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50 Statistics About the US Economy…It’s Worse Than You Think
It’s been often said that, “elections have consequences.” While that’s true, a careful analysis reveals that the most important policies, those that govern our economy and foreign policy, don’t substantially change, regardless of which party is in power.
What follows are 50 statistics that illustrate just how close the U.S. economy is to total implosion, due primarily to debt. The damage shown here didn’t just come about in the last 2 years, or in the 8 years before that. It is the result of decades of manipulation of the economy by a central bank with a monopoly control on the issuance of debt-based money, along with an ever-expanding warfare and welfare state.
Whenever you hear talk on the news about the “recovery,” think back to these numbers, because numbers, unlike politicians and reporters, don’t lie.
#50) 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.
#49) It is being projected that the U.S. government will have a budget deficit of approximately 1.6 trillion dollars in 2010.
#48) If you went out and spent one dollar every single second, it would take you more than 31,000 years to spend a trillion dollars.
#47) In fact, 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.
#46) Total U.S. government debt is now up to 90 percent of gross domestic product.
#45) Total credit market debt in the United States, including government, corporate and personal debt, has reached 360 percent of GDP.
#44) U.S. corporate income tax receipts were down 55% (to $138 billion) for the year ending September 30th, 2009.
#43) There are now 8 counties in the state of California that have unemployment rates of over 20 percent.
#42) In the area around Sacramento, California there is one closed business for every six that are still open.
#41) In February, there were 5.5 unemployed Americans for every job opening.
#40) According to a Pew Research Center study, approximately 37% of all Americans between the ages of 18 and 29 have either been unemployed or underemployed at some point during the recession.
#39) More than 40% of those employed in the United States are now working in low-wage service jobs.
#38) According to one new survey, 24% of American workers say that they have postponed their planned retirement age in the past year.
#37) Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008. Not only that, more Americans filed for bankruptcy in March 2010 than during any month since U.S. bankruptcy law was tightened in October 2005.
#36) Mortgage purchase applications in the United States are down nearly 40 percent from a month ago to their lowest level since April of 1997.
#35) RealtyTrac has announced that foreclosure filings in the U.S. established an all time record for the second consecutive year in 2009.
#34) According to RealtyTrac, foreclosure filings were reported on 367,056 properties in March 2010, an increase of nearly 19 percent from February, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.
#33) In Pinellas and Pasco counties, which include St. Petersburg, Florida and the suburbs to the north, there are 34,000 open foreclosure cases. Ten years ago, there were only about 4,000.
#32) In California’s Central Valley, 1 out of every 16 homes is in some phase of foreclosure.
#31) The Mortgage Bankers Association recently announced that more than 10 percent of all U.S. homeowners with a mortgage had missed at least one payment during the January to March time period. That was a record high and up from 9.1 percent a year ago.
#30) 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.
#29) 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.
#28) More than 24% of all homes with mortgages in the United States were underwater as of the end of 2009.
#27) U.S. commercial property values are down approximately 40 percent since 2007 and currently 18 percent of all office space in the United States is sitting vacant.
#26) Defaults on apartment building mortgages held by U.S. banks climbed to a record 4.6 percent in the first quarter of 2010. That was almost twice the level of a year earlier.
#25) In 2009, U.S. banks posted their sharpest decline in private lending since 1942.
#24) New York state has delayed paying bills totalling $2.5 billion as a short-term way of staying solvent but officials are warning that its cash crunch could soon get even worse.
#23) To make up for a projected 2010 budget shortfall of $280 million, Detroit issued $250 million of 20-year municipal notes in March. The bond issuance followed on the heels of a warning from Detroit officials that if its financial state didn’t improve, it could be forced to declare bankruptcy.
#22) The National League of Cities says that municipal governments will probably come up between $56 billion and $83 billion short between now and 2012.
#21) Half a dozen cash-poor U.S. states have announced that they are delaying their tax refund checks.
#20) Two university professors recently calculated that the combined unfunded pension liability for all 50 U.S. states is 3.2 trillion dollars.
#19) According to EconomicPolicyJournal.com, 32 U.S. states have already run out of funds to make unemployment benefit payments and so the federal government has been supplying these states with funds so that they can make their payments to the unemployed.
#18) This most recession has erased 8 million private sector jobs in the United States.
#17) Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of 2010.
#16) 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.
#15) 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.
#14) Phoenix, Arizona features an astounding annual car theft rate of 57,000 vehicles and has become the new “Car Theft Capital of the World”.
#13) U.S. law enforcement authorities claim that there are now over 1 million members of criminal gangs inside the country. These 1 million gang members are responsible for up to 80% of the crimes committed in the United States each year.
