Statistical Picture Much Grimmer
Than Average American Appreciates
Every body knows the economy is bad, but a look at today's statistics paints a far more sobering picture than you probably realize . . . .
The Definitely BAD NEWS:
1. U.S. national debt increase averaged $4+ Billion daily during President Obama’s first three years. IF the government stopped spending and began repaying immediately @ $1-per-second; it would need 479,000+ years** eliminating current debt . . . 2011’s budget deficit of $1.29 TRillion was the third consecutive year spending deficits exceeded $1 TRillion.
2. 19% of all American men 25-34 years old now live with their parents. 14% of Americans receive food stamps including 25% of American children. 37% of all U.S. households led by someone 35 or under have a net worth of $0.00, or less; 46% of all American workers have less than $10,000 saved for retirement; 29% of all American workers have less than $1,000 saved.
3. For every dollar China spends on American goods, we spend $4 on Chinese products; China just slapped a new 22% tax on all U.S. products (in a phrase: China “owns our Treasury Department”).
4. Without recent changes defining “Americans wanting jobs” today’s unemployment would be 11%. All Americans out of work, or under-employed (Bureau of Labor’s “SGS Alternate employment” while U-6 unemployment is 15.3%) is now 22+%. 74% of all U.S. small businesses do not plan to hire new workers in 2012, citing bad economic times; increased government regulations and health care uncertainties.
1. New home construction is at an all-time low in 2011, but older home prices now aren't dropping nearly so fast.
2. Because of foreclosure sales: the median price of a home in Detroit is now just $6,000. Great for buyers.
3. More Americans will now be able to afford homes, but the home price slide will NOT stop. The government’s foreclosure regulations retard average home sale rates by 21 months or more. No real estate bottom in sight for three years.
Ya'all live long, strong and ornery,
** Note: math required is . . . 3,600 seconds per hour@ 24 hours per day = 86,400 seconds per day @ 365.25 days per year = 31,557,600 seconds per year over 479,000+ years = $15.125 TRillion national debt (as of today, 12/17/2011) paid off @$1 per second.