17 Facts To Show To Anyone That Still Believes That The U.S. Economy Is Just Fine

Tyler Durden's picture




 

Submitted by Michael Snyder of The Economic Collapse blog,

No, the economy is most definitely not "recovering".  Despite what you may hear from the politicians and from the mainstream media (shrugging off today's terrible GDP print), the truth is that the U.S. economy is in far worse shape than it was prior to the last recession.  In fact, we are still pretty much where we were at when the last recession finally ended.  When the financial crisis of 2008 struck, it took us down to a much lower level economically.  Thankfully, things have at least stabilized at this much lower level.  For example, the percentage of working age Americans that are employed has stayed remarkably flat for the past four years.  We should be grateful that things have not continued to get even worse.  It is almost as if someone has hit the "pause button" on the U.S. economy.  But things are definitely not getting better, and there are a whole host of signs that this bubble of false stability will soon come to an end and that our economic decline will accelerate once again.  The following are 17 facts to show to anyone that believes that the U.S. economy is just fine...

#1 The homeownership rate in the United States has dropped to the lowest level in 19 years.

#2 Consumer spending for durable goods has dropped by 3.23 percent since November.  This is a clear sign that an economic slowdown is ahead.

#3 Major retailers are closing stores at the fastest pace that we have seen since the collapse of Lehman Brothers.

#4 According to the Bureau of Labor Statistics, 20 percent of all families in the United States do not have a single member that is employed.  That means that one out of every five families in the entire country is completely unemployed.

#5 There are 1.3 million fewer jobs in the U.S. economy than when the last recession began in December 2007.  Meanwhile, our population has continued to grow steadily since that time.

#6 According to a new report from the National Employment Law Project, the quality of the jobs that have been "created" since the end of the last recession does not match the quality of the jobs lost during the last recession...

  • Lower-wage industries constituted 22 percent of recession losses, but 44 percent of recovery growth.
  • Mid-wage industries constituted 37 percent of recession losses, but only 26 percent of recovery growth.
  • Higher-wage industries constituted 41 percent of recession losses, and 30 percent of recovery growth.

#7 After adjusting for inflation, men who work full-time in America today make less money than men who worked full-time in America 40 years ago.

#8 It is hard to believe, but 62 percent of all Americans make $20 or less an hour at this point.

#9 Nine of the top ten occupations in the U.S. pay an average wage of less than $35,000 a year.

#10 The middle class in Canada now makes more money than the middle class in the United States does.

#11 According to one recent study, 40 percent of all Americans could not come up with $2000 right now even if there was a major emergency.

#12 Less than one out of every four Americans has enough money put away to cover six months of expenses if there was a job loss or major emergency.

#13 An astounding 56 percent of all Americans have subprime credit in 2014.

#14 As I wrote about the other day, there are now 49 million Americans that are dealing with food insecurity.

#15 Ten years ago, the number of women in the U.S. that had jobs outnumbered the number of women in the U.S. on food stamps by more than a 2 to 1 margin.  But now the number of women in the U.S. on food stamps actually exceeds the number of women that have jobs.

#16 69 percent of the federal budget is spent either on entitlements or on welfare programs.

#17 The number of Americans receiving benefits from the federal government each month exceeds the number of full-time workers in the private sector by more than 60 million.

Taken individually, those numbers are quite remarkable.

Taken collectively, they are absolutely breathtaking.

Yes, things have been improving for the wealthy for the last several years.  The stock market has soared to new record highs and real estate prices in the Hamptons have skyrocketed to unprecedented heights.

But that is not the real economy.  In the real economy, the middle class is being squeezed out of existence.  The quality of our jobs is declining and prices just keep rising.  This reality was reflected quite well in a comment that one of my readers left on one of my recent articles...

It is getting worse each passing month. The food bank I help out, has barely squeaked by the last 3 months. Donors are having to pull back, to take care of their own families. Wages down, prices up, simple math tells you we can not hold out much longer. Things are going up so fast, you have to adopt a new way of thinking. Example I just had to put new tires on my truck. Normally I would have tried to get by to next winter. But with the way prices are moving, I decide to get them while I could still afford them. It is the same way with food. I see nothing that will stop the upward trend for quite a while. So if you have a little money, and the space, buy it while you can afford it. And never forget, there will be some people worse off than you. Help them if you can.

And the false stock bubble that the wealthy are enjoying right now will not last that much longer.  It is an artificial bubble that has been pumped up by unprecedented money printing by the Federal Reserve, and like all bubbles that the Fed creates, it will eventually burst.

None of the long-term trends that are systematically destroying our economy have been addressed, and none of our major economic problems have been fixed.  In fact, as I showed in this recent article, we are actually in far worse shape than we were just prior to the last major financial crisis.

