Thursday, January 20, 2011

Recovery? 20 Economic Records that tell another story.

* A new record of 2.87 million Americans received a foreclosure filing.
* A record one million homes were actually repossessed.
* The price of gold rose above $1400 an ounce while the purchasing power of the dollar hit a new low.
* Approximately 1.53 million consumer bankruptcy petitions according to the American Bankruptcy Institute
* Those lucky enough to secure a new job found it took over 35 weeks to find it - a record.
* Manufacturing fell below 10% . This is the lowest ever and getting worse!
* Part-time working Americans is the highest in five decades and those giving up the search - a new record.
* Government spending is at an all-time high along with the number of Americans collecting food stamps(43 mil)and over 50 million Americans on Medicaid and according to the Census Bureau, 43.6 million Americans living in poverty while at the same time Wall St. will provide $144 billion in compensation.
* 157 banks failed in 2010 - an increase over 2009 and over 2008.
* State and local government debt reached an all-time high and not to be out done, the US government surpassed $14 trillion in debt.
...and consider that almost all state and local governments were able to meet obligations due to the stimulus money which won't be available to them in 2011 and the many jobs that were "saved" due to that same stimulus money will await their fate, probably being laid off. In addition, any sovereign debt issues on default will cause a flight to the dollar, causing it to rise and that will choke off our exports, the robo-signing foreclosure disaster will add another spike in the foreclosing process and if that isn't enough, stock analysts predict another oil spike in price. But don't worry, this is the third year in the presidential cycle.