50 Statistics About The U.S. Economy That Are Almost Too Crazy To Believe

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Johnny Oxygen's picture
Johnny Oxygen
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Posts: 1443
50 Statistics About The U.S. Economy That Are Almost Too Crazy To Believe

This is a good read I thought I would pass it on.

http://endoftheamericandream.com/archives/50-statistics-about-the-u-s-economy-that-are-almost-too-crazy-to-believe

 

Most Americans know that the U.S. economy is in bad shape, but what most Americans don't know is how truly desperate the financial situation of the United States really is.  The truth is that what we are experiencing is not simply a "downturn" or a "recession".  What we are witnessing is the beginning of the end for the greatest economic machine that the world has ever seen.  Our greed and our debt are literally eating our economy alive.  Total government, corporate and personal debt has now reached 360 percent of GDP, which is far higher than it ever reached during the Great Depression era.  We have nearly totally dismantled our once colossal manufacturing base, we have shipped millions upon millions of middle class jobs overseas, we have lived far beyond our means for decades and we have created the biggest debt bubble in the history of the world.  A great day of financial reckoning is fast approaching, and the vast majority of Americans are totally oblivious.

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: 50 Statistics About The U.S. Economy That Are Almost ...

Johnny-O thanks for this interesting statistical state of the union.  Looks like the Greatest Depression is taking roost.  Top 15:

  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.
  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.
  3. According to a National Foundation for Credit Counseling survey, only 58% of those in "Generation Y" pay their monthly bills on time.
  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.
  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).
  6. The bottom 40 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
  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.
  8. Approximately 40% of all retail spending currently comes from the 20% of American households that have the highest incomes.
  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.
  10. The Dow Jones Industrial Average just experienced the worst May it has seen since 1940.
  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.
  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.
  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.
  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".
  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.

All because we choose to rent our money from the international banking cartel instead of creating it ourselves as a public utility.

Larry

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logBurner
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Joined: Sep 26 2008
Posts: 58
Re: 50 Statistics About The U.S. Economy That Are Almost ...

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).

I've heard a huge number of horror stories where you pay off the card now or you are pushed to 28% interest APR. That truly is extortion!

Try the calculator for example at:

http://www.whatsthecost.com/creditCard.aspx

6000 at 14% (a good card rate in UK at the moment) interest = 4,918.23

Look at how small interest rate changes affect the numbers then try 28%:

6000 at 28% interest = 59,452.23

I gave the minimum repayment at 2.5%

I have actually seen one statment where the minimum payment would not cover interest charged - figure that one out when it comes to paying off :(

One of the tricks is to reduce the minimum amount to be repaid. I'm sure I remember it being approx 5% now I see more usual at 2.5%. Try that in the above calculator and then try changing from 2.5% and reducew down to 2%. You will then see the result mentioned above: You will never pay it off!

Greatest heist in history is an understatement - slavery is a better decription for the current situation.

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