By Barrington Salmon
“When you think it’s peace and safety, it’s sudden destruction …” – Jamaican Proverb, derived from 1 Thessalonians 5:3
Moneywise, WalletHub, Forbes, and Yahoo Finance reported recently that Florida is the second most distressed state in the union in terms of its residents’ debt obligations.
The state saw a 23% increase in the share of people with distressed bank accounts between 2024 and 2025, the data show. In addition, Florida holds the sixth-highest overall share of people with accounts in distress, at 7.3%.
“Measuring the share of residents in financial distress is a good way to take the pulse of a state and see whether people are generally thriving or having trouble making ends meet,” said Chip Lupo, a WalletHub analyst.
“When you combine data about people delaying payments with other metrics like bankruptcy filings and credit score changes, it paints a good picture of the overall economic trends of a state,” he added.
In human terms, this financial distress looks like a sharp increase in bankruptcy filings; residents with accounts in forbearance or deferred payments; America’s lowest average credit scores; and higher prices for groceries, rent, mortgages, gasoline, and health care.
Americans are struggling to pay their bills, even turning to credit to pay for essentials. A recent LendingTree survey found that one-quarter of buy-now-pay-later users have used these loans to buy groceries.
“The last few years have been a whirlwind for Americans’ finances, with inflation, fluctuating unemployment, public health crises and natural disasters making it hard for people across the country to pay their bills,” the WalletHub website says.
In the most recent presidential election, political pundits say, the electorate voted for Donald Trump because of their anxiety and deep frustration with the price of everything.
Electoral implications
According to Clare Goudreau of the Johns Hopkins Hub, “Rising costs were top of mind as voters cast their ballots in the 2024 presidential election. According to exit polls from CBS News, 75% of voters reported that inflation had caused moderate or severe hardship for them over the past year, with 45% saying they were worse off now than they were four years ago. During his campaign, President-elect Donald Trump vowed to end inflation and strengthen the economy.”
Trump’s promise has fallen flat as inflation has spiraled upwards since he assumed office in January. Corporate greed; Trump’s zig-zag, on-again-off-again tariff folly; and economic factors that most folks don’t understand continue to upend ordinary people’s lives.
A significant swath of Floridians are feeling considerable pain, caught in “working homelessness,” trying to cope with the affordable housing crisis, stagnant wages, medical debt, and student-loan and credit card debt. Meanwhile, wages and salaries fall far short of supporting families.
Meanwhile, economic data show that Florida’s economy ostensibly is strong, with a GDP of $1.76 trillion after years of explosive expansion. While the state is expected to continue outperforming the national average in GDP growth, the rate is expected to slow to more typical, sustainable levels in coming years.
This is not unlike the stock market, which has experienced heady growth for the last several years. The market closed the first half of 2025 at record highs, recovering from an April drop. Some analysts see potential for further gains. Experts see Big Tech, international stocks, and AI-related companies as potential areas of continued outperformance.
The downturn has already begun
But the wealth isn’t trickling down.
A Florida Realtors report notes that, as of mid-2025, a family of four in Florida needs an annual income of $217,651 to live “comfortably,” including savings and discretionary spending. This is significantly higher than the state’s median income.
As deleterious as these circumstances for Florida families, more danger lies ahead.
Mark Zandi, chief economist for Moody’s Analytics, says the U.S. economy is standing on shaky ground and, for many states, the downturn has already begun. Twenty-two states and the District of Columbia are showing clear signs of recession, marked by economic weakness and job losses that are likely to continue. Another 13 states are “treading water,” he said.
Zandi told MarketWatch, “The economy is still not in recession, but the risks are very high. We’re on the precipice,” as quoted in the report. He warned that the overall U.S. economy is vulnerable and could be pushed into a contraction by even a modest shock.
Much of this weakness stems from economic policy, Zandi said. He noted that Trump’s tariffs on imported goods have created growing uncertainty, disrupted global supply chains, and forced companies to halt plans to expand. A lack of labor-force growth this year has also contributed to the slowdown, he said.
Their problems are driven largely by a mix of slowing immigration, increasing tariffs, and federal job cuts, Zandi argues.
Gov. Ron DeSantis and his MAGA cohort are distracted, however, consolidating political power at the expense of the populace, punishing their enemies and rewarding their friends, and leveraging state and federal funds to bully perceived enemies into compliance. Floridians must organize at the grass roots to fight back.
As the 2024 presidential election showed, in poll after poll, inflation was a major factor in how people voted; now, bubbling anger over the high cost of living can fuel the removal of incumbents.
