and the difference may come down to just a few points on the upcoming unemployment report.

A hard landing means the U.S. economy goes into a recession, said Marcus & Millichap SVP of research services John Chang in a research video. A soft landing, on the other hand, means economic growth moves very close to zero but doesn’t fall into negative territory. One way economists will try to predict a potential recession is using the Sahm Rule, which compares the average unemployment rate over the past three months with the lowest monthly unemployment reading over the previous 12 months. If the difference is 50 basis points or more, the risk of a recession is high, said Chang. Since May, the unemployment rate has increased by 20 basis points to 4.1%, translating to a 43 on the Sahm indicator.

“A lot will be riding on the July unemployment rate that comes out on August 2, which just so happens to be two days after the next Fed meeting where they’ll decide what to do with interest rates,” noted Chang. https://www.globest.com/2024/07/25/slight-uptick-in-unemployment-could-spell-recession/?slreturn=2024072582902

Whether or not there officially is a recession, various ones are having financial difficulties as Michael Snyder reports:

The Percentage Of Americans That Worry They Won’t Be Able To Pay Their Bills Is Higher Than It Was During The Great Recession

July 23, 2024

Do you remember how painful the Great Recession was? 2008 and the years immediately following were definitely a very dark chapter in our history, but a new study has actually found that the percentage of Americans that worry they won’t be able to pay their bills is actually higher today than it was back then. Slowly but surely, our economic strength has been fading and our standard of living has been falling. Unfortunately, now we have reached a point where a very large portion of the U.S. population is really struggling. According to a CNN poll that was just released, almost 40 percent of all U.S. adults “say they worry most or all of the time that their family’s income won’t be enough to meet expenses”…

Many Americans regularly worry they won’t be able to make ends meet.

Nearly four in ten (39%) of US adults say they worry most or all of the time that their family’s income won’t be enough to meet expenses, according to a new CNN poll. That’s up from 28% who expressed those concerns in December 2021, and it’s similar to the numbers seen during the Great Recession (37%).

To cope, significant shares of Americans said they are adding side jobs, cutting down on driving and putting more expenses on credit cards.

If you would have asked me before I saw the results, I would have been quite confident that the number during the Great Recession would have been higher than the number in 2024.

Just like everyone else, I remember the Great Recession as such a painful time.

Sadly, the economic pain that we are experiencing now is just beginning.

Ordinary Americans from coast to coast are being absolutely crushed by rising prices, and that isn’t going to change any time soon. https://theeconomiccollapseblog.com/the-percentage-of-americans-that-worry-they-wont-be-able-to-pay-their-bills-is-higher-than-it-was-during-the-great-recession/

The economies of many nations are built more and more on a foundation of debt.

Debt and interest are problems.

Yet, back in September 2022, US Federal Reserve Chairman Powell claimed that there is not “a painless way” to get inflation behind us without raising interest rates (see AP: Powell’s stark message: Inflation fight may cause recession) is not quite the case.

The government of the USA and various of its states could easily change rules to allow more drilling of oil off the Gulf and California coasts, as well as in Alaska, plus open the Keystone pipeline. That would result in a massive reduction in the price of oil and fertilizers, plus would also reduce transportation costs. The governments could also provide incentives for more food production, which would lower food costs.

Instead, the Fed plan has been to repeatedly increase interest rates (which have been artificially low) in an effort to slow down the economy and reduce wage demands.

For political reasons, the Fed may reduce interest rates now. But that, then, risks triggering more inflation.

Consider also the following:

Global Depression By 2025, Caused By Interest Rates & Inflation: Simon Hunt

{Simon Hunt} predicted a rocky road ahead for the global economy, that will eventually culminate in the massive pile of $trillions in global unserviceable debt going into default causing a worldwide depression by 2025. https://www.zerohedge.com/news/2023-02-28/global-depression-2025-caused-double-digit-interest-rates-inflation-simon-hunt

Yes, depression is possible.

Yes, the USA is getting to the point where its debt is “unserviceable.”

