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Half Of The Population Of The World Is Dirt Poor – And The Global Elite Want To Keep It That Way

earth-in-hand-public-domainCould you survive on just $2.50 a day?  According to Compassion International, approximately half of the population of the entire planet currently lives on $2.50 a day or less.  Meanwhile, those hoarding wealth at the very top of the global pyramid are rapidly becoming a lot wealthier.  Don’t get me wrong – I am a very big believer in working hard and contributing something of value to society, and those that work the hardest and contribute the most should be able to reap the rewards.  In this article I am in no way, shape or form criticizing true capitalism, because if true capitalism were actually being practiced all over the planet we would have far, far less poverty today.  Instead, our planet is dominated by a heavily socialized debt-based central banking system that systematically transfers wealth from hard working ordinary citizens to the global elite.  Those at the very top of the pyramid know that they are impoverishing everyone else, and they very much intend to keep it that way.

Let’s start with some of the hard numbers.  According to Zero Hedge, Credit Suisse had just released their yearly report on global wealth, and it shows that 45.6 percent of all the wealth in the world is controlled by just 0.7 percent of the people…

As Credit Suisse tantalizingly shows year after year, the number of people who control just shy of a majority of global net worth, or 45.6% of the roughly $255 trillion in household wealth, is declining progressively relative to the total population of the world, and in 2016 the number of people who are worth more than $1 million was just 33 million, roughly 0.7% of the world’s population of adults. On the other end of the pyramid, some 3.5 billion adults had a net worth of less than $10,000, accounting for just about $6 trillion in household wealth.

And since this is a yearly report, we can go back and see how things have changed over time.  When Zero Hedge did this, it was discovered that the wealth of those at the very top “has nearly doubled” over the past six years, and meanwhile the poor have gotten even poorer…

Incidentally, we tracked down the first Credit Suisse report we found in this series from 2010, where the total wealth of the top “layer” in the pyramid was a modest $69.2 trillion for the world’s millionaires. It has nearly doubled in the 6 years since then. Meanwhile, the world’s poorest have gotten, you got it, poorer, as those adults who were worth less than $10,000 in 2010 had a combined net worth of $8.2 trillion, a number which has since declined to $6.1 trillion in 2016 despite a half a billion increase in the sample size.

If these trends continue at this pace, it won’t be too long before the global elite have virtually all of the wealth and the rest of us have virtually nothing.

Perhaps you are fortunate enough to still have a good job, and you live in a large home and you will sleep in a warm bed tonight.

Well, you should consider yourself to be very blessed, because that is definitely not the case for most of the rest of the world.  The following 11 facts about global poverty come from dosomething.com, and I want you to really let these numbers sink in for a moment…

  1. Nearly 1/2 of the world’s population — more than 3 billion people — live on less than $2.50 a day. More than 1.3 billion live in extreme poverty — less than $1.25 a day.
  2. 1 billion children worldwide are living in poverty. According to UNICEF, 22,000 children die each day due to poverty.
  3. 805 million people worldwide do not have enough food to eat. Food banks are especially important in providing food for people that can’t afford it themselves. Run a food drive outside your local grocery store so people in your community have enough to eat. Sign up for Supermarket Stakeout.
  4. More than 750 million people lack adequate access to clean drinking water. Diarrhea caused by inadequate drinking water, sanitation, and hand hygiene kills an estimated 842,000 people every year globally, or approximately 2,300 people per day.
  5. In 2011, 165 million children under the age 5 were stunted (reduced rate of growth and development) due to chronic malnutrition.
  6. Preventable diseases like diarrhea and pneumonia take the lives of 2 million children a year who are too poor to afford proper treatment.
  7. As of 2013, 21.8 million children under 1 year of age worldwide had not received the three recommended doses of vaccine against diphtheria, tetanus and pertussis.
  8. 1/4 of all humans live without electricity — approximately 1.6 billion people.
  9. 80% of the world population lives on less than $10 a day.
  10. Oxfam estimates that it would take $60 billion annually to end extreme global poverty–that’s less than 1/4 the income of the top 100 richest billionaires.
  11. The World Food Programme says, “The poor are hungry and their hunger traps them in poverty.” Hunger is the number one cause of death in the world, killing more than HIV/AIDS, malaria, and tuberculosis combined.

So how did we get here?

