Economic Conditions Continue To Worsen For Millions

While the monopoly-controlled media incessantly promotes disinformation, incoherence, and irrationalism about the U.S. economy, real people are experiencing harder economic conditions with each passing month. Below are 30 recent statistics that bear this out.


More than half — 54% — of American millennials and Gen Z are still financially dependent on their parents, according to a survey from credit bureau Experian released on Monday [June 26, 2023].”

“According to a Newsweek poll conducted by Redfield & Wilton Strategies, 55% of Americans are “very” or “fairly” concerned about paying off credit debt this year. The total credit card balance of Americans is at its highest point since the U.S. Federal Reserve began tracking the data, and current metrics indicate that Americans are using credit to mitigate inflationary pressures.”

“Household debt continues to rise nationwide.”

“A recent survey conducted by Clever Real Estate polled 1,000 Gen Xers born between 1965 and 1980 to find out how they fare when it comes to personal finances and the road to retirement. A staggering 56% of Gen Xers said they have less than $100,000 saved for retirement, and 22% said they have yet to save a single cent.”

“In February [2023], the U.S. personal savings rate was estimated to be around 4.6 percent—much below the decades-long average of about 8.9 percent, according to the Bureau of Economic Analysis.”

“US grocery prices rose in May [2023].”

1 in 6 People Received Help from Charitable Food Sector in 2022.”

“Many Americans face hunger crisis as food insecurity rises.”

“Earlier this year [2023], 32 states reduced Supplemental Nutrition Assistance Program (SNAP) benefits, prompting experts to warn of a ‘hunger cliff’. The move came at a challenging time for recipients, with inflation at all-time highs and COVID-benefits being phased out.”

“The slump in US manufacturing continued for an eighth straight month in June [2023] on the back of weak demand and slowing production, according to survey data published on Monday [July 3, 2023].”

“Education debt in the US topped $1.75 trillion in 2022 — the second largest form of consumer debt after home mortgages.”

“Eviction filings soar over 50% above pre-pandemic levels in some cities as rents increase.”

“The number of homeless people counted on streets and in shelters around the U.S. has broadly risen this year, according to a Wall Street Journal review of data from around the nation.”

“The median monthly payment listed on applications for home purchase loans in May [2023] rose to $2,165, up 14.1% from a year ago [2022] and a 2.5% increase from April [2023], the Mortgage Bankers Association said Thursday. The average rate on a 30-year home loan is still more than double what it was two years ago.”

“Corporate bankruptcies and defaults are surging. The number of bankruptcy filings in the U.S. this year has also sharply risen, to levels not seen since 2010.”

“CBO says U.S. deficits set to skyrocket in the years ahead.”

“US Leading Economic Indicators Tumble For 14th Straight Month, Signals Weaker Activity Ahead.”

“The labor force participation rate for people age 16 and older was 62.6 percent in May 2023. That was 0.7 percentage point below its February 2020 level, before the COVID-19 pandemic began.”

“Real [College] Faculty Wages Decline for Third Straight Year.”

“The Number Of Americans Filing For First-Time Jobless Benefits Hits Highest Since Oct 2021.”

More than 3 out of 5 employees have experienced burnout in the past year, according to the results of a recent survey.”

1 in 5 employees are ‘loud quitting.’ Here’s why it’s worse than ‘quiet quitting’.”

“Ford conducts engineering layoffs in U.S. and Canada.”

“US National Debt Hits $32 Trillion, up $572 billion since Debt Ceiling Suspended.”

Extreme wealth gap is widening in Silicon Valley, new report finds.”

“In the fourth quarter of 2022, 68.2 percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned three percent of the total wealth.”

“Car insurance rates soar by as much as FORTY percent.”

“The typical cost of renting a car in the U.S. has increased 48% since May 2019, according to the latest data from the Bureau of Labor Statistics (BLS). In other words, a car that cost $100 per day four years ago would now cost $148 per day.”

“While they’re down from their peak during the pandemic, used car prices are still about 40% higher than before COVID, according to the Bureau of Labor Statistics. Plus, pretty much everything about owning a used car is a lot more expensive than it used to be.”

“Fentanyl Responsible For 80% Of Overdose Deaths Under 24 In US.”


Is this what a healthy resilient economy looks like? Why in 2023 are the basic needs of millions going unmet in a society that has an overabundance of wealth?

Taken together, these recent statistics show that Americans are doing worse over time. They are not experiencing “economic good times.” They are not “getting ahead.” Life is getting harder and harsher. Living and working standards continue to decline steadily, with no end in sight. The so-called “resilient” U.S. economy is leaving millions behind. Endless disinformation and handwringing about a “possible recession” is designed to divert attention from a continually failing economy.

The neoliberal state is clearly in no mood to reverse direction and create an economy that meets the needs of all. It is dedicated to painstakingly establishing and fortifying arrangements that further increase economic and political inequality. The financial oligarchy has no solutions to any of the problems confronting the social and natural environment, just more tragedies for the people.

People feel stuck with the outdated political set-up that is currently in place. It is not responsive to their concerns and demands. It is not working for them and is increasingly seen as irrelevant, obsolete, and in urgent need of renewal. The existing institutions, arrangements, and relations have become dysfunctional and burdensome for everyone concerned. There is no mechanism in place at this time that advances the interests of the people, other than the organizations that people themselves create to advance their own interests.

It is up to people themselves to rely on their own thinking and action to move society forward. Begging the politicians of the rich for years for a few crumbs here and there is a non-starter.

Shawgi Tell is author of the book Charter School Report Card. He can be reached at Read other articles by Shawgi.