Daily reports of impending financial doom for the American economy over the last 2 years have convinced most of us that a recession is imminent. Most economists believe 2024 will be a down year and an American recession is almost here.
Last week, it was reported that past-due property loans at Wells Fargo rose more than 50% in the third quarter of 2023. They reported more than $3.4 billion is past-due accounts compared to $400 million the previous year. Also, Americans hold the most debt on personal items ever, at $17 trillion. Real income has been shrinking just as American’s savings accounts.
Whether the technical term and definition of a recession is ever achieved we still have lived through the highest inflation in forty years, the highest gas prices in American history and now mortgage rates closing in on 8%. Bidenomics is destroying middle and class lower-middle-class Americans. It is taking its toll on fixed-income homes.
How can you protect your financial future during these uncertain times? Author and financial expert Joe Lombardi joins the conversation on ‘Our Lives & Politics’ to share some ideas you can implement to prepare. Lombardi’s books include: “Be Your Own Bank” and “There’s a Better Way Than Your 401K.”