Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
NVIDIA THE KING OF THE METAVERSE! - 10th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
MATTERPORT (MTTR) - DIGITIZING THE REAL WORLD - METAVERSE INVESTING 2022 - 7th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
METAVERSE - NEW LIFE FOR SONY AGEING GAMING GIANT? - 6th Jan 2022
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

10 Facts About The Financial Condition Of American Families

Politics / Social Issues Jul 26, 2011 - 05:20 AM GMT

By: Submissions

Politics

Best Financial Markets Analysis ArticleMichael Snyder writes: The crumbling U.S. economy is putting an extraordinary amount of financial stress on American families. For many Americans, "flat broke" has become a permanent condition. Today, over half of all American families live paycheck to paycheck. Unemployment is rampant and those that do actually have jobs are finding that their wages are rising much more slowly than prices are.


The financial condition of average American families continues to decline and this is showing up in all of the recent surveys. For example, according to a new Gallup poll, "lack of money/low wages" is the number one financial concern for American families. To make ends meet, many American families are going into even more debt and more American families than ever are turning to government assistance. Right now, more Americans than at any other point since World War II are flat broke and have lost hope. Until this changes, the frustration level in this country is going to continue to grow.

The following are 10 facts about the financial condition of American families that will blow your mind.....

#1 Only 58 percent of Americans have a job right now.

#2 Only 56 percent of Americans are currently covered by employer-provided health insurance.

#3 The median yearly wage in the United States is $26,261.

#4 The average American household is carrying $75,600 in debt.

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

#6 At this point, American families are approximately 7.7 trillion dollars poorer than they were back in early 2007.

#7 The poorest 50% of all Americans now own just 2.5% of all the wealth in the United States.

#8 According to one study, approximately 21 percent of all children in the United States were living below the poverty line in 2010.

#9 Today, there are more than 44 million Americans on food stamps, and nearly half of them are children.

#10 According to Newsweek, close to 20 percent of all American men between the ages of 25 and 54 do not have a job at the moment.

So what is causing all of this?

Where in the world did all of the good jobs go?

Well, the truth is that millions of them have been shipped overseas.

Our politicians promised us that merging our economy with the economies of other nations where it is legal to pay slave labor wages to workers would not create more unemployment inside America.

They were dead wrong.

Now we are being told that we just need to accept a lower standard of living.

For example, billionaire Howard Marks says that it is time for all of us to just accept that the standard of living of American workers is inevitably going to decline to the level of the rest of the world....

"In addition to balancing the budget and growing the economy, I think we have to accept that the coming decades are likely to see U.S. standards of living decline relative to the rest of the world. Unless our goods offer a better cost/benefit bargain, there’s no reason why American workers should continue to enjoy the same lifestyle advantage over workers in other countries. I just don’t expect to hear many politicians own up to this reality on the stump."

Are you willing to accept that?

Well, most Americans appear to be willing to accept this "new reality" because they keep sending most of the exact same bozos back to Washington D.C.

Meanwhile, the job losses continue to get worse. As I wrote about the other day, as the U.S. economy has started to slow down again we are starting to see another huge wave of layoffs all over America.

It doesn't take a genius to figure out where all of our jobs are going. But unfortunately, most Americans don't understand what is happening because neither the mainstream media nor our politicians are telling them the truth.

For much more on how millions of our good jobs are being shipped out of the country, please see another article I recently published entitled "How Globalism Has Destroyed Our Jobs, Businesses And National Wealth In 10 Easy Steps".

But it is not just the globalization of the economy that is destroying our jobs.

The federal government bureaucracy has become so oppressive that it is amazing that anyone is still willing to hire workers in this day and age.

Hiring workers has become so complicated and so expensive that many small business owners want to avoid it at all cost.

For example, a small business owner identified as "007" recently left the following comment on one of my recent articles....

Speaking as a small employer, I would rather have a root canal than another employee. Let’s see. You first have to hire someone you trust without some labor lawyer suing you for some type of discrimination. Then you have OSHA to make sure your work place is safe. Then you have workmans compensation insurance, unemployment taxes, health insurance, liability insurance, now Obamacare. Oh be careful not to be deemed to have a “hostile work environment”. Then you have to negotiate the labor laws. The Department of Labor is constantly cranking out regulation.

Then you get the pleasure of paying payroll taxes both state and federal along with the required filing of a multitude of payroll forms. Miss filing or paying these taxes and you will be crushed with interest and penalties.

Of course, you are competing with businesses that can hire at a fraction of the cost of American Labor and with very little regulations. In this economy, no one in their right mind is hiring into this unstable and declining economy.

If business turns down all you have to worry about is laying off workers. Of course your unemployment insurance tax will go up 200% for years. Then you only have to then worry about a wrongful termination law suit.

The entire system is stacked against American workers.

If you are a blue collar worker, you should give up hope that things are going to get better. The system has failed you.

You can stop waiting for the "good jobs" to come back.

They aren't coming back.

That is one reason why I try to encourage everyone to become more independent of the system.

As our economic system continues to degenerate, Americans are going to become increasingly desperate.

Sadly, desperate people do desperate things. Already we are starting to see signs that the fabric of American society is starting to be ripped to shreds.

So what is going to happen if the economy gets even worse?

There is a limit to how many people we can actually put in prison. The reality is that the number of Americans in prison has nearly tripled since 1987.

Our prisons are already dangerously overcrowded. As society falls apart, many communities will simply not be able to shove more people behind bars.

Even with our prisons stuffed to the gills, many of our largest cities continue to be transformed into absolute hellholes.

Detroit is now the 3rd most dangerous city on the entire planet and New Orleans is now the 9th most dangerous city on the entire planet.

So what are our leaders doing about all of this?

Well, they appear to be too busy fighting with each other and cheating on their wives to do much about our problems.

According to Politico, U.S. Representative David Wu is the latest member of Congress to be accused of a sex scandal....

Rep. David Wu has been accused of an “unwanted sexual encounter” with the teenage daughter of a longtime friend, the latest scandal to engulf the troubled Oregon Democrat.

This country is a complete and total mess. Tens of millions of American families are flat broke and are about to slip into poverty. Meanwhile, our politicians continue to prove that they are some of the most corrupt on the planet.

There are many out there that still believe that America has a bright future ahead.

It is getting really hard to see why anyone could possibly believe that.

By Michael Snyder
The Economic Collapse

© 2011 Copyright Michael Snyder - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in