The truth is that things are not nearly as good as the talking heads on television say that they are.
The following are 21 "Oh Crap!" statistics about the U.S. economy....
#1 U.S. light sweet crude for March delivery closed at $93.57 on Tuesday. That was up $7.37 in just a single day. Brent crude rose to $108.57 a barrel before settling back to $105.78.
#2 According to Zero Hedge, a one dollar rise in the price of oil reduces U.S. GDP by approximately $100 billion.
#3 According to the World Bank, global food prices have soared 29% over the last 12 months.
#4 The United Nations is projecting that the global price of food will increase by another 30 percent by the end of 2011.
#5 Michigan has approved a plan to shut down nearly half of the public schools in Detroit. Under the plan, 70 schools will be closed and 72 will continue operating.
#6 If the U.S. government adopted a balanced budget today, approximately 12 percent of U.S. GDP would be wiped out. Can anyone say "instant depression"?
#7 Two years ago, the average U.S. homeowner that is being foreclosed upon had not made a mortgage payment in 11 months. Today, the average U.S. homeowner that is being foreclosed upon has not made a mortgage payment in 17 months.
#8 Single family home prices in the United States declined for the sixth month in a row during the month of December.
#9 According to CNN, in 2009 the wealthiest 10% of all Americans controlled half of all the wealth in America. CNN is also reporting that back in 2009 the wealthiest 0.1% of all Americans controlled approximately 10% of all the wealth in the country all by themselves.
#10 According to Moody's Analytics, the wealthiest 5% of households in the United States account for approximately 37% of all consumer spending.
#11 The CredAbility Consumer Distress Index, which measures the average financial condition of U.S. households, declined in every single quarter in 2010.
#12 The average CEO now makes approximately 185 times more money than the average American worker.
#13 In 2010, more than a million U.S. families lost their homes to foreclosure for the first time ever, and that number is expected to go even higher in 2011.
#14 When you adjust wages for inflation, middle class workers in the United States make less money today than they did back in 1971.
#15 China now controls about 97 percent of the total global production of "rare earth elements". China is using this monopoly power to persuade foreign high technology firms to relocate to China.
#16 Average household debt in the United States has now reached a level of 136% of average household income. In China, average household debt is only 17% of average household income.
#17 In Canada, 117 out of every 100,000 people are in prison. In Japan, 59 out of every 100,000 people are in prison. In the United States, 743 out of every 100,000 people are in prison which is the highest rate by far in the world.
#18 There are currently more than 4 million Americans that have been unemployed for more than a year.
#19 The Social Security trust fund will run a deficit of 56 billion dollars this year. Just a couple of years ago government planners were promising that we would not have any Social Security deficits until at least 2016 or 2017.
#20 The U.S. national debt is over 14 times larger than it was just 30 years ago.
#21 During Barack Obama's first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.
U.S. government debt is spinning wildly out of control and our politicians seem powerless to even slow it down. The globalization of the world economy is ripping millions of jobs away from middle class Americans and most of our politicians appear unwilling to lift a finger to stop it. Barack Obama, the Democrats, the Republicans and the Federal Reserve are all running our economy into the ground, and yet the mainstream media keeps telling us that these are the "heroes" that are going to turn this whole thing around.
Read more:
http://endoftheamericandream.com/archives/recession-over-or-just-beginning-21-oh-crap-statistics-about-the-u-s-economy
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