Debt is the primary mechanism that takes wealth from ordinary people like you and me and puts it into the hands of the global elite.

In my recent article entitled “Why Donald Trump Must Shut Down The Federal Reserve And Start Issuing Debt-Free Money“, I discussed how the Federal Reserve was designed to entrap the U.S. government in an endless debt spiral from which it could never possibly escape.  And that is precisely what has happened, as the U.S. national debt has gotten more than 5000 times larger since the Federal Reserve was created in 1913.

In that very same year, the federal income tax was instituted, and that is a key part of the program for the global elite.  You see, the income tax is how wealth is transferred from us to the government.  And then a continuously growing national debt is how that wealth is transferred from the government to the elite.

It is a very complicated system, but at the end of the day it is all about taking money from us and getting it into their pockets.

And at this point more than 99.9 percent of the population of the world lives in a country with a central bank, and almost every nation on the planet has some form of income tax.

It is a global system that is designed to create as much debt as possible, and I recently shared with my readers that the total amount of debt in the world has hit a staggering all-time record high of 152 trillion dollars.

Interestingly, the Bible actually foretells of a time when rich men would hoard wealth in the last days.  The following are the first five verses of the Book of James in the Modern English Version

Come now, you rich men, weep and howl for your miseries that shall come upon you. Your riches are corrupted and your garments are moth-eaten. Your gold and silver are corroded, and their corrosion will be a witness against you and will eat your flesh like fire. You have stored up treasures for the last days. Indeed the wages that you kept back by fraud from the laborers who harvested your fields are crying, and the cries of those who harvested have entered into the ears of the Lord of Hosts. You have lived in pleasure on the earth and have been wayward. You have nourished your hearts as in a day of slaughter.

So much of the time we focus on the other great sins that we see all around us, but the truth is that one of the greatest sins of all in our world today is the sin of greed.

The borrower is the servant of the lender, and the global elite have used various forms of debt to turn the rest of the planet into their debt slaves.

As debt levels race higher and higher all over the planet, the elite are using the magic of compound interest to grab a bigger and bigger share of the pie.

Given enough time, those at the very top would have virtually everything and the rest of us would have virtually nothing.  The middle class is shrinking all over the globe, and the gap between the wealthy and the poor continues to grow at an astounding pace.

But the vast majority of people out there have no idea how money, debt, taxes and central banks really work, and so they have no idea that this is purposely being done to them.

So please share this article with as many people as you can.  The truth is that we don’t have to have this much global poverty, and if we correctly identify the root causes of this poverty we can start working on some real solutions.

The Student Loan Debt Bubble Is Creating Millions Of Modern Day Serfs

Every single year, millions of young adults head off to colleges and universities all over America full of hopes and dreams.  But what most of those fresh-faced youngsters do not realize is that by taking on student loan debt they are signing up for a life of debt slavery.  Student loan debt has become a trillion dollar bubble which has shattered the financial lives of tens of millions of young college graduates.  When you are just starting out and you are not making a lot of money, having to make payments on tens of thousands of dollars of student loan debt can be absolutely crippling.  The total amount of student loan debt in the United States has now surpassed the total amount of credit card debt, and student loan debt is much harder to get rid of.  Many young people view college as a “five year party“, but when the party is over millions of those young people basically end up as modern day serfs as they struggle to pay off all of the debt that they have accumulated during their party years.  Bankruptcy laws have been changed to make it incredibly difficult to get rid of student loan debt, so once you have it you are basically faced with two choices: either you are going to pay it or you are going to die with it.

But we don’t warn kids about this before they go to school.  We just endlessly preach to them that they need a college degree in order to get a “good job”, and that after they graduate they will easily be able to pay off their student loans with the “good job” that they will certainly be able to find.

Sadly, tens of millions of young Americans have left college in recent years only to find out that they were lied to all along.

As I have written about previously, college has become a giant money making scam and the victims of the scam are our young people.

Back in 1952, a full year of tuition at Harvard was only $600.

Today, it is over $35,000.

Why does college have to cost so much?

At every turn our young people are being ripped off.

For example, the cost of college textbooks has tripled over the past decade.

Has it suddenly become a lot more expensive to print books?

Of course not.

The truth is that an entire industry saw an opportunity to gouge students and they went for it.