#12) The U.S. health care system was already facing a shortage of approximately 150,000 doctors in the next decade or so, but thanks to the health care “reform” bill passed by Congress, that number could swell by several hundred thousand more.
#11) According to an analysis by the Congressional Joint Committee on Taxation the health care “reform” bill will generate $409.2 billion in additional taxes on the American people by 2019.
#10) The Dow Jones Industrial Average just experienced the worst May it has seen since 1940.
#9) In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
#8) Approximately 40% of all retail spending currently comes from the 20% of American households that have the highest incomes.
#7) According to economists Thomas Piketty and Emmanuel Saez, two-thirds of income increases in the U.S. between 2002 and 2007 went to the wealthiest 1% of all Americans.
#6) The bottom 40 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
#5) If you only make the minimum payment each and every time, a $6,000 credit card bill can end up costing you over $30,000 (depending on the interest rate).
#4) 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.
#3) According to a National Foundation for Credit Counseling survey, only 58% of those in “Generation Y” pay their monthly bills on time.
#2) During the first quarter of 2010, the total number of loans that are at least three months past due in the United States increased for the 16th consecutive quarter.
#1) According to the Tax Foundation’s Microsimulation Model, to erase the 2010 U.S. budget deficit, the U.S. Congress would have to multiply each tax rate by 2.4. Thus, the 10 percent rate would be 24 percent, the 15 percent rate would be 36 percent, and the 35 percent rate would have to be 85 percent.
Remember, there is no “middle path” between socialism and freedom. A society trying to navigate between the two is always sliding towards one or the other. It should be clear to all in which direction the United States has been sliding for decades. As far as the consequences of that slide, history should tell us all we need to know about how this ends.
So what can we do? The first step is for Americans to re-learn what a free society looks like, and how it operates. If you haven’t done so, I strongly recommend attending one of Loren Spivak’s Free Market Warrior Economic Literacy seminars. Loren Spivak is touring North Carolina, re-teaching those interested how a free society works, and why it’s superior to state socialism. Learn more at http://www.freemarketwarrior.com/, or contact him at lorenspivak@gmail.com. Attendance is free of charge.
If you can’t get to one of Loren’s seminars, the Ludwig von Mises Institute is offering a 5-week online course on Friedrich Hayek’s “The Road to Serfdom.” Glenn Beck recently profiled this seminal work on his show, and sales have skyrocketed. Check out the course, taught by Mises Institute Senior Fellow Dr. Thomas DiLorenzo, here: http://academy.mises.org/courses/the-road-to-serfdom-then-and-now/
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Original List of Statistics used by Adam Love found HERE
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Loren Spivack, the “Free Market Warrior” will be presenting his two part Economic Literacy seminar July 7th & 8th at 6:00 PM in Mooresville, NC Charles Mack Citizens Center 304 South Main Street, and in Raleigh, NC July 12th & 13th 6:00PM at the Peking Garden Restaurant, 126 East Millbrook Road. As Mr. Love said, this is not to be missed! There is NO CHARGE for the seminars, but you must rsvp to catherine.fmw@gmail.com.
Loren is also available as a guest speaker for your groups. http://www.freemarketwarrior.com
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# 23 is my favorite…….
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#21 is mine. See North Carolina where they are holding tax refund checks to keep from bouncing others.
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Adam, thanks for this sobering detailing of the current status of our economy…sadly, media sources and of course the White House are issuing more propaganda than the hard economic reality of the policies they wish to implement. The taking of citizen’s tax dollars to redistribute to others for them to spend while out of work is called “unemployment benefits” rather than what it truly is…unconstitutional theft and redistribution…and the Senate’s “jobs” bill does nothing to create economic growth because it simply redistributes resources from the private sector to the public sector to create the jobs the government wishes to at the expense of the private sector. We demand truth in reporting from media sources and the administration as a first step to awareness of these critical issues.
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The economy is not improving.
This is a fantasy and wishful thinking,
The economy is going to get worse.
It is only the November – December Holiday shopping and holiday employment.
In reality our nation is at over 20% unemployment.
The housing crisis is not over by a long shot.
People are losing their jobs and unemployment benefits.
As students graduate from schools, more jobs are needed to employ them, not to mention the already unemployed and job seekers.
Prices are going up, income is going down.
The $ is worth today 35% less than 3 years ago, where is the improvement.
As long as we as a nation do not produce anything, the unemployment situation is going to get worse.
We need to decrease government, reduce spending, increase efficiency, cut the deficit and reduce the bureaucracy.
