10 Signs Of The Tremendous Economic Suffering That Is Quickly Spreading All Around Us

This article was originally published by Michael Snyder at The Economic Collapse Blog. 

I am so tired of hearing that “everything is fine” when everything is most certainly not fine.  Every day, I hear from people who are really suffering in this harsh economic environment.  Some can’t find work, others are stressed out of their minds because they can’t make ends meet, and there are some who are even on the verge of losing everything.

Because they are constantly being told that the economy is in good shape, many of them have been convinced that the suffering that they are going through is their fault.  Of course, it isn’t their fault.  Economic conditions have been getting worse for the bottom 90 percent for many years, and that is the primary reason why the Democrats lost the election last November.  If economic conditions were improving, they probably would have won that election.  What we are facing is truly a historic crisis, and it is time to admit the truth.  The following are 10 signs of the tremendous economic suffering that is quickly spreading all around us…

#1 Homelessness in the U.S. is at the highest level ever recorded, and the state of California is leading the way…

Californians have consistently cited homelessness as a top issue facing the state, and in 2024, homelessness reached record highs. Of the nation’s 771,500 people experiencing homelessness, over 187,000 (24%) were in California. Two in three were unsheltered, accounting for almost half of the country’s unsheltered population.

#2 According to a report that was recently published by CBS News, the “true rate” of unemployment in the United States was 24.3 percent in April…

But another indicator suggests those pieces of government data may be painting an overly rosy picture of the economy, with a recent report from the Ludwig Institute for Shared Economic Prosperity (LISEP) finding the “true rate” of unemployment stood at 24.3% in April, up slightly from 24% in March, while the official Bureau of Labor Statistics rate remained unchanged at 4.2% over the same period.

LISEP’s measure encompasses not only unemployed workers, but also people who are looking for work but can’t find full-time employment, as well as those stuck in poverty-wage jobs. By tracking functionally unemployed workers, the measure seeks to capture labor market nuances that other economic indicators miss, such as Americans who are left behind during periods of economic expansion.

#3 Due to current economic conditions, almost a quarter of the U.S. population is “canceling plans to make a major purchase”…

Nearly one in four U.S. residents are canceling plans to make a major purchase, such as a home or a car, because of President Trump’s new tariff policies. An additional one in three (32%) are delaying plans to make a major purchase.

That’s according to a Redfin-commissioned survey conducted by Ipsos between April 10-14, 2025. The nationally representative survey was fielded to 1,004 U.S. adults.

#4 Meat prices are soaring and the size of the U.S. cattle herd has fallen to a level that we have not witnessed since the 1950s…

“The number of head of cattle in the United States is at a low really not seen since the 1950s,” said Nate Rempe, president and CEO of Omaha Steaks, on “Mornings with Maria.”

“That supply pressure is really putting a lot of upward pressure on price, especially as demand is still so strong in the U.S.”

According to the Bureau of Labor Statistics, meat prices have increased year-over-year, with steak up 7%, ground beef 10%, chicken nearly 3% and ham over 4%. Rempe believes the issue goes beyond tariffs and trade policy.

#5 Restaurants that were once thriving are being boarded up all over the country.  In fact, Hooters suddenly shut down 30 locations yesterday…

Restaurant chain Hooters abruptly closed over 30 locations across multiple states June 4.

Hooters said in a statement to USA TODAY that the closed stores were company owned and called the closures a “difficult decision.”

“Hooters will be well-positioned to continue our iconic legacy under a pure franchise business model,” the company said. “We are committed to supporting our impacted team members throughout this process and are incredibly grateful to our valued customers for their loyalty and dedication to the Hooters brand.”

#6 Major employers from coast to coast continue to conduct mass layoffs.  For example, Procter & Gamble just announced that 7,000 of their employees will soon be hitting the bricks…

Procter & Gamble said Thursday it will cut 7,000 jobs over the next two years, or about 15% of its non-manufacturing workforce.

In a statement, the consumer products giant said it wants to boost productivity and cut costs as it competes in what the company describes as an “increasingly challenging environment.”

#7 You know that things are bad when even Walmart is conducting layoffs…

It isn’t just social media giants and life sciences startups laying off tech workers in the Bay Area. Walmart, the country’s largest brick-and-mortar retailer, is now cutting up to 106 staffers of its own.

The Arkansas-headquartered giant revealed the layoffs in a May 23 WARN document filed with California officials, as required by the Worker Adjustment and Retraining Notification Act, writing that some of the 106 office workers who report to San Bruno offices could relocate or find new work at Walmart, but for those who don’t, the layoffs will be permanent. Engineers and data scientists were listed in the document among the cuts, as were various managers in finance, marketing, creative and operations.

#8 “Quiet firing” has become a major trend in this nation.  In fact, one recent survey discovered that 53 percent of U.S. companies “are using quiet firing to push employees out in 2025″…

Companies are “quiet firing” employees to trim staff without having to make severance payouts or as a way to tamp down negative press or public perceptions associated with layoffs.

That’s according to a recent ResumeTemplates survey of 1,128 business leaders, which found that 53% of companies are using quiet firing to push employees out in 2025. Quiet firing refers to the act of intentionally creating an unfavorable work environment to compel employees to leave their jobs rather than formally firing them or issuing layoffs.

#9 The housing market continues to be in a depressed state.  At this point, the total dollar amount of unsold homes on the market is at the highest level ever…

More than $330 billion worth of listings have been sitting on the market for 60 days or longer. Rising inventory and slow homebuying demand is pushing up the total dollar amount of home listings, and will push down home-sale prices by the end of the year.

There’s a total of $698 billion worth of homes for sale in the U.S., up 20.3% from a year ago and the highest dollar amount ever.

#10 According to one recent survey, 70 percent of Americans are the most financially stressed that they have ever been in their entire lives.

When 70 percent of your population is the most financially stressed that they have ever been, you have a major crisis on your hands.

Nobody can deny this.

So why does the media continue to tell us that everything is just fine?

It simply is not true.

If we stay on the path that we are currently on, things are going to get a lot worse.

The economic suffering that we are witnessing now will be absolutely dwarfed by the economic suffering that is coming if we do not reverse course.

Unfortunately, for now the charade continues…

Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com.  He has also written nine other books that are available on Amazon.com including “Chaos”, “End Times”, “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.