Exclusive Content:

WATCH: School Shooting Survivor Wows Judges With Lauren Daigle Song on ‘America’s Got Talent’

Ava Swiss, a school shooting survivor from Oxford, Michigan gave the “America’s Got Talent” judges an audition they won’t soon forget last week with an incredible performance of Lauren Daigle’s “Remember.”

WATCH: Depressed Security Guard Says Mark Wahlberg Changed His Life in a 2-Minute Conversation

We've talked about Mark Wahlberg at faithit.com in the...

3-Year-Old Hit by a Car Defies All Odds, Mom Says “God speaks to me”

At age 3, on her last day of school...

Are We Are Living in a “Silent Depression?”: Why Everything Feels So Expensive in 2024

The Impact on Households

Debt and Savings Modern households are burdened with significant debt, particularly student loans and credit card debt. The average student loan debt for recent graduates is about $30,000. During the Great Depression, debt was less common, though many lost their savings due to bank failures.

Job Security While the unemployment rate today is lower than during the Great Depression, job security remains a concern with the rise of gig economy jobs and part-time positions lacking benefits. This insecurity contributes to the feeling of living in a Silent Depression.

Income Inequality Income inequality has widened significantly. In the 1930s, the wealth gap was stark, but modern inequality levels are comparable, if not worse. The top 1% hold a substantial portion of the nation’s wealth, while many workers face stagnant wages.

Just 4 Years Ago

Things were different just four years ago in 2020.

Instagram user fmsmith319 breaks down the difference between buying a home in 2020 versus buying the same home last year in 2023. His cost analysis shows what a house would have cost then versus now, what the interest rates would have been, the monthly payment, and the total you would pay over 30 years with interest. The results are astounding.

 

View this post on Instagram

 

A post shared by Freddie Smith (@fmsmith319)

To take it one step further, author and motivational speaker Jenn Kish shared a screen shot recently of a grocery bill in 2020, and that exact same grocery bill in 2024. The exact same purchase through the Walmart grocery app just four years later is more than double what it was at the peak of COVID.

The Silent Depression describes the pervasive economic struggles that, while less visible than the Great Depression, are deeply felt by many Americans today. The comparison of household income and the cost of living between the two periods highlights the challenges of rising living costs, stagnant wages, and growing debt. Addressing these issues requires a multifaceted approach, including policy changes to support wage growth, affordable housing, healthcare reform, and educational affordability.

Understanding this economic landscape is crucial for developing solutions that ensure a more equitable and prosperous future for all. As we approach the 2024 Paris Olympics, it’s a timely reminder of the resilience needed to overcome economic hardships and the collective effort required to build a better world.

Bri Lamm
Bri Lamm
Bri is an outgoing introvert with a heart that beats for adventure. She lives to serve the Lord, experience the world, and eat macaroni and cheese in between capturing life’s greatest moments on one of her favorite cameras.

WATCH: School Shooting Survivor Wows Judges With Lauren Daigle Song on ‘America’s Got Talent’

Ava Swiss, a school shooting survivor from Oxford, Michigan gave the “America’s Got Talent” judges an audition they won’t soon forget last week with an incredible performance of Lauren Daigle’s “Remember.”

WATCH: Depressed Security Guard Says Mark Wahlberg Changed His Life in a 2-Minute Conversation

We've talked about Mark Wahlberg at faithit.com in the past, regarding how his mother's faith inspired him. It seems that the propensity to inspire...

3-Year-Old Hit by a Car Defies All Odds, Mom Says “God speaks to me”

At age 3, on her last day of school before summer, Shaylie Edwards was off to the park with her dad, when something terrible...