New Numbers Confirm That The Global Economy And The U.S. Economy Are The Weakest They Have Been Since The Last Recession

Even mainstream economists are admitting that economic activity is slowing down.  And at this point that fact would be very difficult to deny, because the numbers are very clear.  We haven’t faced anything like this in a decade, and many are deeply concerned about what is coming next.  Will it be just another recession, or will it be an even greater crisis than we faced in 2008?  According to Bloomberg Economics, the global economy experienced a “sharp loss of speed” over the course of 2008 and global economic conditions are now “the weakest since the global financial crisis”…

The global economy’s sharp loss of speed through 2018 has left the pace of expansion the weakest since the global financial crisis a decade ago, according to Bloomberg Economics.

Its new GDP tracker puts world growth at 2.1 percent on a quarter-on-quarter annualized basis, down from about 4 percent in the middle of last year. While there’s a chance that the economy may find a foothold and arrest the slowdown, “the risk is that downward momentum will be self-sustaining,” say economists Dan Hanson and Tom Orlik.

This is definitely the worst condition that the global economy has been in since I started The Economic Collapse Blog, and I am personally very alarmed about where things are heading.  The tremendous economic optimism of early 2018 has given way to a tremendous wave of pessimism, and the speed at which the economic environment is changing has stunned a lot of the experts.

In fact, Bloomberg economists Dan Hanson and Tom Orlik openly admit that they are “surprised” by how quickly the global economy has shifted…

“The cyclical upswing that took hold of the global economy in mid-2017 was never going to last. Even so, the extent of the slowdown since late last year has surprised many economists, including us.

Of course the U.S. has not been immune from the changes.  The U.S. economy is rapidly slowing down as well, and this is something that I have been heavily documenting on my website.

And now we have just received more confirmation that the economy is decelerating.  The Atlanta Fed has just updated their GDPNow model yet again, and with this new revision they are now projecting that the U.S. economy will grow at a rate of just 0.2 percent during the first quarter of 2019…

Moments ago we got another confirmation of this, when following the latest retail sales report which saw a dramatic cut to December retail sales even as January surprised modestly to the upside, the Atlanta Fed slashed its Q1 GDP nowcast, and after rebounding modestly from 0.3% to 0.5% a week ago, it has once again slumped, and is now at the lowest recorded level, and just 0.2% away from economic contraction.

This is how the AtlantaFed justified its latest Q1 GDP cut, which as of March 11 was just 0.2 percent, down from 0.5 percent on March 8: “After this morning’s retail sales report from the U.S. Census Bureau, the nowcast of first-quarter real personal consumption expenditures growth declined from 1.5 percent to 1.0 percent.”

In other words, we are just a razor thin margin away from entering an economic contraction.

Last week, we learned that U.S. job cut announcements were up 117 percent in February when compared to last year.  All of the economic momentum is in a negative direction right now, and it is going to be exceedingly difficult to avert a recession at this point.

And of course a lot of analysts believe that what is coming will be a whole lot worse than just a recession.  The greatest debt bubble in the entire history of our planet is in the process of bursting, and the consequences are going to be absolutely horrific.  I really like how financial expert Egon von Greyerz recently made this point

People must understand that the world has never faced risk of this magnitude. We are now in the final seconds of the global mega bubble, the likes of which the world has never seen before. What will happen next will be worse than the fall of the Roman Empire, much worse than the South Sea and Mississippi Bubbles, and will create a disaster that will dwarf the Great Depression of the 1930s.

The problem is simple to define and is all based around debts and liabilities. At the beginning of this century, global debt was $80 trillion. When the Great Financial Crisis started in 2006, global debt had gone up by 56% to $125 trillion. Today it is $250 trillion.

There is no way that a 250 trillion dollar bubble is going to burst in an orderly fashion.  Essentially, we are looking at the sort of apocalyptic financial scenario that I have been warning about for a long time, and most people have no idea that it is coming.

And if people only listened to the financial authorities, it would be easy to get the impression that everything is going to be just fine.

For example, Fed Chair Jay Powell just told 60 Minutes that the outlook for the U.S. economy “is a favorable one”.  The following comes from Fox Business

Jay Powell, the head of the Federal Reserve, says he does not see a recession hitting the U.S. economy anytime soon.

“The outlook for our economy, in my view, is a favorable one,” Powell said Sunday in an interview with CBS’s Scott Pelley for “60 Minutes.”

If you are tempted to believe Powell, let me remind you of what former Fed Chair Ben Bernanke told Congress in early 2008

“The U.S. economy remains extraordinarily resilient,” the U.S. central bank chief said in answering questions after testifying before the House of Representatives Budget Committee.

Bernanke added that growth will be worse this year. “We currently see the economy as continuing to grow, but growing at a relatively slow pace, particularly in the first half of this year,” he said.

