14 Not-So-Fun-Facts on the EconomyNovember 9th, 2010
While highlighting that US employers have recently added 151,000 new jobs into the economy, TheEconomicCollapseBlog.com also had to include some somber realities of current statistics and events within the economy. Poverty, commodities, and debt are all on the rise.
#1 More than 42 million Americans were on food stamps during the month of August. That is a new all-time record, and that number is 17 percent higher than it was one year earlier. In fact, the number of Americans on food stamps is up more than 58 percent since August 2007.
#2 The number of “persons not in the labor force” in the United States has set another new all-time record. The United States has not had such an extended bout of mass unemployment since the Great Depression. The “official” unemployment rate in the United States has been at nine and a half percent or above for 14 consecutive months.
#3 More than 1000 people now live in the 200 miles of flood tunnels that exist under the city of Las Vegas. Once one of the most prosperous cities in the United States, Las Vegas is now little more than a shiny, glittering corpse that it rapidly decaying.
#4 Poverty is absolutely exploding and it is hitting those who are the most vulnerable the hardest. According to one recent study, approximately 21 percent of all children in the United States are living below the poverty line in 2010.
#5 In the past 60 days alone, the price of cotton is up 54%, the price of corn is up 29%, the price of soybeans is up 22%, the price of orange juice is up 17%, and the price of sugar is up 51%.
#6 One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government.
#7 The American Bankruptcy Institute says that there will be about 1.6 million consumer bankruptcies in 2010. That would represent a huge increase over 2009.
#8 According to one recent survey, 28% of all U.S. households have at least one member that is looking for a full-time job.
#9 The individual U.S. states are mostly flat broke. For example, it is being reported that the 15 largest U.S. states spent on average over 220% of their tax receipts over the past decade. Clearly this is not even close to sustainable.
#10 The U.S. government is completely and totally broke. After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a “fiscal gap” of $202 trillion dollars.
#11 In an attempt to keep our financial system solvent, the U.S. Federal Reserve has announced plans to create $600 billion out of thin air and pump it into the U.S. economy. The Fed is calling this “quantitative easing“, but what they should really be calling it is “cheating, debasing and inflating”.
#12 Many of the major trading partners of the United States are expressing deep resentment regarding the new quantitative easing policy announced by the Fed
#13 For many analysts, the economic collapse of the United States comes down to cold, hard math. For example, the former CEO of the tenth largest bank in the United States says that it is a “mathematical certainty” that the U.S. government will eventually go bankrupt.
#14 According to a recent article on CNBC, the financial world is already buzzing about QE3….