Set up regulations that are conducive to business growth, provide financing for business and homeowners without unjustified restrictions.
We are in the worst economic crisis since the 1929 depression.
People wake up; recognize the crisis and tragedy that is striking our nation.
Let us all work together to improve our economy.
YJ Draiman
PS.
Any rational observer can see that the foundations of the U.S. economy are coming apart. The rapidly accumulating mountain of debt that has fueled our “prosperity” is impossible to repay and is going to progressively choke the life out of our economic system. The good jobs that we have allowed to be shipped out of our country are never coming back. Every single day, more wealth flows out of this country than flows into it.
Anyone who claims that things are getting “better” is either ignorant, completely deluded or is purposely lying.
The U.S. economy is not getting “better”.
The U.S. economy is dying.
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Our war for energy independence and economic sustainability
The US government and other governments are not serious about energy efficiency and renewable energy development and implementation – they are too busy playing politics and capitulating to the Oil Companies.
IT is time to get series to avert an economic catastrophe – I hope it is not too late
The world needs to invest $50 trillion in energy in coming decades, building some 1,400 nuclear power plants and vastly expanding wind power, solar power, geothermal energy in order to halve greenhouse gas emissions by 2050, according to an energy study released.
The report by the Paris-based International Energy Agency envisions an “energy revolution” that would greatly reduce the world’s dependence on fossil fuels while maintaining steady economic growth.
“Meeting this target of 50 percent cut in emissions and replacing fossil fuel represents a formidable challenge, and we would require immediate policy action and technological transition on an unprecedented scale,” IEA Executive Director Nobuo Tanaka said.
The scenario for deeper cuts would require massive investment in energy technology development and deployment, a wide-ranging campaign to dramatically increase energy efficiency, and a wholesale shift to renewable sources of energy.
Assuming an average 3.4 percent global economic growth over the 2010-2050 period, governments and the private sector would have to make additional investments of $50 trillion in energy, or 1.2 percent of the world’s gross domestic product, the report said.
That would be an investment more than three times the current size of the entire U.S. economy.
In addition, the world would have to construct 38 new nuclear power plants each year, and wind-power turbines would have to be increased by 18,000 units annually, solar energy output would have to be increased 20 fold every year.
Let us not forget as we are increasing the use of renewable energy and energy efficiency – the world population is increasing – the demand for energy by advancement in technology worldwide is also increasing. We have to take these factors into account.
Oil is going to hit at least $200 per barrel, gasoline at the pump will hit $6 or more per gallon, in some countries it is already $10 per gallon.
Most of the money would be in the commercialization of energy technologies developed by governments and the private sector.
“If industry is convinced there will be policy for serious, actions for accelerated development of renewable energy and efficiency, then these investments will be made by the private sector.”
People are hurting financially and economically, this must end, we should strive for a thriving economy with new technology for renewable energy and efficiency.
We have the technology and knowhow let us stop playing politics – unite our people and our nation in a common goal to avert an economic disaster and maintain our quality of life for generations to come.
Let us serve as an example to the rest of the world.
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YJ Draiman officially running for mayor of LA – 2013
Press release – January 25, 2011
YJ Draiman officially running for mayor of LA – 2013
“I want to fight for a better future for all the people of Los Angeles, and that’s why today I’m announcing my candidacy for mayor,” Draiman said.
I decided to run for Mayor of Los Angeles. Before I could make that commitment, I needed to free up the time required to do the job right. Therefore, I decided to devote full time to the job of Mayor.
I am motivated by the wish to serve the Los Angeles community and protect our quality of life. I have the skill, experience, long time community involvement and personal commitment to lead the city. I will work hard to preserve residents’ priorities and the city’s coffers, during the difficult financial times ahead. Some of my more specific goals are encouraging economic vitality, preserving and improving the City infrastructure, protecting the quality of our neighborhoods, supporting our open space and bicycle trails programs, working with the Neighborhood Councils and the Chamber to encourage local, innovative green businesses, and proper Urban Planning for Los Angeles, among others.
I previously ran for City Council in District 12.
I decided that to do the job right I must run for Mayor.
I am an Energy/Utility Auditor/Consultant for over 20 years.
I am married to a darling wife, we have two grown children – my oldest son is David Draiman a famous Rock Star with a Band by the name Disturbed, my younger son is a Psychologist doing research.
I am looking forward to being elected and serving the people of the City of Los Angeles.
We must work together as a cohesive force to improve our city.
“Transparency and accountability is my motto”
YJ Draiman for Mayor – 2013
WEB: http://www.Yjdraimanformayor.org
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