Of course we all remember what happened next.  The U.S. economy plunged into the worst economic downturn since the Great Depression of the 1930s, and we are still dealing with the aftermath of that crisis to this day.

Nobody is going to ring a bell when the next recession starts.  It is just going to happen, and just like last time, most Americans are going to be blindsided by it.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

U.S. Job Cut Announcements Rise 117 Percent To The Highest Level That We Have Seen In More Than 3 Years

We have not seen anything like this since the last recession.  Layoff announcements are coming fast and furious now, and the speed at which workers are being laid off is shocking a lot of people.  In this day and age, big companies have absolutely no loyalty to their workers.  The moment it becomes financially advantageous for them to start laying off employees, most of them will do it in a heartbeat.  I personally know someone that was an extremely hard worker and that put in extra time and effort for his company for many, many years, but he was just laid off because that is what the number crunchers determined was the right move.  It is a cold, cruel world, and as we witnessed back in 2008, job losses can occur at a pace that is absolutely breathtaking when a recession strikes.

Over the past couple of weeks, I have been documenting the numbers that indicate that a major economic slowdown has begun, and we may have gotten the biggest one so far on Thursday.

According to Challenger, Gray & Christmas, the number of job cut announcements in February was up 117 percent compared to the same period last year.  The following comes from Fox Business

While many experts and investors are eagerly awaiting data on status of the labor market Opens a New Window. to be released by the government on Friday, a new report shows U.S. employers cut more jobs Opens a New Window. last month than they have in the past 3.5 years.

Even though it is the shortest month of the year, U.S. employers announced plans to cut 76,835 jobs last month, according to a report from Challenger, Gray & Christmas. That’s a 117 percent year-over-year increase, and a 45 percent increase over January’s numbers.

You have to go all the way back to 2015 to find a month that was as bad as February.

Are you starting to see that the momentum for the economy has clearly shifted?

The economic news just keeps getting worse and worse as we roll through 2019, and the retail sector is being hit harder than just about anyone else.

In fact, retailers announced more job cuts in February than any other sector did

The retail sector had the most planned job cuts, with 41,201 so far this year – the highest January-February total since 2009. The industrial goods sector – including some manufacturers – followed with nearly 32,000 cuts announced during the same time period.

The primary reasons employers cited for eliminating positions were restructuring and bankruptcy.

This is being called a “retail apocalypse”, and we are on pace to absolutely shatter the all-time record for store closings in a single year.

At this point, retailers have already announced the closure of more than 5,300 stores.  The following list of retailers that have announced that they are shutting down at least 10 locations comes from Business Insider

Payless ShoeSource: 2,500 stores
Gymboree: 805 stores
Family Dollar: 390 stores
Shopko: 251 stores
Chico’s: 250 stores
Gap: 230 stores
Performance Bicycle: 102 stores
Charlotte Russe: 520 stores
Sears: 70 stores
Destination Maternity: 42-67 stores
Victoria’s Secret: 53 stores
Kmart: 50 stores
Abercrombie & Fitch: 40 stores
Christopher & Banks: 30-40 stores
JCPenney: 27 stores
Beauty Brands: 25 stores
Henri Bendel: 23 stores
Lowe’s: 20 stores

And that list doesn’t even include the fact that Amazon is closing all 87 of its pop-up stores.

I have repeatedly warned that we will be facing a future of boarded up windows, empty retail stores and abandoned malls, and it is happening right in front of our eyes.

Of course it isn’t just the retail industry that is rapidly laying off workers.  Here are just a few of the highlights from the workforce reduction announcements that we have seen in recent days…

-Tesla continues to struggle, and they have already laid off 8 percent of their entire workforce.

-Microsoft is cutting approximately 200 jobs in their commercial sales business.

-JP Morgan is steadily shutting down bank branches in lower income neighborhoods.

-We Work has announced that they have let 300 employees go.

-Devon Energy is eliminating about 200 workers.

-Whole Foods is cutting back worker hours.

-Encana has announced that it is laying off 274 workers in the Houston area.

-In North Carolina, Duke Energy has eliminated 1,900 positions.

-Ocwen Financial is planning to lay off approximately 2,000 workers over the course of 2019.

And in my article yesterday, I noted that General Motors is shutting down four major production plants this year.

It’s really happening.

The bubble of debt-fueled false prosperity that we have been enjoying is disappearing, and the road ahead is going to be really rough.

On Thursday we also learned that U.S. household wealth has been plummeting.  In fact, the fourth quarter of 2018 was the worst quarter for household balance sheets since the last financial crisis

Americans’ net worth fell at the highest level since the financial crisis in the fourth quarter of 2018 as sliding stock market prices ate into the household balance sheet.

Net worth dropped to $104.3 trillion as the year came to an end, a decrease of $3.73 trillion from the third quarter, according to figures released Thursday by the Federal Reserve. The fall amounted to a drop of 3.4 percent.

