June 9, 2012
Why is the economy going to collapse? Have you ever been asked that question? If so, what did you say? Sometimes it is difficult to communicate dozens of complicated economic and financial concepts in a package that the average person on the street can easily digest. It can be very frustrating to know that something is true but not be able to explain it clearly to someone else. Hopefully many of you out there will find the list below useful. It is a list of 70 numbers that show why we are headed for a national economic nightmare. So why does the title of the article single out Barack Obama? Well, it is because right now he is the biggest cheerleader for the economy. He is attempting to convince all of us that everything is just fine and that the economy is heading in a positive direction. Well, the truth is that everything is not fine and things are about to get a whole lot worse. Certainly others should share in the blame as well. Congress has been steering the economy in the wrong direction for decades, the "too big to fail" banks have turned Wall Street into a pyramid of risk, leverage and debt, and the Federal Reserve has more power over the financial system than anyone else does. Our economy has been in decline for quite a while now, and soon we are going to smash directly into an economic brick wall. Unfortunately, a lot of Americans are in denial about this. A lot of people out there doubt that an economic collapse is coming. Well, if you know someone that believes that the U.S. economy is going to be "just fine", just show them the list below.
The following are 70 facts that Barack Obama does not want you to see....
$3.59 - When Barack Obama entered the White House, the average price of a gallon of gasoline was $1.85. Today, it is $3.59.
22 - It is hard to believe, but today the poverty rate for children living in the United States is a whopping 22 percent.
23 - According to U.S. Representative Betty Sutton, an average of 23 manufacturing facilities permanently shut down in the United States every single day during 2010.
30 - Back in 2007, about 10 percent of all unemployed Americans had been out of work for 52 weeks or longer. Today, that number is above 30 percent.
32 - The amount of money that the federal government gives directly to Americans has increased by 32 percent since Barack Obama entered the White House.
35 - U.S. housing prices are now down a total of 35 percent from the peak of the housing bubble.
40 - The official U.S. unemployment rate has been above 8 percent for 40 months in a row.
42 - According to one survey, 42 percent of all American workers are currently living paycheck to paycheck.
48 - Shockingly, at this point 48 percent of all Americans are either considered to be "low income" or are living in poverty.
49 - Today, an astounding 49.1 percent of all Americans live in a home where at least one person receives benefits from the government.
53 - Last year, an astounding 53 percent of all U.S. college graduates under the age of 25 were either unemployed or underemployed.
60 - According to a recent Gallup poll, only 60 percent of all Americans say that they have enough money to live comfortably.
61 - At this point the Federal Reserve is essentially monetizing much of the U.S. national debt. For example, the Federal Reserve bought up approximately 61 percent of all government debt issued by the U.S. Treasury Department during 2011.
63 - One recent survey found that 63 percent of all Americans believe that the U.S. economic model is broken.
71 - Today, 71 percent of all small business owners believe that the U.S. economy is still in a recession.
80 - Americans buy 80 percent of the pain pills sold on the entire globe each year.
81 - Credit card debt among Americans in the 25 to 34 year old age bracket has risen by 81 percent since 1989.
85 - 85 percent of all artificial Christmas trees are made in China.
86 - According to one survey, 86 percent of Americans workers in their sixties say that they will continue working past their 65th birthday.
90 - In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.