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Presenting The Wall Of Worry: The 50 Ugliest Facts About The US eCONomy
As we close on another week replete with ugly economic data and the usual bizarro counterintuitive market, here is a summary of the 50 most underreported facts about the state of the US economy, courtesy of the Coto report. After reading these it almost makes sense that the market has become completely desensitized to the sad reality now pervasive in this country. Readers are encouraged to add their own observations to this list.
Surely if the list is doubled, the market will go up to 72,000 instead
of just 36,000.
#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.
h/t Teddy KGB
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http://www.martinarmstrong.org/files/Can-the-Euro-Survive-a-Sovereign-Debt-Crisis-6-14-10.pdf
what is money....???????....what is wealth..?????
Ella: But comfort is freedom. It always has been. The whole history of civilization is a struggle against poverty and need.
Jonathan E.: No! No... that's not it. That's never been it! Them privileges just buy us off.
Wealth is what remains of our labors after we have fed, clothed and sheltered ourselves and our families.
Money is how we keep track of it with those outside our family.
#xxx In the United Hates Empire, the Feral Reserve, a privately held bank can print legal tender and give it to its friends. This is known as beneficial public policy. If any other entity does this, it is called counterfeiting and is a felony.
http://www.youtube.com/watch?v=jiv0oy9JW7k
It's all digital now.
It's part of the new "green" economy...it's what they always wanted...digital credits.
No worries though, it's easier to lie to a machine than looking a person in the eye, no morality conflicts involved whatsoever ;-)
I would have thought they bred morality out of banksters a generation ago. Stoopid genes.
http://www.4shared.com/video/a8lRauE7/A_Little_Too_Fast.html
I think problem is less that morality has been bred out of banksters than that moral hazard has been bred into banksters.
Case in point. Just last night, spoke with a friend. His TBTF TARP-baby lender just re-wrote his mortgage at a 2% lower rate. *Unsolicited!* He was shocked, because his biz is about to go BK, which his tax returns would clearly show, his home value is way down, his home has a ton of deferred maintenance. A prudent lender would have had his loan on watchlist.
It is still like 2005 baby. Just look the other way and write the business, cuz that is what the competition is doing. Uncle Sam's intervention has all the TBTF banksters living in Moralhazardville, next door to those execrable neighbors, registered taxpayer offenders Trannie Mac and Freddie Mae.
Gubmint breeding programs, led by one Dr. Bawney Fwank, produce hideous, mal-formed, cancerous creatures.
Why is it that they were fighting over gas and not gold in the Mad Max movies?
Cuz Mad Max is a work of fiction written by a Ph(ck)'d Feral Reserve Ebubblegnomist. We should pay attention...
Don't forget the fight for the Dinky Di.
This is a victory for the bulls.
This is a victory of common sense.
"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."
Sounds like the 1970s.
I've got another one:
The number of days since the beginning of the universe = 13.7 x 10^9 years x 365 days/year = 5.00 × 10^12 days
The current national debt = 13.17 x 10^12 dollars
mirror, mirror ....What say you....?
#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.
1 million members of criminal gangs = U.S. law enforcement authorities + Congress + US Senate + FED + WS
It sounds about right, but I have a hunch this group may well be responsible for much more than 80% of the crimes committed in the US each year.
LMAO
LMAO
I imagine much of those crimes are insignificant or shit like drug offenses.
I prefer not to lump a burglar with a murder, a dope dealer with a serial rapist. or a petty thief with a gang enforcer.
Gully,
"I imagine much of those crimes are insignificant or shit like drug offenses".
My sentiments exactly.....It's a red herring.
You can't turn on a telly today to watch a COPS-like programm where some kind of sad sob is brutalised by so-called law enforcement officers for jaywalking, doing drugs or soliciting prostitution.
What exactly are TPTB doing to improve the lives of these poor fuckers other than jailing them, force-feeding them the American dream and robbing them of their very last shred of dignity.......?
The main issue being the real criminal gangs:
U.S. law enforcement authorities, Congress, US Senate, FED, WS.......
LMAO
Come on now, the gangs are just the "infrastructure" full the drug economy.
As long as the courts/judges are corrupt, the drug flow will not stop.
Some of the gangs probably work for the CIA.
But the War on Drugs is proving to be quite profitable in terms of the number of people put behind bars and man power needed to carry on the facade that their is actually a war on drugs.
The fact that the herione crop has doubled since we have been in Afganistan, proves there really is no war on drugs, so why would there ever be a war on the gangs that move the drugs across the border?
Just as in the old Superman comic strips, nothing makes sense in this Stock Market. It seems that the worse the economic news gets, the higher the Market climbs. The very same logic as in Supermans Bizzaro world where everyone was Superman and good is bad and bad was good...Go figure!
Why so many emotions here ?? US is going to be mexico or panama... but big one. And I think it is very sad, but it is fair: it is not fine to consume w/o producing a shit. game is over now.
Go spread the word down at the border, Brother - they might as well all turn around and go back home.
hehehe you think mexicans are more informed and smarter that US herd?