An increasing number of families are feeling financially squeezed these days, and many of them are accumulating large amounts of debt as they attempt to keep things going.

But for a lot of Americans that are currently drowning in debt, the end of the road has already been reached.

In an article that I posted yesterday, I noted that an all-time record 7 million Americans are behind on their vehicle payments, 37 million credit card accounts are considered to be “seriously delinquent”, and 166 billion dollars worth of student loans are now in the “seriously delinquent” category.

This is a consumer debt crisis that already surpasses the numbers that we witnessed during the last recession.

Nobody is quite sure what is going to happen next.  This is very much a developing story, and I will share new numbers with you as I get them in.

We haven’t experienced anything quite like this since 2008, and most Americans are completely unprepared for a new economic downturn.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

17 Facts To Show To Anyone That Believes That The U.S. Economy Is Just Fine

17No, the economy is most definitely not “recovering”.  Despite what you may hear from the politicians and from the mainstream media, the truth is that the U.S. economy is in far worse shape than it was prior to the last recession.  In fact, we are still pretty much where we were at when the last recession finally ended.  When the financial crisis of 2008 struck, it took us down to a much lower level economically.  Thankfully, things have at least stabilized at this much lower level.  For example, the percentage of working age Americans that are employed has stayed remarkably flat for the past four years.  We should be grateful that things have not continued to get even worse.  It is almost as if someone has hit the “pause button” on the U.S. economy.  But things are definitely not getting better, and there are a whole host of signs that this bubble of false stability will soon come to an end and that our economic decline will accelerate once again.  The following are 17 facts to show to anyone that believes that the U.S. economy is just fine…

#1 The homeownership rate in the United States has dropped to the lowest level in 19 years.

#2 Consumer spending for durable goods has dropped by 3.23 percent since November.  This is a clear sign that an economic slowdown is ahead.

#3 Major retailers are closing stores at the fastest pace that we have seen since the collapse of Lehman Brothers.

#4 According to the Bureau of Labor Statistics, 20 percent of all families in the United States do not have a single member that is employed.  That means that one out of every five families in the entire country is completely unemployed.

#5 There are 1.3 million fewer jobs in the U.S. economy than when the last recession began in December 2007.  Meanwhile, our population has continued to grow steadily since that time.

#6 According to a new report from the National Employment Law Project, the quality of the jobs that have been “created” since the end of the last recession does not match the quality of the jobs lost during the last recession…

  • Lower-wage industries constituted 22 percent of recession losses, but 44 percent of recovery growth.
  • Mid-wage industries constituted 37 percent of recession losses, but only 26 percent of recovery growth.
  • Higher-wage industries constituted 41 percent of recession losses, and 30 percent of recovery growth.

#7 After adjusting for inflation, men who work full-time in America today make less money than men who worked full-time in America 40 years ago.

#8 It is hard to believe, but 62 percent of all Americans make $20 or less an hour at this point.

#9 Nine of the top ten occupations in the U.S. pay an average wage of less than $35,000 a year.

#10 The middle class in Canada now makes more money than the middle class in the United States does.

#11 According to one recent study, 40 percent of all Americans could not come up with $2000 right now even if there was a major emergency.

#12 Less than one out of every four Americans has enough money put away to cover six months of expenses if there was a job loss or major emergency.

#13 An astounding 56 percent of all Americans have subprime credit in 2014.

#14 As I wrote about the other day, there are now 49 million Americans that are dealing with food insecurity.

#15 Ten years ago, the number of women in the U.S. that had jobs outnumbered the number of women in the U.S. on food stamps by more than a 2 to 1 margin.  But now the number of women in the U.S. on food stamps actually exceeds the number of women that have jobs.

#16 69 percent of the federal budget is spent either on entitlements or on welfare programs.

#17 The number of Americans receiving benefits from the federal government each month exceeds the number of full-time workers in the private sector by more than 60 million.

Taken individually, those numbers are quite remarkable.

Taken collectively, they are absolutely breathtaking.

Yes, things have been improving for the wealthy for the last several years.  The stock market has soared to new record highs and real estate prices in the Hamptons have skyrocketed to unprecedented heights.

But that is not the real economy.  In the real economy, the middle class is being squeezed out of existence.  The quality of our jobs is declining and prices just keep rising.  This reality was reflected quite well in a comment that one of my readers left on one of my recent articles

It is getting worse each passing month. The food bank I help out, has barely squeaked by the last 3 months. Donors are having to pull back, to take care of their own families. Wages down, prices up, simple math tells you we can not hold out much longer. Things are going up so fast, you have to adopt a new way of thinking. Example I just had to put new tires on my truck. Normally I would have tried to get by to next winter. But with the way prices are moving, I decide to get them while I could still afford them. It is the same way with food. I see nothing that will stop the upward trend for quite a while. So if you have a little money, and the space, buy it while you can afford it. And never forget, there will be some people worse off than you. Help them if you can.