Let us hope that this current bubble of false stability lasts for as long as possible.

That is what I am hoping for.

But let us not be deceived into thinking that it is permanent.

It will soon burst, and then the real pain will begin.

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Wed, 04/30/2014 - 20:53 | 4714435 RevRex
RevRex's picture

RECOVERY SUMMER FIVE!!!!

Wed, 04/30/2014 - 21:03 | 4714465 espirit
espirit's picture

Gimme an iDon'tFuckin'CareAnymoreOrLess.

Keep Stackin'

Wed, 04/30/2014 - 21:09 | 4714485 knukles
knukles's picture

You guys better watch yourselves or the PTB will arrange for HillBillary (or even Joe Biden) to be your next predident

Wed, 04/30/2014 - 21:15 | 4714500 krispkritter
krispkritter's picture

Them's shootin' words...

Wed, 04/30/2014 - 21:19 | 4714509 Pure Evil
Pure Evil's picture

Well, if HillBillary gets elected, at least we'll have some cankles to look at.

And those pant suits, what an aphrodisiac.

Wed, 04/30/2014 - 21:31 | 4714539 Grande Tetons
Grande Tetons's picture

...not to mention other....areas.

http://www.urbandictionary.com/define.php?term=gunt

Wed, 04/30/2014 - 21:47 | 4714584 flacon
flacon's picture

> Let us hope that this current bubble of false stability lasts for as long as possible

 

The longer it lasts the more painful it will be when it bursts - it would be better to get it over with now. Government is paying people to break their own windows to stimulate the economy. Let's hope the bubble bursts sonner rather than later!

Thu, 05/01/2014 - 00:59 | 4714998 G-R-U-N-T
G-R-U-N-T's picture

Hey GT, don't be messn' with my sista!!!

Thu, 05/01/2014 - 02:19 | 4715072 yrad
yrad's picture

GT, I clicked the link out of morbid curiosity and you suck.

Thu, 05/01/2014 - 06:54 | 4715242 thethirdcoast
Wed, 04/30/2014 - 21:31 | 4714540 SWRichmond
SWRichmond's picture

the number of women in the U.S. on food stamps actually exceeds the number of women that have jobs.

This is the "I'm ready for Hillary" generation.  You go, grrrl.

Wed, 04/30/2014 - 23:13 | 4714822 drendebe10
drendebe10's picture

"There ain't nuthin uglier than an old white woman."  Fred Sanford  

Thu, 05/01/2014 - 01:38 | 4715037 kareninca
kareninca's picture

You keep posting this, drendebe10.  Why?  Because you have a fixation on old white women.  Your mother, in particular.

Normal men and women don't think much about the appearance of old members of the opposite sex.  If they are forced to consider their appearance, they leave it at a short "ick", and then move on to another thought.  But you have posted this Sanford quote dozens of times.  Dozens of times, just here on ZH, you have expressed your unnatural obsession with the appearance of old women.

Normal men and women look at old members of the opposite sex, and think, "oh, mom/dad, grandma/gramps," and have vaguely fond thoughts, unless something specific causes them to have other thoughts.  You, however, immediately think about how physically attractive old women are to you  -  you are mesmerized and aroused by Mom, or is it Grandma?  Oh, those lucious wrinkles!  Oh, those tasty shriveled lips!  Then you are appalled.  Just appalled!!!  Then you do it again, and again, and again.

It must be painful to be you, wacking off to old episodes of the Golden Girls, night after night, and then typing in the Sanford post with your wacky fingers.  It certainly is boring to see your post, over and over again.

Thu, 05/01/2014 - 01:51 | 4715055 Canoe Driver
Canoe Driver's picture

He means that old white women are especially ugly, not merely that they are ugly in the way all old women are ugly. There is some truth to this. The face collapses, usually quite early, and then there's what Mexicans call, "El Mal de las Mujeres Blanco," or what we gringos call "thunder thighs."  You see, if we had any intention of building an equal opportunity society (we manifestly have no such intention, including in the gubmint), then we might occasionally recognize the advantages enjoyed by women "of color," which happily include this one: they age better.

Via con dios.

Thu, 05/01/2014 - 02:34 | 4715070 kareninca
kareninca's picture

About 80 percent of visible aging is due to sun exposure.  If white men or women wear a hat over the years, they age as well as anyone.

He is fixated on old white WOMEN.  You are describing old white people in general.  Sure, old white people who are sun damaged, look dreadful.  The fact that he is fixated on old white WOMEN (when white men and women are equally sun damaged), says something about his obsessions  -  check and see how many times he has posted the Sanford quote.

You couldn't possibly be claiming that old white men, look better than old white women???  Good lord, if anything the men look worse  -  balding, saggy jowls, sunken chests, veiny hands, Depends bulges, skinny legs, floppy arms, skin tags . . . and then there is the "old man smell" . . .

