US Rampant Inflation - Bankruptcies and Closures
Published by Campbell M Gold in Political · Tuesday 25 Jun 2024
Tags: US, Rampant, Inflation, Bankruptcies, Closures, Biden, administration, economic, crisis, companies, nationwide, inflation, US
Tags: US, Rampant, Inflation, Bankruptcies, Closures, Biden, administration, economic, crisis, companies, nationwide, inflation, US
Blowing in the Wind - bankruptcies and closures caused by rampant inflation.
The US Biden administration is grappling with a severe economic crisis, with companies nationwide succumbing to bankruptcies and closures, all exacerbated by rampant inflation. This is very concerning for us in the UK because what happens in the US typically follows on here later...
U.S. drug stores and pharmacies have closed eight million square feet of retail space so far, and the rest of the retail sector is also losing inventory and customers due to theft. Retail theft has evolved from small-scale to organised crime, especially since the start of the COVID-19 pandemic.
These closures are not just numbers; they represent the livelihoods of thousands. For instance, Family Dollar is shutting down over 600 stores, Tupperware is closing its last production plant, and Rue21 is filing for bankruptcy, leaving all its 4,900 employees without a job.
Other U.S. retailers closing stores this year include CVS Health, 7-Eleven, Rite Aid, Express, Walgreens, Boot Alliance, Macy's, The Body Shop, Soft Surroundings, Burlington Coat Factory, Foot Locker, Carter's, Big Lots, Dollar General, Abercrombie & Fitch, and Best Buy.
99 Cents Only, a discount retail chain based in California, has filed for bankruptcy and will close all 371 stores.
In addition to the retail sector, the auto insurance and housing markets are also experiencing significant economic changes. Auto insurance policies have surged 26% nationwide in just one year, and home buyers now need 80% more income to purchase a home in 2024 than they did in 2020.
The food industry is also seeing higher prices, with transportation, fuel, ingredients, services, and labour costs continually rising.
Former Home Depot and Chrysler CEO Bob Nardelli's warning of more layoffs due to high interest rates is a stark reminder of the uncertain future. Inflation, a significant concern across political groups, further adds to the economic challenges, raising serious concerns about what lies ahead.
Sources:
Newstarget.com
JustTheNews.com
NaturalNews.com
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