The amount of money being spent on higher education in this country is absolutely outrageous.  One father down in Texas says that he will end up spending about 1.5 million dollars on college expenses for his five daughters before it is all said and done.

Unfortunately, most young adults in America don’t have wealthy fathers so they have to take out large student loans to pay for their educations.

Average student loan debt at graduation is estimated to be about $28,720 right now.

That is a crazy figure and it has absolutely soared in recent years.  In fact, student loan debt in America has grown by 511 percent since 1999.

And student loan debt will follow you wherever you go.

If you do not pay your loans when you graduate, you could end up having your wages, your tax refunds and even your Social Security benefits garnished.

In addition, your account could be turned over to the debt collectors and they can be absolutely brutal.

The student loan debt bubble is the best thing to happen to debt collectors in ages.  The following is what one professional who works in the industry said in a recent article that he wrote for a debt collection industry publication….

As I wandered around the crowd of NYU students at their rally protesting student debt at the end of February, I couldn’t believe the accumulated wealth they represented – for our industry.

It was lip-smacking.

At my right, to graphically display how she was debt-burdened, was a girl wearing a t-shirt emblazoned with the fine sum of $90,000, another with $65,000, a third with $20,000 and over there a really attractive $120,000 was printed on another shirt.  Guys were shouldering their share, with t-shirts of $20,000, $15,000, $27,000, $33,000 and $75,000.

There is no way that our young people can afford to take on those kinds of debt loads, and that is one reason why student loan delinquency rates continue to surge.

In fact, the student loan default rate in the United States has nearly doubled since 2005.

Today, one out of every six Americans that owes money on a student loan is in default.

One out of every six.

And it is going to get a whole lot worse.

At this point there are about 5.9 million Americans that are at least 12 months behind on their student loan payments.

So could the bursting of the student loan bubble do tremendous damage to our financial system?

Don’t worry – Federal Reserve Chairman Ben Bernanke is promising that the student loan debt bubble won’t cause a crisis.

And you can trust him, right?

For those living with the burden of unpaid student loan debt, life can be really tough.  Some try to avoid the debt collectors, but it is easier said than done.  The following is from a recent article in the New York Times….

Hiding from the government is not easy.

“I keep changing my phone number,” said Amanda Cordeiro, 29, from Clermont, Fla., who dropped out of college in 2010 and has fielded as many as seven calls a day from debt collectors trying to recover her $55,000 in overdue loans. “In a year, this is probably my fourth phone number.”

Unlike private lenders, the federal government has extraordinary tools for collection that it has extended to the collection firms. Ms. Cordeiro has already had two tax refunds seized, and other debtors have had their paychecks or Social Security payments garnisheed.

The biggest problem, of course, is that there are not nearly enough jobs for the hordes of college graduates that our system produces each year.

During 2011, 53 percent of all Americans with a bachelor’s degree under the age of 25 were either unemployed or underemployed.

So without a good job, how are those young people supposed to service their student loans?

Once upon a time, a college degree was a guaranteed ticket to the middle class.

Sadly, those days are long gone.  Today, millions upon millions of college graduates have taken jobs that do not even require a college education.  The following is from a recent CNBC article….

In the last year, they were more likely to be employed as waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined (100,000 versus 90,000). There were more working in office-related jobs such as receptionist or payroll clerk than in all computer professional jobs (163,000 versus 100,000). More also were employed as cashiers, retail clerks and customer representatives than engineers (125,000 versus 80,000).

You probably know young people who have experienced the “wake up call” that comes as a result of entering the “real world” in this horrible economic environment.

It is not easy out there.

And this can be extremely disappointing for parents as well.  How would you feel if your daughter got very high grades all of the way through college and ended up working as a waitress because she couldn’t find anything else?

Even those that pursue advanced degrees are having an extremely challenging time finding work in this economy.

For example, a Business Insider article from a while back profiled a law school graduate named Erin that is actually on food stamps….

She remains on food stamps so her social life suffers. She can’t afford a car, so she has to rely on the bus to get around Austin, Texas, where she lives. And currently unable to pay back her growing pile of law school debt, Gilmer says she wonders if she will ever be able to pay it back.

“That has been really hard for me,” she says. “I have absolutely no credit anymore. I haven’t been able to pay loans. It’s scary, and it’s a hard thing to think you’re a lawyer but you’re impoverished. People don’t understand that most lawyers actually aren’t making the big money.”

