Tuesday, November 09, 2010

The Ugly Truth about the U.S. economy….

28% of U.S. households have at least one member that is looking for a full-time job.

9.2 million Americans that are unemployed but that are not receiving an unemployment insurance check.

In America today, the average time needed to find a job has risen to a record 35.2 weeks.

The United States has lost 10.5 million jobs since 2007.

China’s trade surplus (much of it with the United States) climbed 140 percent in June compared to a year earlier.

In America the Average salary is 10-15 dollars an hour.  In China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.

71% of Americans say that it still feels like the economy is in a recession.

Banks repossessed 269,962 U.S. homes during the second quarter of 2010, which was a new all-time record.

Banks repossessed an average of 4,000 South Florida properties a month in the first half of 2010, up 83 percent from the first half of 2009.

1.65 million U.S. properties received foreclosure filings during the first half of 2010.

Demand for loans to purchase U.S. homes has sunk to a 13-year low.

Only 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.

1.41 million Americans filed for personal bankruptcy in 2009 - a 32 percent increase over 2008.

In 1950 each retiree’s Social Security benefit was paid for by 16 workers.  Today, each retiree’s Social Security benefit is paid for by approximately 3.3 workers.  By 2025 it is projected that there will be approximately two workers for each retiree.

43 percent of Americans have less than $10,000 saved for retirement.

24% of American workers say that they have postponed their planned retirement age in the past year.

The Conference Board’s Consumer Confidence Index declined sharply to 52.9 in June. 

Retail sales in the U.S. fell in June for a second month in a row.

Vacancies and lease rates at U.S. shopping centers continued to get worse during the second quarter of 2010.

Consumer credit in the United States has contracted during 15 of the past 16 months.

During the first quarter of 2010, the total number of loans that are at least three months past due in the 

The state of Illinois now ranks eighth in the world in possible bond-holder default.  The state of California is ninth.

25 percent of Americans now have a credit score below 599, which means that they are a very bad credit risk.

On Friday, U.S. regulators closed down three banks in Florida, two in South Carolina and one in 

Michigan, bringing to 96 the number of U.S. banks to be shut down so far in 2010.

The FDIC’s deposit insurance fund now has negative 20.7 billion dollars in it, which represents a slight improvement from the end of 2009.

The U.S. federal budget deficit has topped $1 trillion with three months still to go in the current budget year.

U.S. national debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015.

The M3 money supply plunged at a 9.6 percent annual rate during the first quarter of 2010.

80 percent of American households held about 7% of the liquid financial assets.

40 percent of all income earners in the United States now collectively own less than 1 percent of the nation’s wealth.

The number of Americans with incomes below the official poverty line rose by about 15%between 2000 and 2006, and by 2008 over 30 million U.S. workers were earning less than $10 per hour.

For the first time in U.S. history, more than 40 million Americans are on food stamps

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