Floridians concerned about the high cost of living must force government officials to spend more on healthcare, affordable housing, education, higher wages, and support of labor unions so that residents can gain higher incomes.
They have no choice.
Journalist Barrington Salmon lived and wrote in Florida (Miami and Tallahassee) for almost 20 years. He is a 2017 Annenberg National Fellow (University of Southern California) who currently freelances for publications, including the National Newspaper Publishers Association/Black Press USA, Trice Edney Newswire and The Washington Informer. Salmon lives in the nation’s capital and can be heard on his video blog “Speak Freely with Barrington Salmon and NNPA’s “Let It Be Known.”
JimboXYZ says
““The last few years have been a whirlwind for Americans’ finances, with inflation, fluctuating unemployment, public health crises and natural disasters making it hard for people across the country to pay their bills,” the WalletHub website says.”
Translation: Biden-Harris without actually saying their names.
“Trump’s promise has fallen flat as inflation has spiraled upwards since he assumed office in January. Corporate greed; Trump’s zig-zag, on-again-off-again tariff folly; and economic factors that most folks don’t understand continue to upend ordinary people’s lives.”
Translation: The greed & gouging were 2021-present. More Biden-Harris. Tariffs are government imposed, a form of inflation & taxation for the end result of Government harvesting increased revenues.
“A significant swath of Floridians are feeling considerable pain, caught in “working homelessness,” trying to cope with the affordable housing crisis, stagnant wages, medical debt, and student-loan and credit card debt. Meanwhile, wages and salaries fall far short of supporting families.”
Translation: Bidenomics of 4 years, everyone of those issues was a Biden-Harris era of rampant inflation. The reality, FL has yet to reach the $ 15/hour min wage that was passed in Nov 2020. That was the loophole that many states opted for. to incrementally get to $ 15/hour over & beyond Biden-Harris only term. So the inflation doubled up plus and yet the only $ 15/hour wage was a Federal worker $ 15/hour minimum wage. Wages were always lagging behind the inflation for 4 straight years. And we all are painfully aware of the unaffordable housing, healthcare that was just unfunded. Anyone pay +/- cents from the $ 4/gallon gasoline that was Biden-Harris gouging ? Eggs are around $ 3/dozen these days. But the $ 6+/dozen, that was Biden-Harris 2024 that extended into Tramp-Vance & has not dropped in half. Does Trump get credit or is that more a matter of the manufactured Chicken Egg Covid hoax ending much like the Covid 19 that enabled Biden-Harris to actually happen ? Funny, Covid 19 didn’t effect chickens, yet Bidenomics did. And as Egg prices went up, Chicken prices didn’t ? The Bird Covid flu, go figure ?
End of the day, the last 4-5 years has been unsustainably Biden. I’m on record, didn’t think Trump could reverse Bidenomics of leaving more Americans behind. It’s a sick joke that a family of 4 needs $ 217.651K combined to have a comfortable life ? 2 parents need a 6 figure income for the pace Biden-Harris set of unsustainable.
What I find sad about the article, it’s getting worse because prices aren’t falling to levels of sustainable. The solution is to throw more money into the economy for more inflation. And that’s been proven 4-5 years running now. Expansion ? Really ? Boston Whaler had years of data that indicated market erosion, they expanded, buying into Bidenomics. Now they are contracting in phases of operations shut downs by Summer 2026 in Flagler County. I warned of that too several years back.
The stock market doing well for over performing, guess who was insider trading on that fraud & abuse ? Pelosi & the entire DC Swamp of Biden-Harris administration, R’s & D’s, mostly D’s.
I see the next 4 years of treading water pretty much, there is no solution to anything that was 2020-present. And we’ll get the boardwalk-carnival shell games we’ve always gotten from the DC Swamp, Corporate America. Tariffs created because China still manufactures for the world. And it’s woefully obvious,the money ran out as roads continue to erode. Under Biden the Palm Coast Alfin approvals skyrocketed, most of it remains to happen for actual construction & delivery of the growth. Where we are now ? Far short of the actual tax paying population growth to fund the Government budgets. Advent grew, but the rest, minimum wage jobs ? Where are these property tax revenues coming from ? Boston Whaler with it’s better paying jobs for industry is a +/-300 job loss.
NJ says
Time to End ALL Foreign Aid and Start America Aid by taking CARE of Americans FIRST!! Most IMPORTANT, NO More “Nation Building” with “DUMBASS” Wars!! Think of the WASTED American Lives and Taxpayer Funds for ????? America is NOT the World Police!!