And the really sad thing is that the quality of the education that our young people are receiving is very poor.  I spent eight years attending U.S. universities, and most parents would be absolutely shocked at how little our college students are actually learning.

Going to college really has become a ticket to party for four or five or six years with a little bit of “education” thrown in.

But our society has put a very high value on those little pieces of paper called “diplomas” so we all continue to play along with the charade.

Some college students are finding other “creative” ways to pay for their educations other than going into tremendous amounts of debt.  For example, an increasing number of young women are seeking out “sugar daddies” who will “sponsor” their educations.  The following is from a Huffington Post article about this disturbing trend….

On a Sunday morning in late May, Taylor left her Harlem apartment and boarded a train for Greenwich, Conn. She planned on spending the day with a man she had met online, but not in person.

Taylor, a 22-year-old student at Hunter College, had confided in her roommate about the trip and they agreed to swap text messages during the day to make sure she was safe.

Once in Greenwich, a man who appeared significantly older than his advertised age of 42 greeted Taylor at the train station and then drove her to the largest house she had ever seen. He changed into his swimming trunks, she put on a skimpy bathing suit, and then, by the side of his pool, she rubbed sunscreen into the folds of his sagging back — bracing herself to endure an afternoon of sex with someone she suspected was actually about 30 years her senior.

Of course that young woman will probably deeply regret doing that later on in her life.

Once graduation comes, millions upon millions of our young people are discovering that it is really hard to be financially independent if you are drowning in student loan debt and you can’t find a good job.

So what are they doing?

They are moving back in with Mom and Dad.

One poll discovered that 29 percent of all Americans in the 25 to 34 year old age bracket are still living with their parents.

Ouch.

So what do you think about all of this?  Please feel free to post a comment with your thoughts below….

Obama Has Stolen $5.3 Trillion From Our Children In Order To Make Himself Look Good

Barack Obama has destroyed the future of America in order to improve his chances of winning the next election.  Under Obama, 5.3 trillion dollars has been ruthlessly stolen from our children and our grandchildren.  That money has been used to pump up the debt-fueled false prosperity that we have been experiencing.  When the U.S. government borrows money that it does not have from someone else (such as China) and spends that money into the economy it is going to make our economic numbers look better.  Even if the government spends that money on incredibly stupid things, it still gets into the hands of average Americans who in turn spend that money on food, gas, clothes, etc.  If we were to go back and take that extra 5.3 trillion dollars out of the U.S. economy, I guarantee you that we would be in a rip-roaring depression right now.  We would look a lot like Greece at this point.  For several years Greece has been raising taxes and cutting government spending in an attempt to balance the budget and these austerity measures have resulted in an unemployment rate of over 23 percent and an economy that has contracted by close to 25 percent.  Most Americans don’t want to go through pain like that so they are okay with continuing to financially rape our children and our grandchildren.  Just imagine how you would feel if your parents died tomorrow and you found out that they had left you with a million dollar debt that you were legally obligated to pay off.  How would you feel, knowing that you had just been sold into debt slavery for the rest of your life?  Well, that is how our children and our grandchildren are going to feel.  We are destroying the greatest economic machine the world has ever seen, we are accumulating the biggest mountain of debt in the history of the planet, and the coming economic collapse that we have caused is going to wipe out the promising future that our children and our grandchildren were supposed to have.  If they get the chance, future generations of Americans will curse us bitterly and will spit on our graves.  What we are doing to our children and our grandchildren is the kind of stuff that horror movies are made of.  You should be ashamed of yourself America.

The federal budget deficit for 2012 will be larger than the entire U.S. national debt was 30 years ago.  In 1982 Ronald Reagan was in the White House and the U.S. national debt was considered to be a tremendous national crisis.  But somehow we have allowed our national debt to grow from about a trillion dollars back then to approximately $16,000,000,000,000 today.

By the end of Obama’s first term, the U.S. national debt will have grown more than it did from the time that George Washington became president to the time that George W. Bush became president.

That is hard to believe.

Obama is going to outdo all the presidents from George Washington through Bill Clinton in just one term.

Amazing.

At this point, the U.S. national debt is more than 22 times larger than it was when Jimmy Carter became president.

