The vast majority of the talking heads on television are still speaking of the current economic collapse as if it is a temporary “recession” that will soon be over. So far, the vast majority of the American people seem to believe this as well, although for many Americans there is a very deep gnawing in the pit of their stomachs that is telling them that there is something very, very wrong this time around. The truth is that the foundations of the U.S. economy have been destroyed by an orgy of government, corporate and individual debt that has gone on for decades. It was the greatest party in the history of the world, but now the party is over. The following are 11 signs from just this past month that show that the U.S. economy is headed into the toilet and will not be recovering….
#1) When even Wal-Mart is closing stores you know things are bad. Wal-Mart announced on Monday that it will close 10 money-losing Sam’s Club stores and will cut 1,500 jobs in order to reduce costs. So if even Wal-Mart has to shut down stores, what chance do other retailers have?
#2) Americans are going broke at a staggering pace. 1.41 million Americans filed for personal bankruptcy in 2009 – a 32 percent increase over 2008.
#3) American workers are working harder than ever and yet making less. After adjusting for inflation, pay for production and non-supervisory workers (80 percent of the private workforce)is 9% lower than it was in 1973. But those Americans who do still have jobs are the fortunate ones.
#4) Unemployment is absolutely exploding all over the United States. Minority groups have been hit particularly hard. For example, unemployment on many U.S. Indian reservations is over 80 percent.
#5) Unfortunately the employment situation is showing no signs of turning around. Decemberwas actually the worst month for U.S. unemployment since the so-called ”Great Recession” began.
#6) So just how bad are things when compared to past recessions? During the 2001 recession, the U.S. economy lost 2% of its jobs and it took four years to get them back. This time the U.S. economy has lost more than 5% of its jobs and there is no sign that the bleeding of jobs will stop any time soon.
#7) Can you imagine trying to get your first job in this economic climate? Our young men and women either can’t get work or have given up on work altogether. The percentage of Americans 16 to 24 who have jobs is 13 percent lower than ten years ago.
#8) So where did all the jobs go? Over the past few decades we have allowed the corporate giants to ship mountains of American jobs overseas, and there are signs that this trend is only going to get worse. In fact, Princeton University economist Alan S. Blinder estimates that 22% to 29% of all current U.S. jobs will be offshorable within two decades. So get ready for even more of our jobs to be shipped off to Mexico, China and India.
#9) All of these job losses are leading to defaults on mortgages. Over the past couple of years we have seen the American Dream in reverse. According to a report that was just released, delinquent home loans at government-controlled mortgage finance giants Fannie Mae and Freddie Mac surged 20 percent from July through September.
#10) But that is nothing compared to what is coming. A massive “second wave” of mortgage defaults is getting ready to hit the U.S. economy starting in 2010. In fact, this “second wave” is so frightening that even 60 Minutes is reporting on it. Watch it below:
Watch all parts on Youtube
#11) Meanwhile, the Federal Reserve has announced that it made a record profit of $46.1 billion in 2009. Apparently during this economic crisis it is a very good time to be a bankster.
Via PakAlert.
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Unfortunately greed will be the very thing that collapses the whole western world.
How the hell the so called experts ever thought that any society could endure where average people are subsidising the elite for them to maintain their luxurious lifestyle is ludicrous & totally immoral.
This idea of spending future generations wealth for our own whims now just shows how much peoples values have fallen, particularly politicians of ALL creeds BUT remember we’re the ones who continually vote the same people in.
There will be a revolution, this won’t be tolerated much longer, all you have to do is listen to 90% of people in the street however I hope the revolution is at the next ballot box & NOT in the street.
The only other thing that will bring about change is all out war, where the strong steal whatever they want from the weaker as it finely dawns on mankind that everything will eventually run out, things that were pointed out to leaders back in the 50s but were inconvenient ever since.
People need to think of what sort of world they want to live in, the time has come to just accept the spiral into war where only a few percent of people will be safe & the rest of us god help us.
I hope sanity & logic will prevail but it won’t without all of us TELLING our political reps what we want, nothing gets a politicians attention quicker than being inundated with demands for change NOW, knowing if they don’t comply they will be the ones looking for a job.
We have become a complacent socity of mindless lemmings, change or perish they are our only options.