The manufacturing industry has officially entered a recession as the middle class loses optimism in the current economy. As the trucking industry fails, and manufacturing is diminished in the United States, families are failing to see any light at the end of the tunnel.
The fears of the middle class are not unfounded. They have the most to lose during difficult economic times and many are still recovering from the last recession of a decade ago. Because families are more fearful now than they were just six months ago, now is a great time to straighten out the finances.
Just last week, Federal Reserve Chair Jerome Powell told Congress that “uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”
And I’m not the only one who thinks middle class families should be fearful right now! Fear will help shove some people in the right direction so they can protect themselves and their wealth when the whole thing actually does crash into a recession. “This should be a wake-up call to families to start shoring up their finances now,” says Steven Rick, chief economist at CUNA Mutual Group, echoing my sentiment. The CUNA Mutual Group’s report shows that close to half of the middle class fears an upcoming recession.
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A separate report by Allianz Life found that 48% said they fear a major recession, up from 46% in the first quarter of 2019 and 44% one year ago. “Americans keep hearing that this is the longest economic expansion in history,” said Steven Rick, CUNA Mutual’s chief economist. “People’s expectations are that we are due” for a recession. What people should begin to realize, however, is that there are lies being fed to them daily about this economy, but the reality is just too big of a pill for most to swallow.
So just how do you “shore up” your finances? Start by paying off debts on liabilities. Pay off your car and credit cards. Consider getting some passive income if you can and save a little bit of fiat currency to cover your mandatory expenses. Perhaps buy some silver or gold. If nothing else, precious metals can be thought of as “insurance” against inflation and a dollar collapse.
It’s also time to “be smart” in the face of the Fed’s interest rate cut. If they do decide to cut the interest rate, remember, now is not the time to take on more debt. Just pay off what you’ve got instead and avoid it if you can. If the Fed does decide to cut interest rates, it would give borrowers an opportunity to pay down high-interest debt either by securing a lower annual percentage rate on their credit card or refinancing their mortgage at a lower rate. But don’t consider adding to what you owe just to get that lower rate! Hang in there, cut back, and you’ll see that debt number decrease.
The middle class is systematically being targeted by economic polices as they dwindle away. But you can protect yourself and gain personal wealth even during an economic recession!
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