The Bible warns about something that will happen to a heavily indebted nation. Notice what the Hebrew seer Habakkuk wrote over 2,600 years ago:

³ For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry … ⁵ Indeed, because he transgresses by wine, He is a proud man …⁶“Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his—how long? And to him who loads himself with many pledges’? ⁷Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. ⁸ Because you have plundered many nations, All the remnant of the people shall plunder you… (Habakkuk 2:2-3,6–8). …

Notice that what is to happen is so bad, that people who read the prophecy should run, when it is time for it to be fulfilled. Since that prophecy is to be fulfilled at the appointed time of the end, it is still for the future, but perhaps not too far distant in the future. No nation has ever been in as much total debt as the U.S.A. And on a per capita basis, the U.K. and Canada are in similar positions.

When the time comes that the US Federal Reserve is no longer able to keep interest rates artificially low, the U.S.A. will continue past the point of no return. And its debt level already seems to be there.

The USA, etc. remain greedy. Notice that is believed to have been a cause of the Great Depression:

GREED — the Root Cause of the Crash

The true causes of the Depression are still with us. Burgeoning personal debt, workers demanding higher wages (often without producing any more), business cutting corners, employee theft, and stock market speculation.

The question is: HOW will these causes express themselves in the nation’s economic picture?

Statistician Roger Babson, who successfully predicted both the 1920 and 1929 crashes, has made this point clear over more than half a century of economic forecasts, and dozens of books on the subject. In essence, he said the technical statistics that economists watch are only wall thermometers telling the present “temperature” of today’s economy.

If you want to see what the temperature of the future will be, Babson counseled, look at the barometer reading — the way people as a whole are dealing with each other and how they live their own lives. In other words, are workers producing more, are employee and shoplifting thefts down, are we borrowing less, is the federal economy in the black?

On such readings of the economy, Babson was virtually the only major economist to foresee the serious crash.

The top economists scoffed when he said, on September 5, 1929, “Sooner or later a crash is coming and it may be terrific… factories will shut down… men will be thrown out of work… the vicious circle will get in full swing and the result will be a serious business depression” (John Kenneth Galbraith, The Great Crash, Houghton-Mifflin, 1955, pp. 89-90).

Government economists, on the other hand, seemingly clambered over each other to reassure the many paper-thin speculators that such talk was impossible, unthinkable, perhaps even un-American. “Don’t Sell America Short” was a common aphorism in 1929.

The Money Scramble

But had the economists looked at the furnace room — at the basic social or moral problems expressing themselves economically they would have KNOWN some kind of a “crash” was coming. Had the economists based their forecast on the materialistic attitude of most Americans, they would have seen the handwriting on the wall.

The root motivation was greed, but the main specific cause of the 1929 Depression in particular was “that private indebtedness was increasing faster than earning power, that purchasing was not keeping pace with production …” (Bining and Kleen, op. cit., p. 452).

In other words, people had bought so many items on time payments, that they couldn’t afford any more — even on installments! The people were “bought out” while the newly installed assembly lines were producing record numbers of new gadgets.

In 1929, there was a surplus of goods, but almost no buying power (money). The situation in America today is different — too few American-made goods are chasing too much available money. One causes depression, the other inflation. Both are equally catastrophic to a nation.

What then are the chances for a new kind of “depression”?

Today, America and the West still have not learned their lesson. Money madness is still a fixation of a significant sector, especially of the U. S. public. (Alexander G. THE GREAT DEPRESSION COULD it Happen AGAIN? Plain Truth, December 1970)

Yes, a great depression could happen again.

A recession and/or depression is likely to become one of the final factors that will cause creditors to rise up and destroy the U.S.A.

Some items of possibly related interest may include:

Might the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or earlier? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo-Saxon nations? Why might God allow them to be punished first? Here is a link to the Spanish version of this article: Anglo-América & las Tribus Perdidas de Israel. Information is also in the YouTube sermons titled Where are the Ten Lost Tribes? Why does it matter? and British are the Covenant People. A short YouTube of prophetic interest may be: Are Chinese threats against Australia for real?
When Will the Great Tribulation Begin? 2024, 2025, or 2026? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Tribulation in 2024?
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? What about other peoples? Do you really know what will happen to Europe and the English-speaking peoples? What about Africa, Asia, South America, and the Islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.