This has allowed us to enjoy a standard of living far beyond what we deserved to.  We have stolen from the future to make the present more pleasant.

But hardly anybody wants the party to end.  Especially not our Congress critters – they are living like kings and queens at our expense.  Our “representatives” in Washington D.C. love to give speeches about being “financially responsible”, but most of them never take any serious action about the debt because the way things are working now has been incredibly good to them.

And the truth is that both political parties have been responsible.  In 2010, Republicans took control of the House of Representatives with a clear mandate to get government spending under control.  Not a single penny of government money can be spent without their permission.  But since they took control, the U.S. national debt has increased by another 1.8 trillion dollars.

At this point, this current Congress (controlled by both Republicans and Democrats) has added more to the national debt than the first 97 Congresses combined.

We expect this kind of nonsense from the Democrats, but the Republicans are supposed to know better.

Of course our entire financial system is designed to permanently entrap our federal government in an endless spiral of debt, but neither political party ever talks about that.

Sadly, the U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was first created.

But we never hear about the link between the Federal Reserve and our national debt from either political party or on the mainstream news.

So most Americans do not even realize that our system is designed to create government debt.

It is absolutely disgusting.

We say that we care about our kids, and yet we are passing down a $16,000,000,000,000 debt to them.

Talk about child abuse.

Most people have a really hard time grasping how much money 16 trillion dollars actually is.

If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.

And it would take you more than half a million years to spend 16 trillion dollars.

This is a debt that is impossible to pay back.  Just look at how it has exploded over the past 40 years….

In a previous article I discussed the distressing rate at which our debt is growing….

It took more than 200 years for the U.S. national debt to reach 1 trillion dollars.  In 1986, the U.S. national debt reached 2 trillion dollars.  In 1992, the U.S. national debt reached 4 trillion dollars.  In 2005, the U.S. national debt doubled again and reached 8 trillion dollars.  Now the U.S. national debt is about to cross the 16 trillion dollar mark.  How long can this kind of exponential growth go on?

If we can’t even slow down the growth of our debt, how do we ever expect to repay a single penny?

The sad truth is that we aren’t ever going to start paying down our debt.  We have gotten to the point where if we take our foot off the debt accelerator we plunge directly into a depression and the entire system collapses.  It is like a really sick version of the movie “Speed”.

Where is Keanu Reeves when you need him?

Since Barack Obama entered the White House, he has approved a whole host of measures that have been good for the economy in the short-term.  TARP, the stimulus packages, the auto industry bailout and the payroll tax cut are just a few examples.

Barack Obama has wanted to do everything he possibly can to stimulate the economy in the short-term so that he can win again in 2012.

But what about the future?

Barack Obama could not care less about the future.  He is just like so many of our other politicians.  He is blinded by selfish ambition.

Since Barack Obama became president, the U.S. national debt has increased by an average of more than $64,000 per taxpayer.

Are you willing to write a check for your share?

No?

Oh, let’s just pass this horrific debt on to our children, right?

The path that we are on as a nation cannot go on too much longer.  The truth is that we are headed for financial oblivion.

A recently revised IMF policy paper entitled “An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How?” projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.

Of course we will never get to the point.  Our financial system will collapse long before then.

Sadly, the United States already has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain does.

So why are we not like Greece or Spain yet?

Well, it is because we are still able to borrow huge piles of money very, very cheaply.

But at some point that will come to an end, and when it does the consequences are going to be nightmarish.

Historically, the interest rate on 10 year U.S. Treasuries has averaged 6.68 percent.  If the average rate of interest on U.S. debt rose to that level today, we would be paying more than a trillion dollars a year just in interest on the national debt.

And when you consider our future unfunded liabilities things get even more frightening.

According to Boston University economist Laurence Kotlikoff, the “fiscal gap” is “the present value difference between projected future spending and revenue”.  His calculations have led him to the conclusion that the United States is facing a fiscal gap of 222 trillion dollars.

And this gap is rising at a breathtaking pace.

The following is an excerpt from a recent article co-authored by Kotlikoff….

In 2007, the first year the CBO produced the Alternative Fiscal Scenario, the gap, by our reckoning, stood at $175 trillion. By 2009, when the CBO began reporting the AFS annually, the gap was $184 trillion. In 2010, it was $202 trillion, followed by $211 trillion in 2011 and $222 trillion in 2012.