YankeeExPat says
In a conversation with my Homeowner insurance rep just less than 75 hours ago, he stated to me to be prepared for $10,000.00 premiums for a 2200 to 2500 sq ft home in Palm Coast by 2030
Water boy says
I am thinking of making a City of Palm Coast water bill halloween yard decoration. I’d like it to be animatronic and the bill would be pulled out of something, like a wallet or a coffin. The coffin would be the easiest thing since it’s sort of just a rectangle, but it does not match the theme of the decoration. The bill would retract out, scare any passers by with the HUGE sum owed, and retract back in, with a repeat show every 10 minutes 24 hours a day. I need to find my soldering iron…
That’s scary all year round right there – and for sure part of this economic disaster.
rich Santo says
Sadly, the majority of these people on the way to financial ruin, voted for the orange turd. He promised lower prices, he promised a strong economy, he promised he was the ONLY person that could fix what Biden and his administration had screwed up. Promises made, promises BROKEN.
So, all you voters that bought into the BS of a lifelong conman, I wish you the best. Most of you will have to relocate to live in a more economical state or move in with family. Sorry, but the lying orange turd has got better things to worry about than the people that voted for him.
Laurel says
So, if you have lived as long as I have, you would see that the recessions happen during Republican rule, and the Democrats get us out of it. Just simple fact. Do some research. Should the Democrats have complete control? No. Nor should the Republicans. I believe in balance.
Explain to me, Trump supporters, why you like the fact that Trump is giving the ultra wealthy tax cuts, increasing the deficit, while taking away from the poor. Why is this okay with you, this reverse Robin Hood effect? Are you part of the ultra wealthy? Please don’t tell me distractions about the “other side,” just stick to the subject of why tax cuts for the wealthy are okay. I don’t understand your logic, so please explain to me. I’m not really interested in the left answering how bad it all is. I’ll make it a simple question, Trump supporters, so you won’t have to spend much time on it.
Question:
Why do you support tax cuts for the ultra wealthy, at the expense of the middle class and the poor?
John Calvin says
[Misinformation warning: the comment below is inaccurate. There is no “18 billion surplus.” As the Tallahassee Democrat recently reported, “ State economists project Florida will have a $3.8 billion surplus in the next fiscal year, but that’s followed by shortfalls of $1.5 billion and $6.6 billion in the following years if spending trends from the last three years continue.”—FL]
$217K to live “comfortably”? This is complete bullshit. Florida currently has an 18 billion dollar budget surplus and next year on the ballot will vote to abolish property taxes, which of course will pass. Prices are slowly coming down and will continue to do so. Past policies were directly to blame for the inflationary spike. Remember this, 20% of this country is broke….DEAD broke….but that has been true for over 200 years….is why it’s called “the land of opportunity”….you have to do it for yourself and stop thinking handouts will solve all of your issues. Watch what happens to NYC soon, it will be the perfect barometer showing what socialism really does and unfortunately it will cost that city dearly but show us all that personal responsibility is the only way to succeed.
kola says
I thought the moderator would monitor calling someone an “orange turd.” If we honestly want “civil” dialogue, I would hope we would speak like we have intelligence.
FlaglerLive says
@kola, The turd in question, orange or otherwise, gives up the right to not be called an orange turd the moment he glorifies shitting on the American public as a presidential act.
Atwp says
As long as the Republicans hurt I’m happy. Love it when Trump supporters hurt. Love it when the Republican Party look bad.
JimboXYZ says
“Sadly, the majority of these people on the way to financial ruin, voted for the orange turd. He promised lower prices, he promised a strong economy, he promised he was the ONLY person that could fix what Biden and his administration had screwed up. Promises made, promises BROKEN.
So, all you voters that bought into the BS of a lifelong conman, I wish you the best. Most of you will have to relocate to live in a more economical state or move in with family. Sorry, but the lying orange turd has got better things to worry about than the people that voted for him.”