Prolly a tie on both counts. Having grown up around migrant Mexican laborers, I can tell you that in general Mexicans differ from gringos in that they are:
* tougher - much tougher
* harder working
* more religious
* probably more content in life
More rally next week ?
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
Have you guys heard about this? Corrupt media ignored this: Black panther party harassed white voters and Obama DOJ dropped the case without explanation. http://www.examiner.com/x-2684-Law-Enforcement-Examiner~y2010m7d9-Justic...
It's just too minor to even be a blip on the radar. Who cares? Some black people yelled at some white people? Take home lesson - you're the "white" in "white flight." So fly.
I miss equal rights already...it was great while it lasted...snif snif.
Black Panther; Jump back Jack!
White dude filming; Why?
ACORN member scurry's into the polling place for the fourth time.
Black Panther; Cuz I said so cracker! Nothing to see here...move along!
White dude filming; OK.
These panther clowns are small fry, yes. The primary significance of the matter is that it is going to cost Obama some more votes down the road, assuming he runs for re-election...
Pass this on to Tyler(s). Greenspan and Paulson chair ay NYU Stern.
http://www.stern.nyu.edu/Newsroom/NewsReleases/CON_021921
Private Joker asks, "Does this mean Ann Margret isnt coming?"
#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.
150,000 doctors short.
150,000 investment bankers to many.
Parents please stop telling your kids to be investment bankers!
#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.
First time in history, except for that other time in the 30's.
Gee, and I thought the bankers needed the bailout just to stay alive! They have come out OK i suppose.
I suppose if Bernake put the trottle to metal, it would be possible to kick off a bunch of ARMs (adustable rate mortgage) and set off an avalanch of new foreclosures,
Then the bankers will own 80% of the huts, and it will be time to introduce the new money system.
I cant wait, the suspense is killing me .
But what about the good news?
"Goldman Sachs (GS) has hit a new trading profit record: in the past quarter the company generated over $100 million trading profit on an absolute record of 34 trading days, according to its 10-Q filed today. Not only that, but GS was profitable on 56 days in the quarter and lost money on only 8, meaning it was profitable 87.5% of the time trading in the last quarter (and this isn't even a weighted number). Notable is that the ratio of +$100MM days to -$100MM days in Q1 is 34 to 0."
http://seekingalpha.com/article/135785-goldman-sachs-why-aren-t-trading-...
[SARCASM ON]
Great post Tom.
Wonder why Tyler didn't put it up?
(Did I miss it?)
Maybe it will be posted on Sunday when Tyler posts the Goldman Sachs gentleman who sits under a tree in the English countryside and tells the world why everything is coming up roses......for Goldman Sachs.
Perhaps the most disturbing fact of the US economy comes to us from Melissa McGuire, lead economist of her fourth grade class at Pleasant Valley Elementary.
"Mom and Dad maxed out the credit cards buying my brother and me a bunch of Chineese junk that lasted about three minutes out of the box. Everything they got us is already in the landfill, leaching toxic poo poo into our well" complained Melissa.
"Dad says there's no way to pay off the banks since he lost his job, so we gotta move. The drywall was makin' us all sick anyway so I guess it's cool."
#666 Reefer kills:
http://www.youtube.com/watch?v=bM_vLk1I6G4
Off topic: as usual..
I look into my crystal ball and I see ....40,000 new jobs coming to the gulf region. What are doing..?
It likes like they are panning for gold, no its oil, they are panning for oil, no wait, they are cleaning , thats it , cleaning oil tar balls out of the water.
From a Keynsian stand point, the oil spill might to more for bottom line GNP, than the loss of tourism. And quick. Cut those checks now! to the victims.
Can anyone answer me this question:
Is there a feud/rift between the oil cartel and the baking cartel?
Between the titans of finance and the titans of oil/war?
Could the oil spill been sabotage by the banks?
Fast track us to carbon credits and PEAk OIL?
And if the oil cartel doesn't want to play again with green energy themes?
Oh, and if you didn't think the US Economy was in trouble, here are a few more:
1. Tons of bank closings every Friday.
2. Oil spill continues. Permanent damage from oil and who knows how the chemicals will impact the environment and people in the future.
3. Good news: We'll have Facebook currency soon to replace the dollar.
heheh 100% :) FB is better than $, yes sure!
Damn, I was pulling for GoogleGold to replace the dollar.
Eliminate all forms of subsidies on the federal level, call up the National Guard and shoot to kill all rioters.
#60 Forty percent of Florida home sales now are foreclosures.
http://www.tvnewslies.org/tvnl/index.php/news/economy/15038-40-percent-o...
Yep,
I look for Fla to turn into Havana North, and Kali to be Mexico North............no sheet.
Thats me! And to further piss off the natural-born Michiganders, I moved to (wait for it . . . . . Ohio!
from the oven to the frying pan
Welcome to the Buckeye State. Don't worry if you're a fan of the teams from Ann Arbor - there are plenty around who share that desire here. Sports aside, Ohio is about a few steps up from becoming Michigan.