BTW, part of the "humor" of the Sanford quote, was due to how repulsive Sanford looked  -  which gave a frisson of irony to his saying it.

Thu, 05/01/2014 - 07:14 | 4715271 sleigher
sleigher's picture

Kareninca  

Are you a white woman?  I am just wondering. 

Maybe he posts that over and over to get those up arrows?  Maybe he is fascinated with that?  They were talking about Hillary afterall.  ick

Thu, 05/01/2014 - 07:42 | 4715320 Keyser
Keyser's picture

Do you really need to ask that question as the answer is obvious? Nothing worse than the scorn of a woman with cankles... 

 

Thu, 05/01/2014 - 16:05 | 4717461 kareninca
kareninca's picture

Haha, of course I'm a white woman, who does not have cankles; only five pounds heavier than high school weight.

This guy posts this over and over again; it is so tedious; as if old white men look any better than old white women??????  Seriously??????

He has a powerful erotic Mommy fixation in any case; no normal person cares so much about how old women/men of any ethnicity look.

Thu, 05/01/2014 - 01:47 | 4715052 El Vaquero
El Vaquero's picture

I'll take Biden over HillBillary.  Less competent at being evil and at least he'd be good for a laugh.  Hillbillary is certainly competent at being evil and is ugly and shrill.

 

Is there a third option where being competent at being evil is not a factor?

Thu, 05/01/2014 - 04:27 | 4715143 Mitzibitzi
Mitzibitzi's picture

Jeb Bush, maybe, if he shares any DNA with the last useful idiot to inhabit the oddly shaped office.

Thu, 05/01/2014 - 06:10 | 4715204 CuttingEdge
CuttingEdge's picture

I wouldn't say Dubya was evil. Thick as two short planks, yes. Low IQ and easily manipulated by the MIC, obviously. Way too dense to be evil though.

Billious Clitnot is a shoo-in next time round. And besides, whoever they nominate, the GOP alternative wouldn't exactly be a new dawn.

It matters not a flying fuck who gets in. Polititians are self-serving lobby-fueled corporate fascist scum the world over, but particularly the reds and blues in the USA.

Thu, 05/01/2014 - 18:30 | 4717937 Mitzibitzi
Mitzibitzi's picture

True enough. But THAT horrible cunt? Assuming I thought that voting changed anything in the USA, which I don't, that would be a reason to nuke yourselves for criminal stupidity!

Wed, 04/30/2014 - 22:08 | 4714660 drendebe10
drendebe10's picture

Tax payung serfs w a head in yheie shoulders dont need anyone to let them kniw fudge packer in chief economyis fukt in the big stinky.

Wed, 04/30/2014 - 22:43 | 4714744 Battlecom1
Battlecom1's picture

Green Chutes! Green Chutes everybody.   I mean shoots.

Wed, 04/30/2014 - 22:53 | 4714762 CheapBastard
CheapBastard's picture

How can unemployment be that high? I talked to our lawn guy, José, who lives with about 12 Latinos and he said all of them is fully employed.

I talked to the fence guy, Juan, who said the same thing in the group he lives with. Same with Fernando and Julio who are also working around my neighborhood on the roads or building new houses. They said their group’s unemployment is zero.

Odd.

Thu, 05/01/2014 - 02:00 | 4715059 cynicalskeptic
cynicalskeptic's picture

You've still got a few standing around Home Depot waiting for a position after 9am where I am........   

I love the one black guy that shows up around 7pm asking if you need help loading your car.   You've missed the major demand by then.   Interestingly you do have a few Home Depot employees trolling for bus fare in the parking lot after shift change.   Always the same younger ones (WTF?)  They may not be well paid but it really doesn't go over well with the customers they were ignoring a few minutes earlier.   Funny how the old guys and older women seem to be the ones working their tails off while the young ones don't ever seem to do much.   Apparently the local HD has a problem finding workers who'll pass the drug test.

Thu, 05/01/2014 - 07:18 | 4715282 sleigher
sleigher's picture

I always thought the drug test was to determine if they were smart enough to pass.  If they can't pass the drug test, then they must be super lazy (stupid?).

Wed, 04/30/2014 - 23:56 | 4714911 SAT 800
SAT 800's picture

Well I don't know where to drop this in; I've been meaning to give everyone one url where they can dispense with global warming once and for all; let's say it's pertinent because it threatens the American Economy thru the machinations of "Da Prez"; and the lobbyists from Big Oil, to institute a punitive "carbon tax". http://www.examiner.com/article/carbon-dioxide-irrelevant-climate-debate.... So those of you who are interested in facts can get them; and those who are beyond facts can try to pretend they don't exist. Cheers.

