Top Five Reasons the US Economy is in Worse Shape than You Thought

July 13, 2010

Home Sinking

#5- U.S. banks repossessed nearly 258,000 homes nationwide in the first quarter of 2010, a 35 percent jump from the first quarter of 2009. More than 24% of all homes with mortgages in the United States were underwater as of the end of 2009. For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.

 

 


 

Poor people Eating Garbage

#4- U.S. government-provided benefits (including Social Security, unemployment insurance, food stamps and other programs) rose to a record high during the first three months of 2010.  39.68 million Americans are now on food stamps, which represents a new all-time record, but things look like they are going to get even worse. The U.S. Department of Agriculture is forecasting that enrollment in the food stamp program will exceed 43 million Americans in 2011

 

 


 

 

Homeless by Whitehuse

#3- The bottom 40 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth. Two-thirds of income increases in the U.S. between 2002 and 2007 went to the wealthiest 1% of all Americans. Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of 2010.

 

 


 

 

Silhouette of Janitor Mopping

#2- More than 40% of those employed in the United States are now working in low-wage service jobs. In February, there were 5.5 unemployed Americans for every job opening.  

According to a new report based on U.S. Census Bureau data, only 26 percent of American teens between the ages of 16 and 19 had jobs in late 2009 which represents a record low since statistics began to be kept back in 1948. 

 

 


 

 

Line graph arrow plummets over piles of money

#1- In 2010 the U.S. government is projected to issue almost as much new debt as the rest of the governments of the world combined. Currently the U.S. government has a budget deficit of approximately 1.6 trillion dollars. Total credit market debt in the United States, including government, corporate and personal debt, has reached 360 percent of GDP.

If you spent one million dollars every single day since the birth of Christ, you still would not have spent one trillion dollars by now.

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