Signs the economy is bad: June 30, 2023 edition

Welcome to another edition of "Signs the Economy is Bad" here at The Itinerant Librarian. This is the semi-regular (as in when I have time and/or feel like doing it) feature where I scour the Internet in search of the oh so subtle hints that the economy is bad. Sure, pundits may say things are getting better, but what do they know? And to show not all is bad, once in a while we look at how good the uber rich have it.

Big News This Week

• The big news this week is the climate change that most everyone says does not exist. As of this week, there is a big heatwave hitting the southern part of the United States, and scientists say it is enhanced by climate change. Story via The Guardian. According to the article, "More than 40 million people in the US, including those living in the Texas cities of Houston, San Antonio and Austin, have been placed under excessive heat warnings. . .". In Texas, as we all know, they got a strong, powerful, independent, and seriously reliable power grid, so when those Texans crank up their air conditioners, they will be OK. LOL, who are we kidding? That piece of shit grid is headed for serious collapse, but for Texans that is no big deal given they keep voting in the same competent politicians that enable their energy grid policies and (lack of) serious regulation. 
• Now, on the other hand, there is one business that is well aware of climate change, and they definitely believe in it. That is the insurance industry. The Hill reports that insurers are pulling back from certain states due to climate and natural disasters. You may find it a bit more difficult to get things like home insurance or disaster insurance if you live in some disaster or climate event prone place like Florida or Texas.  
  

 

 

Education News

• Via The Conversation, a look at the "battered and broken" staff working in higher education. Though the article focuses in New Zealand and Australia, there are lessons for the rest of the West including the United States. The article points out: "The stress on corporate capitalism, adoption of business practices, and prioritisation of economic goals over all others has transformed higher education in the western world."  
• Meanwhile, in the United States, teachers who want to have a baby during the summer months have to stockpile sick days and hope they have enough when the time comes.  Story via NPR. The reason is that in the exploitative states of America they refuse to provide for something as basic as paid family leave, unlike other civilized nations. From the article: "In many places, that leaves a teacher who wants to have a baby with few options: take limited unpaid leave, save up sick leave, hope for colleagues to share their sick leave, pay for their own substitute teacher, or try to time the birth for summer break." This also encourages the obnoxious practice of having teachers begging their colleagues to share their hard earned sick days to make the ends meet, a practice that my own employer does as well. Maybe if they paid proper family leave that would not be a problem. Just saying. 
• Back across the pond, The Big Issue makes an argument for providing free school meals for all. They argue it would provide economic benefits to the nation. I say there is an idea that we should do here as well. So how bad is it over there? "Millions of children are going hungry in the UK. Teachers are seeing kids stealing food from their classmates, eating rubbers because they are so hungry and taking school lunches home to feed their younger siblings. The cost of living crisis is making the situation far worse, with food prices soaring at dangerously high rates and paltry wages failing to keep up." Yea, it's bad, not that is better here in the United States. 
• Also across the pond, apparently school uniforms are a big issue over there as in students need to have them to go to school. Those uniforms get expensive, and now things are to the point that families are skipping holiday vacations and travel to be able to afford the school uniforms. Story via BBC. 
• Back in Texas, they are having a bit of a shortage getting guards for all their prisons. So their solution is to recruit prison guards from high schools. Story via The Daily Yonder.
  

 

Health and Medical News

• Hospital will get their pound of flesh (oops, bills collected) no matter what. You had to go to the emergency room, and you did not have a permanent address, maybe because you were a bit down on your luck? Well, maybe the hospital can't find you but their vulture bill collector sure can and will find you. Story via NPR. All it takes is a bit of bad luck like losing your home, not being able to pay your pay as you go phone, and suddenly they send the hounds after you. May be best to avoid things like needing gall bladder surgery, or better yet, don't get sick at all, certainly not in the United States. 

The Bad Economy  Around the World

• From Canada:
•  Food banks are reporting record high visits. Via CBC.
• Some Petro-Canada gas stations were forced to go cash only. Via the CBC. The horror!, folks may have to get out of their cars, walk into the store, and pay for the gas in cash. The humanity! How did this return to darker times happen? The company suffered a "cybersecurity incident." Translation: they got hacked. Yet another example of why I still say cash is king. 
• From the United Kingdom: 
• The number of people sleeping rough in London has increased by 20% as reported by The Big Issue. For our American friends, sleeping rough means they are homeless. The article adds there is also concern because the number of people sleeping rough for the first time has increased as well. 
• As for the Brits who still have a roof over their heads but are not wealthy nor royals, things are a bit tight as well. It seems that they are having to cut back on vacation travel to popular places like the Mediterranean and Spain. Story via BBC. 
• In Spain, 11% of Spanish people have debt with three or more financial institutions. Story via El Independiente (Spanish language news).
• In Honduras, locals are having to fight corporations against privatization of their towns. Story via Democracy Now! This is worth a read, or you can watch the video. To be honest, this is also a bit reminiscent for me of the Fiscal Control Board and Puerto Rico, but that is another story.
• Around the world, UPI reports that tropical deforestation is up 10% in 2022. The Hard Times are about to get worse, and so will the effects of climate change. 
• Al Jazeera (video segment) takes a look at how much of a threat are private armies mercenaries. I was semi-amused at the United Nations expert trying to split hairs over what defines a bunch of mercenaries versus a private army versus something else. They are mercenaries, no need to pretend otherwise.
  