rich Santo says ? That’s rich, 4 years of Bidenomics the only one’s not on the road to financial ruination were the gougers skimming their cut from the proceeds of inflation. Biden himself went from being a $ 250K/year pension to a $ 400+K salary & eventual pension. Biden-Harris-Walz even ran on what was created during their administration as what they would fix. And you’re calling out Trump-Vance for a relative fix for Biden-Harris. Biden made $ 150K more up front, he wasn’t waiting for the anniversary date of the $ 15/hour minimum wage to try to catch up with inflation poverty ? When was the last time you paid +/-$ 4/gallon for gasoline of any grade under Trump-Pence or Trump-Vance ? Biden has been a 50+ years of con artistry at it’s finest. Here’s just one article. What, Palm Coast & Flagler didn’t grow enough from 2021-Jan 2025 ? She was going in the same direction as Biden was. We all know how that turned out locally here ? Grossly underfunded & outright unfunded STF’s for capacity growth. Harriswas going to build more housing units without STF’s to handle the growth for capacity. The reason why Alfin is no longer Mayor of Alfinville had nothing to do with Trump. Trump those 4 years spent more time in a courtroom trying to defense exactly what Leticia James pulled off for her properties. The more they accused Trump of what he was, the more the Democrats were just creating a diversion of what they were doing as corrupt Government leaders. There’s no other way of looking at it. James & NY tried to extort $ 1/2 billion from Trump in that sham trial. And then Leticia James wants the rest of us to see her as the victim in it all when it’s her turn to get her day in a courtroom ? Biden pardoned his whole family, Hunter Biden was too big to spend a moment in jail for stealing $ 1.4 million in unpaid taxes from all of us. There was a woman in Ormond Beach a few years back, she embezzled the same amount Hunter Biden did. She got 4 years & probation, has to pay what she embezzled plus anything incidentals for her trial/plea deal ? It is what it is, but it isn’t the “Orange Man”. We are witnessing the same meltdown of Bush-Cheney of 2008-2009 only there are no bailouts beyond the budgets the DC Swamp has shut down the Government with. The Swamp isn’t letting their fraud & abuse go, that is the criminality of the whole DC Swamp show.
https://www.usatoday.com/story/news/politics/elections/2024/09/23/kamala-harris-housing-plan-3-million-units/75260527007/
Al says
Stop with rich bulls**t. There aren’t enough rich people to make a dent in the state or national budget. Be grateful for what you have and not envious of others. If everyone in your neighborhood has a net worth of 1 million and you only have 750,000 then you’re the poor person but should you be given help.
The problem we face right now is so many have been getting things for no effort that they think it’s a right. Homeowners are expected to pay for roads, parks, schools, cultural enhancements and so on. Why only the Homeowners? If Homeowners and property owners are footing the bill then they should be the only ones allowed to vote on how the money is spent. Everyone else are just transient and will leave as soon as they get a better offer somewhere else. The same should go for federal elections, why should people who don’t pay taxes get to decide how the money is spent. It’s easy to complain about things that you have no skin in the game for.
Lastly if you feel like paying more tax there’s nothing stopping you. None of you ever pay more but you sure want everyone else to cover your desires.
Pierre Tristam says
@AI is repeating the old fallacies Mitt Romney made famous with his 47 percent slur, as if non-homeowners, including renters (who also pay property taxes), don’t pay sales taxes, gas taxes, payroll taxes and all sorts of excise taxes, and as enormous tax breaks on the wealthy, especially on their unearned income, doesn’t allow them to reduce their tax liability to ridiculously low levels. So no: the wealthy aren’t paying nearly their fair share. Since Reagan they’ve benefited from the largest wealth redistribution in recorded history. The trump tax cut just enacted shovels more wealth their way, leaving minions like AI faithfully to parrot the party line fallacies to veil the facts.
Laurel says
Trump said he wouldn’t touch Medicare or Social Security, you know, like he said he wouldn’t touch the East Wing, but the “touching” has begun.
According to AARP, the government wants to cap COLA for one in four recipients. That’s 25% of the senior population. They are also thinking of changing the calculation of your Social Security benefit amount by the number of years you worked instead of how much money you and your employers put in over a lifetime of working. They want their own little committee to make decisions on our Social Security benefit behind closed doors.
So if Fred worked a lifetime, and working his way up over time, increasing his salary, and the money amount he put into the plan, he would get the same SS check as George, who was not as ambitious, and stayed at low wages his whole time.
That’s not socialism my friends, that’s leaning towards communism. It’s also very wrong, and abusive, to those of us who accumulated modest wealth over a lifetime, while giving tax breaks to the oligarchs.
This is another step towards breaking the middle class, upper middle class, and stripping the poor, while leaving the ultra wealthy in the best position they have ever enjoyed.
Is this what you voted for? If not, you had better speak up now, or forever hold your peace and wait for that invitation to the Trump Ballroom. Good luck with that.
That reminds me, when I was younger, my brother’s girlfriend came from one of the wealthiest, established families in Palm Beach. She told me a few quotes stated by her grandmother. One was “You can never be too rich, or too thin.” Do not underestimate these people.
Endless dark money says
Republicans terrorism showing people what they voted for. Cruelty is the point!