While not as far off as Michigan, the most prosperity in these places still is through government work. Aside from that, the private sector (as Ohio knew it) is gone. There are some places like Youngstown that started from scratch and recognize what has to be done. They attract new/small businesses, research, and do so mostly with a business-friendly government.
That said, most of the people that can get out of Ohio, do get out of Ohio. The prior exodus was in the 1990's, for the same destinations. Whomever is left is usually unable to move, or has more interest in Ohio than moving out. While I generally hate capital flight with a passion, this is one of my exceptions. When individuals(of the flesh, not of legal fiction) move out of Ohio, it is due to cutting losses(vs purposeful spite).
I'd strongly advise that you prepare moving plans out of Ohio, or plans to survive in Ohio.
DOW 100,000 - “In the meantime, an index of German share prices (1913 = 100) rose from 126 in January 1918 to 531,300,000 in September 1923, and to 23,680,000 million in November 1923 amidst extremely high volatility. (In dollar terms, because of the currency depreciation, the same index (1913 = 100) fell from 101.55 in January 1918 to 2.72 in October 1922, before recovering to 39.36 in November 1923.) The extremely high volatility of the stock market is a typical feature of hyperinflating economies.” Marc Faber, Reflation, quoting Professor Bresciani-Turroni in The Economics of Inflation(first published in 1931 and printed by Augustus M. Kelley, London, in1968).
Nice post!
#53--total unfunded US federal obligations are more than 800% of GDP.
Obama, the anti-war president, has 6 more US dead in Afganistan this week.
Anti-white bias by Justicce Department investigated.
http://articles.latimes.com/2010/jul/08/opinion/la-ed-panthers-20100708
Current administration looks to cut taxes, simplify required paperwork.
http://money.cnn.com/2010/07/09/smallbusiness/irs_1099_flood/
Who says we are not headed in the right direction, vacation:
http://www.bangordailynews.com/detail/148373.html
5 years from now America will finally come to a conclusion that the greatest depression of all time has taken place. You won;t recognize this country by that time.
Thanks, all, for the comments. I learn much from reading here!
Could I suggest #51?
For 2009, both the Federal deficit and individual income tax receipts were nearly equal. This suggests that the only way out of this morass of deficit spending would be a DOUBLING of the income tax! And that's just to return us to neutral! (I'm not suggesting we do this; to the contrary, I'm just putting it in prespective. I'd rather we slashed spending by 50%!) What a nightmare! We have built a black hole of debt, and there is no painless way out.
OMG!!
War debt!
Tyler, according to Barry this report has been floating around for a few months and is "grossly overstated". He doesn't say what is "grossly overstated", though. Any comments?
http://www.ritholtz.com/blog/2010/07/recession-recovery-stratification/#comment-342834
Politically correct America is a deer in the headlights. The illegal immigrant juggernaut is going to smash its bloody carcass from here to kingdom come. Lamentably.
Damn those illegals coming here, wrecking our banks, hollowing out our manufacturing base, taking those billion dollar bonuses from their employers, turning Wall Street into an even bigger joke than it already was, bloating our balance of payments deficit and creating Credit Default Swaps that can never be paid off, even by our grandchildren.
They should all just go back where they came from and let us quickly repair the damage caused by their malicious thieving once they've gone back to wherever they come from.
Change you can believe in!
Change you can believe in! Also, no mention of the worst ecological disater the world has ever seen that continues to unfold in Gulf of Mexico.
As I see things at the moment a huge change in power is occuring,America is bankrupt financially and lacks direction and purpose as does the rest of the western world.Politicians feel they are far above the populations they represent,accountability is something from another planet and whilst the man in the street will generally tell you the truth the further up the greasy pole you go the bigger the vested interest in giving a slanted and untrue view.How many people work in a system they believe in,virtually none,they work because they have no choice.Our whole society has become a victim of mass advertising agencies with lots of spin but little substance,we produce very little but consume much.The current economic system is a tinderbox just waiting for the right conditions and the initial spark which could arrive from one of many directions to explode.Countries are openly buying Gold and ditching Dollars,Pounds,Euro,s,etc.People will then gradually understand that tools of wealth are just worthless paper,when that occurs the biggest fire sale the world has ever seen will unfurl as everyone rushes to purchase physical assets in a very large and fast growing queue.
Remember Gold hasn,t gone up,everything else has gone down.
An ounce of physical Gold cannot be printed.
An ounce of physical Gold dosen,t have a monthly management charge attached.
An ounce of physical Gold dosen,t have a sell by date.
gold standard or fiat currency
republican or democrat
abortion or life
These are things to occupy the thoughts of the masses. A gold standard will be manipulated.
And this, here, is at the root of most of this country's current problems. The "smartest people in the room" are extracting exponentially more from the economy than they recycle back into it. You can only sustain that deficit for so long, until America the customer is out of money because America the employee has no income. This should be obvious to anyone with even a child's grasp of mathematics.
Yet, I as a conservative cannot get other conservatives on a supposedly right-leaning forum to understand this. They can't tell me what these warm-body "leaders" do to earn that money, but they believe its presence is proof enough. I don't want a communist/fascist redistributionist state but I'm afraid that's where we'll end up if people don't wake the hell up and soon.
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