Signs the economy is bad: June 6, 2025 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.


My goodness. It has been a while since I wrote one of these, really, since 2023. What can I say? I've been busy with a few other things, reading and reviewing some good books, and just overall trying to stay alive in the Hard Times. Anyhow, I decided to keep an eye out this week for possible stories and see if I could get enough to make a post. The RSS feeds and social media did not disappoint. So let's have a look at some of the signs the economy is bad this week.

Education News

• AI seems to be coming for more jobs as computer science majors, including all those people told to "learn to code," are finding lower employment options. Story via Futurism. Not only that, but if they manage to get hired, their odds of getting laid off or getting replaced by AI technology are also high. One of the reasons, according to a business consultant cited in the article: "Entry-level roles are vanishing, unpaid internships are still rampant, and companies are offshoring or automating the very jobs these grads trained for." So exploitation is the story of the day  pretty much. 
• Adding salt to the wound, an "expert" states that artificial intelligence (AI) will bring massive job losses in the United States. Who is the expert? Anthropic CEO Dario Amodei. Now, a shit ton of people will be losing jobs within five years, according to his vision, but think of the positives. Amodei states: “'Cancer is cured, the economy grows at 10% a year, the budget is balanced — and 20% of people don’t have jobs,' said Amodei, describing one potential scenario." Hmm, curing cancer may sound pretty good; it also sounds like serious self-interested hype. 

 

 

Rural News 

 

 

 

• The Kentucky Lantern reports that GOP cutting funds to food assistance would be seriously bad for rural America. Gee, imagine that. Why is that an issue for rural people? Well, for one, they "are more dependent on food stamps, the largest anti-hunger program in the nation."
• And speaking of poor rural areas that may be affected by those funding cuts, Kentucky would be one of them. The state, according to a recent study, is in the top ten of poorest states in the U.S. Story via Fox56. You mean all those wonderful GOP supporters here who helped elect the Pendejo In Chief might have some economic issues as a result? Say it ain't so. 

Meanwhile back in the US colony 

(Puerto Rico news)

• Via Periodico La Perla (PR, Spanish language news),monthly costs of food, housing, and transportation are going up for the general population. 
• The story is based on MIDA's (The Chamber of Food Marketing, Industry and Distribution (MIDA by its acronym in Spanish) report on consumer report for 2025 (link to press release, Spanish language); they released a preview of the report, which is not due until middle of June 2025.  The study also reveals concerns over cuts to federal programs like SNAP (PAN by its Spanish acronym) and Medicare. 
• For an English language account, the San Juan Daily Star also picked up the story. 
• Meanwhile, the University of Puerto Rico publishes a research based profile of PAN (SNAP in English) recipients on the island. Story via the San Juan Daily Star. The profile of households "shows that most include an older adult, while half include a member with a disability." 

The Bad Economy Around the World

• Across the pond in Great Britain, via the BBC an account of a working person who is homeless. The man works full time, and is "lucky" he sleeps on his mother's living room floor. As often happens, it does not help that rents are high and if you lack a credit score, landlords just outright refuse to rent. 
• Meanwhile in Canada we get the story of a family who lived in a hotel for a year after losing their home. Story via CBC. Often, all it takes in a family is for one family member to lose a job, thus losing an income stream, and off to the streets they go. As I often say to my four readers, there but for the amusement of the Cosmic Joker go you and me. 

 

 

 

•  Speaking of AI, this headline from The Walrus says it all: "Companies Are Outsourcing Job Interviews to AI. What Could Go Wrong?" The issue, well, for one: "Critics warn that hiring algorithms can be biased, opaque in their goals, or just plain junk, causing real harm to candidates and preventing qualified people from getting jobs." But corporate greed and making sure the stakeholders and investors get paid means cutting jobs and letting the bot do your hiring. Indeed, what could go wrong? 
• In the U.S. where foreign tourists are not welcomed as the official rule, and they risk being deported to an El Salvadoran gulag, tourist destinations in the U.S. are finding that business is a little short. Things may be getting a little desperate as these tourism operators are giving a variety of discounts to entice travelers, especially Canadian travelers. Story via CBC. Maybe the Pendejo In Chief saying he wants to annex Canada is not a good idea. Just saying. 

 

 

 

Uber Rich

• Apparently some of the uber rich are having some cash flow issues as they are not purchasing as many second home and/or vacation homes as they used to buy. Story via Axios. This observation is based on mortgages data that found there are less mortgages being written for second and/or vacation homes. Apparently in the Hard Times "even wealthy cash buyers are watching their wallets." 
• The United States has recently acquired a reputation of not welcoming immigrants anymore. That is far from the truth as there is at least one type of immigrant that is welcomed with open arms: the wealthy immigrant willing and able to spend some serious money to get a golden visa.  Story via NPR. For $5 million dollars you can get in the express lane to enter the United States. For that price you can get the gold card, which is "a glorified green card that would allow them to live and work in the U.S. without going through the usual hassle or red tape. Apparently, the card's $5 million price tag is not scaring off the jet-setters looking to make the U.S. home. Or at least one of their homes." We all know the uber rich are special and so they should not suffer the indignities of having to apply for a green card or visa like the rest of the peons. So if you got the money, America says, "come on over, we got a place for you." 
• Overall, the United States is not doing as bad as some naysayers say. After all, according to a new report, the U.S. had a massive rise in the number of millionaires in the nation.  Story via Quartz. 
• If you are curious, here is the Capgemini report the story is based on (link to press release, which includes link to the report's download). 
• Meanwhile, regarding the hoi polloi "according to the latest Census Bureau data, nearly 37 million people in the U.S. were living in poverty in 2023."