And the false stock bubble that the wealthy are enjoying right now will not last that much longer.  It is an artificial bubble that has been pumped up by unprecedented money printing by the Federal Reserve, and like all bubbles that the Fed creates, it will eventually burst.

None of the long-term trends that are systematically destroying our economy have been addressed, and none of our major economic problems have been fixed.  In fact, as I showed in this recent article, we are actually in far worse shape than we were just prior to the last major financial crisis.

Let us hope that this current bubble of false stability lasts for as long as possible.

That is what I am hoping for.

But let us not be deceived into thinking that it is permanent.

It will soon burst, and then the real pain will begin.

Meet 5 People Who Made A Decision To Shine A Light In The Darkness

Heart - Photo by Louise Docker from Sydney, AustraliaAre you ready for some inspirational stories that will make your heart jump for joy?  These days, it is so easy to get down.  Both individually and as a nation, we have so many problems and it often seems like things just keep getting worse.  For example, this week we learned that pending home sales in the United States just dropped by the most in 3 years and that they have now been declining for 8 months in a row.  And without a doubt, incredibly challenging times are on the horizon.  In response, a lot of people are going to choose to complain bitterly and curse the darkness.  Others are going to respond with fear and will try to hide from the world as much as they can.  But I don’t think that either of those approaches is a good way to react to the problems that we will be facing.  Rather, I believe that the right choice is to be a light in the darkness and to try to make a difference.  As you will see below, there are many ways that this can be done.  You don’t have to be famous, or run for political office, or have a million dollars.  All that it takes is a willingness to reach out and love the one in front of you.  If all of us decided to do what we could to truly make a difference in the life of one other person, our nation would be a far better place.  The following are 5 people who made a conscious decision to shine a light in the darkness…

Kelly Nixon Mayr

It takes a lot of love and compassion to adopt a child into your own home.  When that child has special needs, it can be especially challenging.  That is why the story of Kelly Nixon Mayr is so inspiring.  Along with her husband, she has made a lifestyle out of helping children with special needs

Kelly Nixon Mayr of Colorado has birthed five children, adopted one troubled teen and fostered several special-needs infants. On Tuesday, she and husband Paul announced, through their family blog, that they had finalized their adoption of Angie, a 2-year-old who was born drug-exposed and clubfooted, whom they had fostered on and off since she was 1.

Now they are preparing for their next adoption—of Rita, an 8-year-old Eastern European orphan with arthrogryposis (a rare syndrome causing unbendable joints) and a case of post-traumatic stress disorder.

But Nixon Mayr, 45, who speaks about her close-knit brood with equal parts passion and humor, insists that she and her husband are not extraordinary.

“I yell at my kids, and I think one might have had Goldfish for breakfast the other day,” she tells Yahoo Shine with a laugh. “The only thing we are is willing.”

It takes a lot of money to raise those children.  Kelly and her husband could have used that money on a larger house, luxury cars and expensive vacations.  But instead, they willingly chose to live their lives in service to others.

Rahat

Younger Americans are capable of feats of great compassion as well.  For example, a YouTube personality known as “Rahat” could have easily ignored the homeless man that he would often see at the local shopping mall.  But instead, he decided to do something about it

On March 4, a YouTube magician and prankster name Rahat set aside his mischievous pranks to do something really kind for a homeless man he’d often seen hanging around his shopping mall.

He heard that the man named Eric was a “nice and respectable guy,” so he gave him a lottery ticket telling him it was a winner and that he should come to the shop and claim his prize. The store clerk was privy to the stunt and pretended the ticket was indeed a winner and handed over $1,000 in cash to the homeless gentleman.

Rahat, who had secretly given the clerk the cash to give to Eric recorded a video of how excited Eric was to “win” the money.

And thanks to Rahat’s YouTube video and fundraising efforts, a total of $42,000 has been raised for that homeless man, and his future is looking bright for the first time in a very long while.

Annie Hart

Sometimes it is an animal that desperately needs some love and compassion.  In this economic environment, there are a lot of people that are abandoning their pets, and there are a lot of homeless dogs and cats that are in a tremendous amount of pain right now.

That is why what people like Annie Hart are doing is so wonderful

When Annie Hart rescued a sick, homeless pit bull, not even she could have predicted the miraculous transformation the animal would undergo.

Hart is the executive director of the Bill Foundation and is no stranger to rescuing animals.

She ended up naming the pit bull Gideon. The dog was in such bad shape that he actually trembled at the sight of humans.

Doctors also discovered that Gideon was suffering from multiple severe bacterial and highly contagious fungal infections. He was put in quarantine.

As you watch the video of the transformation of this dog that I have posted below, you might just find yourself getting choked up over it…

Mark A. Mayo

How many of you would be willing to give your life so that someone else could live?