But if we interrupt this debt cycle we immediately go into a depression.

We are a debt addict that will die without more debt.

Meanwhile, our national ability to produce wealth is going down the toilet.

All over the country businesses are shutting down, factories are being closed and millions of jobs are being sent overseas.

As I wrote about the other day, American families are steadily getting poorer.  The middle class is shrinking and the tax base is shriveling up.

Many Americans end up flat broke at the end of their lives these days.  In fact, one study found that nearly half of all retirees end up with $10,000 or less when they die.

So where is all of the money for servicing this gigantic national debt going to come from?

Even if Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.

So what is the solution?

If we keep spending money like this we are doomed, but if we stop spending money like this we are doomed.

And debt is not just a problem that the federal government is facing.

Posted below is a chart that shows the growth of all forms of debt in the United States over the past several decades.  40 years ago, there was less than 2 trillion dollars of total debt owed in the United States.  Now there is nearly 55 trillion dollars of debt owed.  This generation has destroyed the future and has set the stage for an unprecedented economic collapse.  Shame on you America….

Ben Bernanke Says That His Son Will Graduate With $400,000 Of Student Loan Debt

Who ever imagined that Ben Bernanke would become a poster child for the student loan debt problem in America?  Recently Bernanke told Congress that his son will graduate from medical school with about $400,000 of student loan debt.  For most Americans, such a staggering amount of debt would almost certainly guarantee a lifetime of debt slavery.  Unfortunately, Bernanke’s son is not alone.  According to the Federal Reserve Bank of New York, approximately 167,000 Americans have more than $200,000 of student loan debt.  The cost of a college education has increased much more rapidly than the rate of inflation over the past several decades, and most students enter the “real world” today with a debt burden that will stay with them for most of their working lives.  In an economy where there are so few good jobs for college graduates, it can be incredibly difficult to get married, buy a house or afford to have children when you are drowning in student loan debt.  It would be hard to overstate the financial pain that student loans are causing many young adults in America today.  The student loan debt problem is a national crisis and it is not going away any time soon.

The Federal Reserve Bank of New York says that the total amount of student loan debt in America now exceeds the total of all credit card debt in the country.  It also exceeds the total of all auto loans.

The New York Fed says that there is a total of $870 billion owed on student loans in the United States right now.  Other sources claim that the total amount of student loan debt in the United States will soon exceed one trillion dollars.

Either way, we are talking about an extraordinary amount of money.

Sadly, approximately two-thirds of all U.S. college students graduate with student loan debt these days.  The average amount of student loan debt at graduation is approximately $25,000.

That might not be so bad if the economy was full of good paying jobs for college graduates, but that simply is not the case.

As college tuition continues to soar, the student loan debt problem continues to get even worse.  U.S. college students are borrowing about twice as much money as they did a decade ago after adjusting for inflation.

That is not a good trend.

The truth is that it has simply gotten way too expensive to go to college.

Back in 1952, a full year of tuition at Harvard was only $600.

Today, the price tag is $35,568.

So why is a Harvard education 59 times more expensive than it used to be?

Somebody is getting rich off of all this, and it isn’t the students.

In fact, many students are looking at a life of debt slavery for decades to come.

The following is a quote from one recent graduate from a recent Politico article….

“I pay almost $1,000 a month just in student loan repayment. I will have to do so for the next 30 years. How will I ever afford to buy a house, have children or save for the future?”

After working so hard all the way through school, is that any kind of a “future” to look forward to?

The system is failing our young people.

Many young college graduates have found themselves unable to make their payments or have simply decided to quit making payments.

Officially, the student loan default rate has nearly doubled since 2005.  But a new report from the Federal Reserve Bank of New York says that things may be even worse than that.  According to the New York Fed, approximately one out of every four student loan balances are past-due at this point.

But it isn’t just young people getting into trouble with student loan debt.

These days, financial institutions are increasingly targeting parents.  Federal student loans often do not cover all of the expenses of college in this day and age, and so increasingly loans are being made to parents to make up the difference.  Student loans made to directly to parents have increased by 75 percent since the 2005-2006 academic year.

Unfortunately, what students and parents are getting in return for all of this money is not that great.

