The Debt Deluge: Americans Are Drowning While Businesses Collapse Nationwide

Let’s get this straight: Americans are in more debt now than any civilization in history. That’s right—household debt in the United States has soared to nearly $18 trillion, while the government’s in the hole for nearly $36 trillion. That’s money they’ve got you on the hook for, even as your paycheck gets chipped away. At every level—government, corporations, everyday citizens—debt is sky-high and unsustainable. And now, folks, we’re paying the price.

This week, the Fed dropped the latest bombshell: credit card debt has spiked to a record $1.17 trillion. Yep, you read that right.

“Collectively, Americans now owe a record $1.17 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.”

With credit card balances up 8.1% in just the last year, and wages not keeping up, people are spiraling into debt just to cover the basics. But here’s the kicker: this isn’t just happenstance. They’ve nudged and primed people to buy more, to depend on credit, all while wages stagnate and the cost of living skyrockets. The banks cash in, and you’re left barely getting by.

And let’s not forget about student loans. The total U.S. student debt load has smashed through to $1.61 trillion, and it’s ruining lives. A staggering 30% of student loan borrowers say they’ve had to skip food or medicine just to keep up with monthly payments.

“Thirty percent of federal student loan borrowers say they’ve gone without food or medicine due to their monthly bills, the Consumer Financial Protection Bureau finds.”

Meanwhile, almost half of borrowers can’t even start a family or buy a home because of the stranglehold that student loans have on them. Young people, beware: once you sign that promissory note, you’re shackled to this debt treadmill for decades. Think they’ll ever wipe that debt clean? Dream on.

As of Q3 2024, total household debt in America is sitting at an unbelievable $17.94 trillion. And now, the retail sector is cracking under the strain, with thousands of store closures across the country.

“As of Nov. 8, retailers have announced 6,481 store closures, an increase of 336 closures in just the past week, according to the latest data from Coresight Research.”

Retailers, car manufacturers, airlines—they’re all in free fall, closing stores, slashing jobs, scrambling to stay afloat. Nissan is cutting 9,000 jobs, and Stellantis is slashing 1,100 more as part of its restructuring efforts. And it doesn’t end there: AMD, Spirit Airlines, even CNN are gutting staff just to survive. They’re calling it “aligning with growth opportunities” or “restructuring,” but the truth is they’re imploding.

Big Business used credit to boost growth, inflate earnings, and rake in stock gains. And while they were living large, what happened to their workforce? Pink slips and “restructuring” notices. These corporate giants got fat off cheap loans and easy money, but now, with interest rates climbing, it’s all crashing down, leaving workers out in the cold.

And then there’s small businesses—the heart of the economy and last stand for local autonomy. Nearly half of small business owners couldn’t pay their rent in September, the worst it’s been since COVID lockdowns. Small businesses don’t have a chance in this climate. And when the backbone of the economy goes under, guess who’s left to scoop up the scraps? The big players, the monopolies, and the corporate behemoths—sweeping in to swallow any market they want.

“Close to half of small business owners couldn’t pay their rent in September, marking a new three-year high.”

Look around, folks. This debt-fueled economy is falling apart, and mainstream media barely reports it because they’re too busy running damage control for the very same corporations and institutions making a killing off this crisis. The truth is that debt—pushed onto you, your neighbor, your small-town shop—has kept this overinflated economy looking strong. But the chickens are coming home to roost, and it’s going to get ugly.

There’s no easy way out of this. They’ve played us long enough, herding us into this debt cage, encouraging us to keep spending while they got richer. Now, the bubble’s bursting, and those at the top are ready with their golden parachutes. The rest of us are on our own.

It’s time to get wise and get prepared. Start thinking for yourself, question the narratives they’re feeding you, and learn how to keep what’s yours. Download Seven Steps to Protect Yourself from Bank Failure by Bill Brocius, and arm yourself with knowledge before the next shoe drops. Get the guide here.