That is precisely what Master-at-Arms 2nd Class Mark A. Mayo recently did.  It is this kind of heroism that America desperately needs more of

Master-at-Arms 2nd Class Mark A. Mayo, 24, was killed during a shooting incident at Naval Station Norfolk Monday. Mayo was assigned to Naval Security Forces, Naval Station Norfolk.

Norfolk Naval Base commander Robert Clark said the young sailor sacrificed himself to save others.

“It was incredibly extraordinary,” says Clark.

The shooting happened around 11:20pm Monday night at Pier 1 onboard the USS Mahan.

Mark Mayo was protecting a sailor who first confronted a civilian intruder. That man, a truck driver, tried to board the destroyer Mahan. He disarmed the watch stander and then turned the watch stander’s gun at Mayo.

“He jumped into the way between the gunman and the petty officer of the watch. She fell to the ground. He covered her and he basically gave his life for hers,” says Clark.

“Doing that, that’s something he would do,” says Virgil Savage, a fellow sailor and close friend of Mayo. “He always stood up for the little guy.”

You can read more about Mayo’s incredible act of bravery right here.

Dan And Linda Catlin

It takes a very special individual to commit your entire life to serving the homeless.

But that is exactly what Pastor Dan Catlin and his wife Linda have been doing for many years.

The following is an excerpt from a profile of the Messiah’s Branch homeless ministry in Wichita, Kansas that was written by Jessiqua Wittman

Messiah’s Branch is a family-owned homeless ministry. Since the year 2000, Dan and Linda Catlin have been traveling an hour, at least twice a week, to help the homeless in the city of Wichita, Kansas.

When I was a teenager (before we were homeless ourselves), my family had the privilege of working with this family.

We’d arrive at the mission building (a renovated bar), around 12:30 on Tuesdays and Fridays. The homeless people of the city, usually about 50 to 70 of them, would already be trickling into the area. There are a lot more homeless people than that in Wichita. Those were just the people from the surrounding area that could walk there, and had no other ministry that they could go for food. Most churches (besides Messiah’s Branch) require identification before they feed people off the street, and oftentimes homeless people have lost their identification long ago, whether because of drugs, mugging, or police raids (many of the police in Wichita are very hostile towards homeless people).

When you serve the homeless, there are no vacations.  It is just a relentless battle against human pain and suffering.  To do this year after year, you have got to be driven by compassion…

Sister Linda can hold a knife and cut a potato at the same time, in the same hand! The whole time seasoning her stew and chatting and laughing with a young homeless couple that are hanging around the kitchen door, hungry for more than just food.

And Pastor Dan? What does he do? He takes some people to doctor’s appointments, some to the hospital. Sometimes he buys shoes, or makes sure they find a coat that will fit just right. The way I remember him most is being the resident jar-opener.

In the wintertime, when it reaches a certain temperature, Pastor Dan and Sister Linda open up the building full time. There are so many people that come, they lay them all side-by-side in rows on the floor. For a week sometimes, it’s like this.

I have personally talked to Pastor Dan and I know how hard he has worked to help the homeless of Wichita for so many years.

But the need just keeps getting greater.

All over the country, the middle class is shrinking and more people are falling into poverty.

We are going to need a lot more people like the ones you just read about above.

And you don’t have to do exactly what they are doing.  Find your own way to make a difference.  We all have different gifts, and together we can make this country a better place.

So make a conscious decision to shine a light in the darkness.

In the end, you will be glad that you did.

32 Statistics That Obama Neglected To Mention During The State Of The Union Address

Barack Obama State Of The UnionShow this article to anyone that believes that the economy has actually improved under Barack Obama.  On Tuesday evening, Barack Obama once again attempted to convince all of us that things have gotten better while he has been in the White House.  He quoted a few figures, used some flowery language and made a whole bunch of new promises.  And even though he has failed to follow through on his promises time after time, millions upon millions of Americans continue to believe him.  In fact, you can find a list of 82 unfulfilled promises from his previous State of the Union addresses right here.  Soon we will have even more to add to that collection.  At this point, you have to wonder if Obama even believes half the stuff that he is saying.  Of course it is extremely unlikely that he is going to come out and admit that he has failed and that he has been lying to us this whole time, but without a doubt the gap between reality and what he is saying to the public is becoming ridiculously huge.  To say that his credibility is “strained” would be a massive understatement.  No, things have not been getting better in America.  In fact, they continue to get even worse.  The following are 32 statistics that Obama neglected to mention during the State of the Union address…

#1 According to a recent NBC News/Wall Street Journal poll, only 28 percent of all Americans believe that the country is moving in the right direction.

#2 In 2008, 53 percent of all Americans considered themselves to be “middle class”.  In 2014, only 44 percent of all Americans consider themselves to be “middle class”.

