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Another massive transfer of wealth in

Biden’s economy is killing small businesses and seeing personal savings accounts fall to historic lows as Americans face another round of wealth depletion.

The latest blow to personal wealth and small business owners in America came during the Covid pandemic when lockdowns instantly shuttered more than 30 million small businesses and depleted individual savings accounts. In June 2020, at the height of the pandemic response, CNBC Mad Money host Jim Cramer said the United States was going through “one of the greatest wealth transfers in history.”

Inequality.Org reported that US billionaires amassed an additional $1.5 trillion in wealth during the country’s Covid response. “There are 728 billionaires with a combined wealth of $4.48 trillion, an increase of $1.5 trillion from mid-March 2020,” the group reported Nov. 21. “The combined wealth of American billionaires before the pandemic was just under $3 trillion.” (RELATED: Whole Foods Angers Maine Gov. Janet Mills)

President Joe Biden’s policies continue to help billionaires build assets while ordinary Americans see their personal savings accounts hit historic lows. October 2022, personal savings data from the Federal Reserve Bank of St. Louis revealed that Americans have spent more than $20 billion in their personal savings accounts since September.

“Actual levels of personal savings have fallen to the lowest levels since the GFC (Global Financial Crisis)”, warned financial market strategist Sven Henrich. “So when the Fed claims there is [are] all these big savings out there, I don’t know what they’re talking about.

While analyzing the first three months of pandemic data for the National Bureau of Economic Research (NBER), Robert W. Fairlie, a research associate at the University of California, Santa Cruz, found that the effects of the response national Covid had caused the biggest drop in the number of small business owners still able to operate.

“The number of active business owners in the United States fell by 3.3 million or 22% during the crucial two-month period from February to April 2020,” the NBER report revealed. “The decline in the number of active business owners was the largest on record, and losses in business activity were felt across nearly every industry.”

Likewise, Biden’s economy is making it difficult for small-business owners to pay their rent, according to the latest Alignable rent report. Alignable’s survey of 6,326 small business owners from Nov. 19-22 found that 41% said they couldn’t pay their rent on time or in full in November. That marks a record high, according to the poll.

US small business owners said economic pressures such as ever-increasing inflation, reduced consumer spending and rising rents are forcing delinquent payments. Concern about small businesses paying their rents is only growing, according to the survey. In September 2022, 30% of small business owners reported to Alignable that they were behind on their rent. That rose 7 points in October and another 4 points in November, according to the data.

All of this at a time when small business owners would historically have an easier time paying their rent in full and on time due to Christmas spending habits in the United States. But the rent is becoming increasingly difficult to pay, as evidenced by the default rates which have climbed 11 points in two months. (RELATED: The liberal establishment thought it had found its next George Soros)

Among small and medium-sized business (SME) owners, 52% told Alignable that their rent was higher than last month, an increase of 1 point from October. As the price of rent has risen, small business owners have noticed a drastic drop in income. Thirty-four percent of SMEs in October told Alignable that their monthly income was at or below half of their pre-COVID income. There was a 7 point increase in November, with 41% of owners reporting earning half or less than before Covid.

A significant portion of the decline in revenue may be linked to reduced consumer spending, according to small and medium-sized business owners in the survey who said they were at historic lows. Fifty-nine percent of small and medium-sized businesses told Alignable that customer spending has declined since September. That number rose shockingly in November despite the peak Christmas shopping season. More than 70% of SMEs said consumer spending in November was lower than the previous month.

Although inflation is slightly lower than previous peaks, 60% of SMBs told Alignable that it is still affecting and hurting their business. Only 24% of small businesses told Alignable they were earning as much, if not more, in October 2022 than before the Covid shutdowns. In November, that number hit an all-time low, with just 14% saying their income had at least returned to pre-Covid levels.

Inflation is hitting small retail businesses hard, with 10% saying they may have to close due to inflation and a further 1% saying inflation has already closed them. Forty percent of retail store owners expect their current fourth-quarter revenue to be lower than their revenue in the same quarter of 2021, with 41% saying fourth-quarter sales have been disappointing so far, a found Alignable. Worse still, 52% say their financial situation won’t improve anytime soon.

The poll also found that 44% of retailers could not pay their November rent, an increase of 1 point from the percentage in October. Only 8% of retail SMB owners told Alignable that their Q4 2022 sales would be better than the previous three. (RELATED: Republicans need to wake up and play a different game or they’re doomed to lose)

SMB owners in real estate, construction and beauty told Alignable that their businesses continue to experience troubling issues. November did not bring improvements for real estate businesses due to rising interest rates, which in turn led to a continued decline in home sales.

In the last two months, 37% of real estate agents have complained that they cannot pay their rent. The construction sector fared less well than real estate, with a record 42% of construction business owners behind with rent payments, a 3-point increase from October.

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