CELENTE: Parasite Politicians Burned the American Dream

We still had manufacturing jobs instead of working in low-paying service sector jobs, which is the America today.

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Once upon a time, America was the Land of Opportunity, with good-paying jobs.

We still had manufacturing jobs instead of working in low-paying service sector jobs, which is the America today. 

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Americans would “Shop Until They Dropped.”

Back then, malls were thriving and people were spending, ramping up retail sales. In fact, the middle class of America was moving so high up the economic ladder that McMansions—big ugly mass-produced homes in suburbia—became the symbol of the average person moving up to the upper middle class. 

No more, thanks to parasite presidents who got paid off by the Bigs to allow America to export its manufacturing sector to cheap labor nations. Now, plantation workers of Slavelandia are struggling to make ends meet.

Hit by high inflation and low pay, retail spending, which accounts for nearly 70 percent of U.S. GDP, slumped in May.

The Commerce Department reported that retail spending rose just 0.1 percent… which, in reality, means no growth. And when you go back to April, consumer spending actually declined 0.2 percent. 

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CELENTE: OFFICE BUILDING BUST TAKES HOLD, BANKS NEXT

Again, America is a consumer-based economy and the consumers are feeling the economic and inflation pain. In essence, the retail sector is suffering from Dragflation: declining economic growth and rising inflation. 

With less money in their pockets and prices rising, auto sales fell 0.1 percent while The Street had predicted they would increase 0.2 percent.

Importantly, a key indicator we monitor are restaurant sales since, unlike automobiles, clothing, home furnishings, etc., they reflect the population’s palate. According to the Commerce Department’s data, bar and restaurant sales dropped 0.4 percent.

What is not being reported by the Commerce Department is that many restaurants, particularly those in big cities with high office vacancy rates and low occupancy rates, will be going out of business. According to Kastle Systems, the office occupancy rate is 51.8 percent. 

How bad is this bad situation? According to commercial real estate firm CBRE, San Francisco’s commercial office vacancy rate is 36.7 percent.

In 2019, the year before politicians launched the COVID War, the city’s office vacancy rate was 5 percent according to SF.GOV

It is the same for major cities around the globe. While some cities, states and nations have different ranges of office occupancy and vacancy rates, the damage of the COVID War is incalculable—thanks to politicians who launched it—and is totally ignored by the mainstream media who sold it…as they do with all wars they sell. 

Again, the decline in restaurant and bar sales is an on-trend key stomach and mind indicator that portends a much worse economic future on the near horizon. 

TREND FORECAST: With retail sales down and the U.S. presidential elections coming up in November, it will accelerate the Federal Reserve’s interest rate-cutting policy which has been on hold. 

Hell’s a Poppin

Today, The Daily Mail reported that San Francisco and Oakland California ranked as the worst-run cities in the US. The outlet showed photos of both cities and others in the U.S. with streets filled with homeless and drug addicts. The website wrote:

WalletHub found that San Francisco was the worst-managed of all the 148 major cities assessed in its report, in a damning indictment of the administration of Mayor London Breed.

Other cities down in the dumps include New York, Cleveland, Denver, Detroit, Flint, Los Angeles.

Not a word in the article that this economic disaster was created by the political parasites who locked down the state of California to fight the COVID War… which other political slime followed in suit. 

The Daily Mail wrote:

The desolate reality of San Francisco’s hollowed out city center was laid bare earlier this month by footage showing every store in an entire retail block shuttered and empty.

The prime real estate was once home to outlets including Uniqlo, H&M, Rasputin Records, and Lush, but all have disappeared in a city center plagued by crime, drugs, and homelessness.

The empty downtown area means less business paying property taxes, leading to a crippling roughly $790 million budget deficit in this cycle which looks set to keep growing, experts warn.

Office Building Bust

With an office vacancy rate of nearly 37 percent in San Francisco—up from 5 percent in 2019, prior to the COVID War—the mainstream media is covering up the Office Building Bust that will not only worsen the city’s financial burden but will bring down the banks that are holding the loans when the office building owners default on their loans.

When we go nationwide and calculate the low office occupancy rates and high office vacancy rates and add up the socioeconomic danger ahead: The Worst Financial Crisis in the History of the World. 

Last week we reported that Coach, the largest privately owned bus company in the U.S., saw its ridership plummet by 90 percent in 2020 when the politicians launched the COVID War. They were unable to recover the loss of ridership, and at the end of last year it was only 45 percent of pre-COVID War levels. As a result, they filed for bankruptcy. 

We note this to factually detail the wide-scale economic damage caused by the lockdowns that will bring down equity markets and the global economy.

TREND FORECAST: When the Banks go Bust—which we have written extensively in this and previous Trends Journals—equity markets and economies across the globe will crash and gold prices will spike toward the $3,000 per ounce level. Again, the mainstream media is avoiding reporting on the economic dangers ahead to keep pumping up the artificially AI-high equity markets.