#3 In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be “lower class”.  In 2014, an astounding 49 percent of them do.

#4 Right now there is approximately a billion square feet of vacant retail space in the United States.

#5 There are 46.5 million Americans that are living in poverty, and the poverty rate in America has been at 15 percent or above for 3 consecutive years.  That is the first time that has happened since 1965.

#6 Barack Obama says that the unemployment rate has declined to 6.7 percent, but if the labor force participation rate was at the long-term average it would actually be approximately 11.5 percent, and it has stayed at about that level since the end of the last recession.

#7 While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to 47 million.

#8 While Barack Obama has been in the White House, the percentage of working age Americans that are actually working has declined from 60.6 percent to 58.6 percent.

#9 While Barack Obama has been in the White House, the average duration of unemployment in the United States has risen from 19.8 weeks to 37.1 weeks.

#10 While Barack Obama has been in the White House, social benefits as a percentage of real disposable income has risen from about 17 percent to nearly 21 percent.

#11 While Barack Obama has been in the White House, the rate of homeownership in the United States has fallen to levels that we have not seen in nearly two decades.

#12 While Barack Obama has been in the White House, median household income in the United States has fallen for five years in a row.

#13 While Barack Obama has been in the White House, the average cost of a gallon of gasoline has gone from $1.85 to $3.27.

#14 At the end of Barack Obama’s first year in office, our yearly trade deficit with China was 226 billion dollars.  Now it is over 300 billion dollars.

#15 Workers are taking home the smallest share of the income pie that has ever been recorded.

#16 Sadly, 1,687,000 fewer Americans have jobs today compared to exactly six years ago even though the population has grown significantly since then.

#17 One recent study found that about 60 percent of the jobs that have been “created” since the end of the last recession pay $13.83 or less an hour.

#18 Only 47 percent of all adults in America have a full-time job at this point.

#19 It is hard to believe, but an astounding 53 percent of all American workers make less than $30,000 a year.

#20 The Obama years have been absolutely brutal for small businesses.  According to economist Tim Kane, the following is how the number of startup jobs per 1000 Americans breaks down by presidential administration

Bush Sr.: 11.3

Clinton: 11.2

Bush Jr.: 10.8

Obama: 7.8

#21 You can still buy a house in the city of Detroit for just one dollar.

#22 The U.S. cattle herd is at a 61 year low.

#23 It is being projected that health insurance premiums for healthy 30-year-old men will rise by an average of 260 percent under Obamacare.

#24 According to the most recent numbers from the U.S. Census Bureau, an all-time record 49.2 percent of all Americans are receiving benefits from at least one government program each month.

#25 When Barack Obama was first elected, the U.S. debt to GDP ratio was under 70 percent.  Today, it is up to 101 percent.

#26 The U.S. national debt is on pace to more than double during the eight years of the Obama administration.  In other words, under Barack Obama the U.S. government will accumulate more debt than it did under all of the other presidents in U.S. history combined.

#27 Right now, there are 1.2 million students that attend public schools in the United States that are homeless.  That number has risen by 72 percent since the start of the last recession.

#28 Only 35 percent of all Americans say that they are better off financially than they were a year ago.

#29 Only 19 percent of all Americans believe that the job market is better than it was a year ago.

#30 According to a recent CNN poll, 70 percent of all Americans believe that “the economy is generally in poor shape”.

#31 According to a recent Pew Research survey, only 19 percent of all Americans trust the government.   Back in 1958, 73 percent of all Americans trusted the government.

#32 According to another poll that was recently released, 70 percent of all Americans do not have confidence that the government will “make progress on the important problems and issues facing the country in 2014.”

Barack Obama State Of The Union

Will The Bottom Fall Out? 15 Signs That Layoffs And Job Losses Are Skyrocketing

If you still have a good job, you might want to hold on to it very tightly because there are a whole bunch of signs that unemployment in the United States is about to start getting worse again.  Over the past several weeks, a substantial number of large corporations have announced disappointing earnings for the third quarter.  Many of those large corporations are also loaded up with huge amounts of debt.  So what is the solution?  Well, the favorite solution on Wall Street these days seems to be to lay off workers.  In fact, it is almost turning into a feeding frenzy.  Since September 1st, we have seen more job cuts announced than during any other two month period since the start of 2010.  These announcements represent future layoffs and job losses which are not even showing up in the unemployment numbers yet.  So needless to say, things don’t look very promising for the end of 2012 or for the beginning of 2013.  If this race to eliminate jobs becomes a stampede, will we see the bottom fall out of the employment market?

If you are concerned about whether or not you will still have a job 12 months from now, you might find the numbers posted below to be quite alarming.  We have not seen layoff announcements come this fast and this furious since the gloomy days of the last recession.