Wed, 04/30/2014 - 20:55 | 4714445 fonzannoon
fonzannoon's picture

I bet when he got to 16 he started doing angry push ups and his personal trainer slapped the shit out of him and yelled "17 Michael! Go for 17 you can do it you silly little bitch!!". Then he threw the 17th one in there and his trainer slapped him on the ass and they went to starbucks for some frappucino's.

Wed, 04/30/2014 - 21:02 | 4714467 DaddyO
DaddyO's picture

Ya Fonz, but the 17th one should incite revolution from all of us who still work for a living!

DaddyO

Wed, 04/30/2014 - 21:05 | 4714475 Grande Tetons
Grande Tetons's picture

It should.....but it doesn't. 

 

Wed, 04/30/2014 - 21:08 | 4714484 fonzannoon
fonzannoon's picture

Leave it to this complete putz to claim that the stock market is a bubble being enjoyed by the 1%....and then concluding that he hopes it goes on for as long as possible. 

This has to be comedy.

Wed, 04/30/2014 - 21:13 | 4714496 Grande Tetons
Grande Tetons's picture

Kinda like the kid at the fair who is screaming and balling his eyes out on the roller coaster...and then when the ride ends...he jumps back in line. 

Wed, 04/30/2014 - 21:19 | 4714508 fonzannoon
fonzannoon's picture

Grande if you were writing a book about an economic collapse in America, your hero good guy would be "a respected financial reporter and blogger who took his prepping to extremes" right? Your bad guy would obviously be a 7 ft tall red eyed bald guy, correct?

Wed, 04/30/2014 - 21:25 | 4714528 Grande Tetons
Wed, 04/30/2014 - 22:04 | 4714645 snr-moment
snr-moment's picture

I thought we had passed 17 and were working on 18

Thu, 05/01/2014 - 01:37 | 4715040 TheRideNeverEnds
TheRideNeverEnds's picture

#18: Markets are at all time highs and going straight up with no possible top in sight.

Wed, 04/30/2014 - 20:59 | 4714458 Postal
Postal's picture

Pfft! All the plebs need are bread and circuses. And cake.

/sarc

Wed, 04/30/2014 - 21:00 | 4714461 fonzannoon
fonzannoon's picture

"Let us hope that this current bubble of false stability lasts for as long as possible.

That is what I am hoping for."

LOL

Wed, 04/30/2014 - 21:03 | 4714469 Grande Tetons
Grande Tetons's picture

When the bubble pops....so does the list making. 

So, hey...there is an upside. 

Wed, 04/30/2014 - 21:16 | 4714503 krispkritter
krispkritter's picture

Is that #1 on your list of things that stop when things go pop?

Wed, 04/30/2014 - 21:28 | 4714533 Grande Tetons
Grande Tetons's picture

Number one should be apathy.  

But, I could not care one way or the other. 

Wed, 04/30/2014 - 22:59 | 4714769 Totentänzerlied
Totentänzerlied's picture

Not necessarily.

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Thu, 05/01/2014 - 01:30 | 4715035 Offthebeach
Offthebeach's picture

Animal raising?

That'll get you a little visit from 3-4 BLM SWAT teams. ( used to be from just a single team, but peasants are nowadays more .....disrespectful. )

Wed, 04/30/2014 - 21:03 | 4714471 NoDebt
NoDebt's picture

Me too.  I've already spent all my future earnings based upon 20% per year compounded stock market gains.

Wed, 04/30/2014 - 21:32 | 4714511 Al Huxley
Al Huxley's picture

In fairness, since there's probably no easy exit from this current bubble, the gross, obscene inequality, immorality and injustice of the current state is probably still better than what's coming down the pipe.  And I'm pretty sure we won't even get the satisfaction of seeing the thieves pay for their crimes, just everywhere looking more and more like Detroit.

Wed, 04/30/2014 - 21:34 | 4714544 fonzannoon
fonzannoon's picture

That may be true Al, but my guess is this guy just wants the paychecks to keep comin. 

Wed, 04/30/2014 - 21:50 | 4714597 Al Huxley
Al Huxley's picture

Yeah, I imagine, but given the alternative....

Wed, 04/30/2014 - 21:55 | 4714613 fonzannoon
fonzannoon's picture

I hear you man. You know it's interesting Al, I have gotten junked to shit for saying something similar. Because it kind of implies that the fed has actually prevented what this author posits will happen, or at least delayed the shit out of it.

Wed, 04/30/2014 - 22:32 | 4714706 NoDebt
NoDebt's picture

It's how he says it.  All cool, smooth, a bit aloof and dripping with sarcasm.  I almost always read his comments when I come across them in a thread.

FYI- I see your serial-junker showed up tonight.  Mine's not here yet, but give it time.

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