 

 

 

 

In Other News of the Bad Economy

•  The Hill reports that restaurants are sneaking in more service charges. They claim it is necessary, cost of doing business. I say cut the bullshit. Just raise the damn price of the food and drink and be honest about it, pay your employees well, and whoever thinks it is too pricey can go elsewhere. Oh, and stop making your waiters share their tips with the other slackers. 
• The Hill also reports that Americans are hiding their credit card debt. Initially I wondered why this was an issue. It is not like people go out and about advertising they have credit card debt, or any other debt for that matter. The issue is trying to avoid the stigma that goes with credit card debt, and in the Bad Economy, a lot of Americans do have credit card debt.
  
• Via the Kentucky Lantern, child care is at risk as funding that came during the pandemic is going extinct. The state lawmakers could do something about it; there is a surplus of state funds at the moment, but the legislature is run by the Party of Stupid. They could not care less about children, or anyone else not them for that matter. So it looks like the kids are up shit's creek here in Kentucky. Oh, and it is not just an issue for parents, especially mothers, to find care for their children while they work. Keep in mind that "...centers will have to make impossible choices like cutting staff pay, significantly raising tuition, closing classrooms or closing entirely. Child care is the industry that supports all other industries, and the springboard for Kentucky’s children —it’s worth the investment." Child care is quite the enterprise, and if it goes, it will take a lot of other economic activities with it. 
• And speaking of the Party of Stupid, national edition, Congressional legislators are making things more difficult for SNAP recipients. Story via Salon. Because the poor are not suffering enough and are not experiencing enough indignities as it is.  Heaven forbid you get a little ice cream to treat your child along with the rest of the groceries. Do note that while the GOP Party of Stupid is currently leading the charge on this, this kind of cruelty is favored by both parties. Yes, the oh so virtuous Democrats, also known as Republican Lite, do this sort of thing too. "While recent proposals to modify SNAP in this way have been primarily led by Republicans, the desire to more concretely control what recipients of the program purchase has been a bipartisan one."
• The Verge reports that Amazon is coming up with another exploitative scheme for package delivery: get local small businesses like coffee shops and florists to deliver packages for them. Because I feel very confident that "local barista could finish a pour-over and then jump in a car to take an Amazon package to your neighbor." 
•  Democracy Now! highlights research finding that poverty is the 4th leading cause of death in the United States. By the way, that research is based on this study (paywalled): Brady D, Kohler U, Zheng H. Novel Estimates of Mortality Associated With Poverty in the US. JAMA Intern Med. 2023;183(6):618–619.
• And the end of an era for National Geographic as they lay off the last of their staff writers and decide they will no longer offer the magazine in print.  Via The Guardian. Oh they will still have some writers for the online operation, mostly lowly paid freelancers.
  

 

 

 

Hustlin' in the Bad Economy

• Not everyone is doing bad in the Bad Economy. Some folks are hustling and doing very well. Just ask D, a local neighborhood undeclared microfinance entrepreneur who lends money when no one else will. Story via BBC. D tells us that the business of loan sharking, as commonly known, is doing very well at the moment over in the United Kingdom. I am sure his peers over in the United States are doing well also. After all, these are Hard Times. And D would know, he has been in the business for two decades, and he says these are the best times for his business so far. It is not just the usual customers you often imagine like gamblers. Oh no, D reports that these days he "now hears from single mums and families looking to borrow smaller amounts of £500 to £1,000 to pay gas and electricity bills or for groceries."
  

 

 

Uber Rich

• In a sort of champagne problem, The Verge also reports that Ford is finding people canceling orders for their F-150 Lightning pick up truck, their electric vehicle (EV) truck.  Part of the issue is Ford advertised one price, people put orders in and/or got into waiting lists, then when the time came to actually get the order going they had dramatically increased the price. So many of those potential buyers canceled. However, and this is why I say this is sort of a champagne problem, Ford does not seem to be having any problem finding other buyers to replace the ones who canceled. Overall, this country has plenty of folks willing to pay $60,000 plus to get a fancy urban assault vehicle, a.k.a. pick up truck with all the bells and whistles. The company will be fine.