According to Bloomberg, job cuts are well ahead of the pace set last year…

North American companies have announced plans to eliminate more than 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. Firings total 158,100 so far this year, more than the 129,000 job cuts in the same period in 2011.

So what happens if the economy really starts sliding rapidly and this loss of jobs becomes an avalanche?

Can the U.S. economy and the American people handle another major economic downturn?

Some of the biggest names in the business world have announced job cuts in recent weeks.  The following are 15 signs that layoffs and job losses are skyrocketing…

1. Dow Chemical has announced that it will be closing about 20 plants and will be letting about 2,400 workers go.

2. Colgate-Palmolive has announced that they will be eliminating about 2,300 jobs.

3. DuPont has announced plans to eliminate about 1,500 jobs.

4. Ford has announced that it will be eliminating 6,200 jobs and will be reducing production capacity in Europe by 18 percent.

5. Hewlett-Packard announced last month that they plan to eliminate 29,000 jobs.

6. Chip maker AMD has announced that they will be getting rid of about 15 percent of their workers.

7. Sony has announced plans to reduce their workforce by about 2,000 workers.

8. Electronics manufacturer Sharp reportedly plans to eliminate 11,000 jobs.

9. Engine maker Cummins Inc. has announced that they plan to get rid of about 1,500 jobs by the end of 2012.

10. Earlier this month Applied Materials announced a plan that will eliminate up to 1,300 jobs.

11. Zynga (known for making video games for Facebook such as FarmVille) has announced that they are reducing their workforce by about 5 percent.

12. Lattice Semiconductor has announced plans to eliminate about 13 percent of their jobs.

13. Alcatel-Lucent recently announced a plan to eliminate more than 5000 jobs all over the globe.

14. Siemens AG has announced that the number of positions being eliminated may reach 10,000 by the end of the year.

15. Banking giant UBS plans to eliminate up to 5,000 jobs.

Please keep in mind that these job cuts do not show up in the unemployment numbers yet.  When big corporations announce the elimination of jobs, it often takes a while before those job losses actually take place.

Sadly, I believe that this is just the tip of the iceberg.  I am convinced that the layoffs and the job losses are going to get a lot worse.

In fact, 2013 is already shaping up to be a very difficult year for the economy no matter how the election turns out.

Those of you that read my articles regularly already know that our economic system is becoming increasingly unstable.  We could literally plunge into another major recession at any moment.

Not that we need any more economic trouble.  Tens of millions of American families are having to fight tooth and nail just to make it from month to month right now.

There aren’t enough jobs and the middle class is rapidly shrinking.  Even if you do have a job, that does not mean that you are doing okay.  About a quarter of all jobs do not even pay enough to lift a family of four above the poverty level, and entry level wages for those with just a high school education have been steadily declining over the past 40 years.  If you doubt this, just check out this chart.

So what is going to happen if we do have another avalanche of job losses like we saw back in 2008 and 2009?

Will even more of us end up dependent on the government?

We are told that we are in the midst of an “economic recovery”, but the number of Americans that are dependent on the government just continues to soar.  In fact, at this point it is at an all-time high.

If the economy is getting better, then why does the number of Americans on food stamps just keep going up?  To get an idea of just how massive the food stamp program has become, just check out this infographic.

One of the most frightening things about the possibility of another major economic downturn is the loss of hope that it could bring.

At this point, most Americans still believe that things will get better eventually.

But what is going to happen when large segments of our population lose all hope?

How desperate will they become?

When people become desperate, they tend to do desperate things.

Just check out what happened to a family down in Woodstock, Georgia the other day.  They had just lost their home to foreclosure, and they were getting ready to move out.  So they posted an ad on Craigslist for people to come over and get some things that they were planning to get rid of.  What happened next is a glimpse into the kind of desperate behavior that we may see during the next major economic downturn…

Their online post was just a well-meaning ad for a giveaway in their driveway outside the small house, a giveaway scheduled to begin at 10 a.m. Wednesday.

But big crowds showed up and ended up taking practically everything inside the house, too.

Wednesday night, Michael Vercher walked 11Alive’s Jon Shirek through his family’s almost empty soon-to-be former home.

“Well, when we got to the house, I mean, pretty much — this,” he said as he stepped from the foyer into the living room.

Their home — ransacked, ravaged, raked over.

Almost everything inside — gone.

My wife and I once used Craigslist quite a bit, but incidents like this make one question the wisdom of inviting strangers to come to your home.

Sadly, the truth is that society is rapidly decaying, and the worse unemployment becomes the more desperate people are going to get.

So what do you think about all of this?

Do you have any stories that you would like to share?