I spent eight years of my life studying at U.S. colleges and universities.  The institutions that I attended were supposed to be better than most.  But most of the classes that I took were a total joke.  A 6-year-old child could have passed most of them.

Almost everyone agrees that the quality of college education in America is in a serious state of decline.  The goal is to get these kids through the system and to keep collecting the big tuition checks.

When I was in school, I could hardly believe how little was being required of me.  But being as lazy as I was, I certainly did not complain.

If only more parents realized what was really going on.

The following are some facts about the quality of college education in the United States from a USA Today article….

-“After two years in college, 45% of students showed no significant gains in learning; after four years, 36% showed little change.”

-“Students also spent 50% less time studying compared with students a few decades ago”

-“35% of students report spending five or fewer hours per week studying alone.”

-“50% said they never took a class in a typical semester where they wrote more than 20 pages”

-“32% never took a course in a typical semester where they read more than 40 pages per week.”

Are you starting to get the picture?

If you are in college right now, enjoy the good times while they last, because when you graduate you will find that there are very few good jobs available for the hordes of new college graduates that are pouring into the labor market.

For a new college graduate, things can be rather depressing.  Just consider the following statistics….

*About a third of all college graduates end up taking jobs that don’t even require college degrees.

*In the United States today, there are more than 100,000 janitors that have college degrees.

*In the United States today, 317,000 waiters and waitresses have college degrees.

There are millions of college graduates that are unemployed in America today.  There are millions of others that have been forced to take very low paying jobs because that is all they can get.

It is no coincidence that incomes for households led by someone between the ages of 25 and 34 have fallen by about 12 percent after you adjust for inflation since the year 2000.

Young people in America are under intense financial pressure right now.

Many are unable to make it at all and have moved back in with Mom and Dad.  As I wrote about recently, approximately 25 million American adults are living with their parents at this point.

The system of higher education in this country is badly broken and it desperately needs to be fixed.

So do you have a solution to these problems or do you have a student loan debt horror story to share?

Please feel free to leave a comment with your opinion below….

The Obama Nation: Even More Debt And Even More Store Closings

Well, it is time to raise the debt ceiling again.  Right now we are about to hit the current limit of $15.194 trillion and the Obama administration is going to ask that it be raised by another 1.2 trillion dollars.  Unfortunately, Congress has already promised not to stand in the way, and so soon the debt limit will be raised to a staggering $16.394 trillion.  Considering how much debt we have already placed on the backs of future generations, what is another 1.2 trillion dollars?  After all, if we are going to sell our children and our grandchildren into debt slavery, we might as well go all the way, right?  Such is the thinking in “the Obama Nation”.  During “the Obama Nation”, the federal government has already accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.  Of course the Bush administration was nearly as bad at piling up government debt.  Between Bush and Obama (with a big helping hand from the Federal Reserve), they have done a pretty good job of wiping out the financial future of the United States.  If there are future generations of Americans, they will look back and curse those that did this to them.  It is absolutely immoral to steal trillions of dollars from future generations.  Unfortunately, there are very, very few members of Congress that are even objecting to this madness.

Today, more debt just seems to be the answer to everything.  The truth is that debt is not just a government problem.  We are a nation that is addicted to debt.

As of October, total consumer credit in the United States had increased for 12 of the past 13 months.  We simply have not learned the lessons of the past and we are making the same mistakes all over again.

We are living in the greatest debt bubble in the history of the world, and this false prosperity that we are enjoying is simply not sustainable.

But even in the midst of this false prosperity we are seeing a huge number of store closings.

For example, it was just announced that Sears has decided to close between 100 and 120 Sears and Kmart stores.

Once upon a time, Sears was the dominant force in the retail industry, but those days are long gone.  Sears stock has declined more than 45 percent so far this year, and many are wondering how long the company is going to be able to survive.

And there have been other high profile store closings announced during this holiday season as well.  A while back it was announced that all Syms stores and all Filene’s Basement stores will be closing.

Will we all eventually be relegated to shopping only at Wal-Mart?

In the middle of this “economic recovery” that Obama keeps talking about a staggering number of retail stores are closing up shop.  The following is a list of store closings in 2011 that I recently found.  The first number represents the total number of stores being closed for each chain….

405 Blockbuster

633 Borders

200 GameStop

189 Gap

160 f.y.e.

