by Michael Snyder
The Economic Collapse Blog
U.S. consumers are getting weaker and weaker and weaker. Today, debt levels have risen to unprecedented heights, but thanks to roaring inflation our standard of living has been steadily going down. Most Americans are working extremely hard, but they have very little to show for it. And now the latest economic downturn is really starting to bite. Layoffs are starting to surge again, once thriving businesses are shutting down all over the nation, and hunger and homelessness are exploding. If economic conditions continue to deteriorate at this pace, what will things look like a year from now?
For decades, we have been able to count on U.S. consumers to just keep spending money no matter what the economic outlook was, but now things have changed.