Please feel free to post a comment with your thoughts below…

Things Are Getting Worse: Median Household Income Has Fallen 4 Years In A Row

New numbers that have just been released show that things are getting worse for American families.  According to the U.S. Census Bureau, median household income declined to $50,054 in 2011.  That is a 1.5 percent decline from the previous year, and median household income has now fallen for 4 years in a row.  In fact, after adjusting for inflation median household income has not been this low since 1995.  These new numbers once again confirm what so many of us have been talking about for so long – American families are steadily getting poorer.  Incomes are going down and the cost of living just keeps going up.  This dynamic is squeezing more Americans out of the middle class every single month.  Others just keep going into more debt in an attempt to maintain their previous lifestyles.  As Americans, we really don’t like to hear that things are getting worse and that we are in decline, but unfortunately that is exactly what is happening.  Our economy does not produce nearly enough jobs for everyone anymore, the proportion of low wage jobs in our economy continues to grow, and the middle class is shrinking at an alarming rate.  Our politicians can deliver speeches about how great we all are until the cows come home, but it isn’t going to change the reality of our situation.  If we want different results we have got to start taking different actions.

When you take the median household income of $50,054 and divide it up over 12 months, it comes to about $4000 a month.

About half of all American households are making more than that and about half of all American households are making less than that.

So can an average family of four people make it on just $4000 a month?

Well, first of all you have got to take out taxes.  After accounting for all forms of taxation you will be lucky if you have $3000 remaining.

With that $3000, you have to pay for all of the following.

*Housing

*Power

*Water

*Food

*Phone

*Internet

*At Least One Vehicle

*Gasoline

*Vehicle Repairs

*Car Insurance

*Health Insurance

*Dental Bills

*Home Or Rental Insurance

*Life Insurance

*Student Loan Debt Payments

*Credit Card Payments

*Furniture

*Clothing

*Pets

*Entertainment (although it is hard to imagine any money will be left for that)

Have I left anything out?

The truth is that $3000 does not go as far as it used to.

No wonder American families are feeling so stretched financially these days.

Most families can’t even afford to think about retirement or investments because most of them are just trying to figure out a way to survive from month to month.

Unfortunately, economic conditions for middle income Americans continue to deteriorate.  Being in the middle class in America is like playing a perverse game of musical chairs.  More chairs are constantly being pulled out of the game and the middle class just continues to shrivel up.

The following are some more statistics that show that things are getting worse….

-In 1999, 64.1 percent of all Americans were covered by employment-based health insurance.  Today, only 55.1 percent are covered by employment-based health insurance.

-Health insurance premiums rose faster than the overall rate of inflation in 2011 and that is happening once again in 2012.  In fact, it is been happening for a very long time.

-In the United States today, there are close to 10 million households that do not have a single bank account.  That number has increased by about a million since 2009.

-Back in 1962, the wealthiest one percent of all Americans had 125 times the net worth of the median household.  Today, the wealthiest one percent of all Americans has 288 times the net worth of the median household.

-Back in 2007, 19.2 percent of all American families had a net worth of zero or less than zero.  By 2010, that figure had soared to 32.5 percent.

-According to a survey conducted by the Pew Research Center, 32 percent of all Americans now identify themselves as “lower class”.  In 2008, that figure was only at 25 percent.

-As I have written about previously, 61 percent of all Americans were “middle income” back in 1971 according to the Pew Research Center.  Today, only 51 percent of all Americans are “middle income”.

-62 percent of all middle class Americans say that they have had to reduce household spending over the past year.

-Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

-There are now 20.2 million Americans that spend more than half of their incomes on housing.  That represents a 46 percent increase from 2001.

-According to the Federal Reserve, the median net worth of American families dropped “from $126,400 in 2007 to $77,300 in 2010“.

-Sadly, 60 percent of the jobs lost during the last recession were mid-wage jobs, but 58 percent of the jobs created since then have been low wage jobs.

-At this point, less than 25 percent of all jobs in the United States are “good jobs”, and that number continues to shrink.

-The percentage of working age Americans that are employed is smaller now than it was two years ago.

-The number of Americans that are financially dependent on the government is sitting at an all-time record, and it just keeps going up.

-If the labor force participation rate was the same today as it was back when Barack Obama first took office, the unemployment rate in the United States would be 11.2 percent.

That last statistic deserves some special attention.

If the exact same percentage of Americans were considered to be “in the work force” today as when Barack Obama became president, the unemployment rate in this country would be well over 11 percent.

But the federal government has pretended that millions upon millions of Americans have “left the work force” over the past few years and that allows them to tell the fib that the unemployment rate has actually declined to 8.1 percent.

Of course we all know that is a bunch of nonsense.  About the same percentage of Americans want a job today as was the case back in 2008.

But 8.1 percent looks way better than 11.2 percent does.

What makes all of this even more distressing is that this is the recovery.

Things are not going to be getting much better than this.  We are rapidly approaching the next wave of the economic collapse and all of the numbers posted above are going to be getting a lot worse.

So even though things may be tight for your family right now, you should enjoy these times while you still have them.

Someday we will look back on these years as “the good old days”.