117 Anchor Blue

117 Foot Locker

100 Talbot’s

71 A.J. Wright

69 Metropark

63 Friendly’s

60 Rite Aid

52 Destination Maternity

50 Abercrombie & Fitch

50 Hot Topic

45 Big Lots

45 Family Dollar

43 Select Comfort

43 Sonic Drive-In

35 Denny’s

32 Great Atlantic and Pacific Tea Company, Inc. (SuperFresh, Pathmark Super Market)

30 Ultimate Electronics

28 Dominos

25 Superfresh (Great Atlantic & Pacific Tea Company)

20 Lowe’s

Sadly, it looks like things are going to get even worse next year.  One consulting firm is projecting that there will be more than 5,000 store closings in 2012.

The United States is piling up unprecedented amounts of new debt at a time when our economy is dying and our ability to produce wealth is diminishing.

All over America right now, poverty is absolutely exploding.  Millions of people that never dreamed that they would have to reach out for help now find that they have no other options.  The following comes from a recent article in the Fiscal Times….

For years, the food pantry in Crystal Lake, Ill., a bedroom community 50 miles west of Chicago, has catered to the suburban areas’ poor, homeless and unemployed. But Cate Williams, the head of the pantry, has noticed a striking change in the makeup of the needy in the past year or two. Some families that once pulled down six-figure incomes and drove flashy cars are now turning to the pantry for help. A few of them donated food and money to the pantry before their luck soured, according to Williams.

“People will shyly say to me, ‘You know, I used to give money and food to you guys. Now I need your help,’” Williams told The Fiscal Times last week. “Most of the folks we see now are people who never took a handout before. They were comfortable, able to feed themselves, to keep gas in the car, and keep a nice roof over their head.”

But not everyone will ask for help nicely.  As the economic numbers continue to get worse, desperate Americans will lash out in wild and unpredictable ways.

The following is from a local NBC station down in Texas.  In the days to come, this type of report will become quite common….

A 19-year-old Houston-area man says he was beaten and a friend was slashed in the face as a group of men robbed him of his new pair of expensive Air Jordan shoes.

We will also see more mass protests and more mass riots as the months and years roll along.  This country is going to become increasingly unstable.

Check out this video of a massive brawl that erupted inside Mall of America the other day.  Soon scenes such as this will become so common that they will not even be newsworthy anymore.

In response, many Americans will get sick and tired of waiting for the police to protect them and will take matters into their own hands.

In fact, we are already starting to see this.  For example, just the other day a store clerk down in North Carolina knocked a would-be robber out cold and then forced him to clean up his own blood after he woke up.

There are millions of Americans out there that are not going to put up with a whole lot of nonsense.  When desperate criminals try to rob from their homes or businesses it might not end well for the criminals.

Of course it would be much nicer if the federal government would do some things to actually fix the economy and avoid some the problems that are looming on the horizon.

Ah, but that would interrupt their vacations.  Right now, the U.S. House of Representatives is on vacation until mid-January.

If you can believe it, Congress does not work for most of the year.  Normally they are scheduled to be in session for about a third of all the days on the calendar.

And Obama is certainly taking it easy.  He is enjoying yet another vacation.  As I wrote about yesterday, it has been estimated that the Obama Hawaiian vacation this year will cost somewhere in the neighborhood of 4 million dollars.

Yes, it is tough being the head of the Obama Nation.

Sadly, a lot of Americans still have faith in these jokers.

According to a Gallup poll that was just released, Barack Obama is the most admired man in America by far and Hillary Clinton is the most admired woman in America by far.  If you can believe it, Barack Obama has held the top spot for men for four years in a row, and Hillary Clinton has held the top spot for women for ten years in a row.

When are we going to learn?

Someone once said that insanity is doing the same thing over and over again and expecting different results.

Well, the American people keep sending corrupt politicians such as Bush and Obama to the White House and they keep expecting things to get better.

It just isn’t going to happen.

If we stay on the current path that we are on, there will be a lot more store closings, the economy will continue to crumble and government debt will continue to skyrocket.

Minor changes are not going to cut it.  We need massive changes on a fundamental level.

Unfortunately, neither political party is offering massive changes.  The Republicans and the Democrats just keep offering the same tired solutions and they keep promising that they can “fix things” if we will just send more of them to Washington.

Hopefully the American people will wake up and see through these lies because time is running out.

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