October 19, 2016
With continued uncertainty in global markets, this is the shocking truth about how bad the economy really is in the United States.
(King World News) Gerald Celente — Across America, from established restaurant chains to upstarts, bankruptcies are rising, locations are closings and profit margins are shrinking…
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As noted in Monday’s Wall Street Journal:
Not according to Starbucks CEO Howard Schultz, who blamed declines in customer traffic and the industry slowdown on more than “just an economic downturn.” Schultz claimed the “profound weakening in consumer confidence” and “very uncertain election, you have domestic civil unrest with regard to race, and I think the issues around terror have created a level of anxiety.”
Echoing the refrain, Stephen Easterbrook, McDonald’s CEO, said, “Whether through elections or through global events, people are slightly mindful of an unsettled world. When families are uncertain, caution starts to prevail, and they start to hold back.”
“It’s the economy, stupid,” not the presidential elections or consumer uncertainty, that’s keeping people from eating out. According to research company NPD Group, 18 to 35 year olds, once the largest group of restaurant customers, are cutting back.
Americans Are Drowning In Debt
Indeed, a generation saddled with $1.3 trillion in college debt, working low-paying jobs or no jobs at all, and living with their parents in record numbers because they can’t afford to live on their own… along with 51 percent of working Americans earning less than $30,000 per year, 35 percent having debt at least 180 days past due, and 70 percent having less than $1,000 in savings… eating out is not an option, it’s a luxury! More than a restaurant recession, it is a precursor of a national recession.