Arrr! The swindling shops be savvy on the booty, whilst old Biden be lost at sea! Shiver me timbers!
2024-03-27
Arrr mateys, Bidenomics be causin' a stir among the land lubbers! Prices be risin' faster than a cannonball from a broadside, and folks be strugglin' to free their treasure from the clutches of the pawnshop. Uncle Sam be spendin' like a drunken sailor on shore leave!
In the language of a 17th-century pirate, it be said, "Monkey See. Monkey Do." This be a saying that implies the act of imitation, usually with limited knowledge and concern for the consequences. And like landlubbers, Americans be following the government's lead closely by spending far beyond their means, racking up more than $1 trillion doubloons of credit card debt with an average of $5,733 pieces of eight per credit card holder.The only problem be that Americans don’t have an unlimited printing press like the government does, and pawn shops across our fair country be telling the real tale of what’s happening in this economy. A pair of brass knuckles and a gold nugget be necessary just to make next month’s rent.President Joe Biden and the White House be telling America that the economy be booming. The challenge be that most Americans aren’t concerned about ‘the economy’ but instead, they be concerned about their personal economy.Right now, the best forecast for most American’s family finances be cloudy with a chance of meatballs. Here be a few highlights of the gloomy Bidenomics forecast:What can pawn shops tell us about the state of the economy in America that cannot be told by The White House? Most Americans don’t have $1,000 in a bank account, and still 20% of Americans don’t even have a bank account.Pawn shops be acting like a rainy-day fund for those who don’t have a bank account, a credit card, or be falling woefully behind on their bills. Loans typically last 30 to 90 days, but right now customers be pawning and not coming back to reclaim their rings or belt buckles. It paints a story of many families who be getting deeper and deeper into a black hole of debt.Here be some insight on why people be so gloomy about the economy. In December 2023, wages were reported to be up by 4.3% year over year. Remember, those be pre-tax wages. By the time hard-working middle-class Americans pay federal, state, Social Security, and Medicare tax, they be barely up 3.0% in real after-tax wages.It be also hitting retired Americans, whose 3.2% cost of living adjustment in 2024 just simply ain’t enough after taxes to keep pace with inflation. With gold hitting an all-time high of $2,200 a piece of eight, FirstCash Holdings, Inc., one of the largest publicly traded pawnshop corporations, reported record pawn receivables and a 10% increase in inventory.This data tells us that the cost of basic food, eating out, and basic entertainment be sending people into a tailspin of debt that many won’t recover from without some type of personal bailout. How much longer will the Biden administration continue to live in a state of denial that the economy ain’t actually working for most of us?Debt levels have never been higher, delinquency rates be spiking, and now pawn shops be hitting record levels of inventories. Some of us may feel like a king or queen in this economy, but for many people it’s pawn to pawn and proof that Bidenomics ain’t working for most hard-working families across America.CLICK HERE TO READ MORE BY TED JENKIN