The Economic Recovery Is Moving Along Quite Well – For The Boys Down On Wall Street

If you are part of the Wall Street establishment, the economic recovery is moving along quite well.  Many of the biggest firms on Wall Street just handed out record-setting bonuses, the Stock Market has been moving up steadily and the DOW is back up to around 11,000.  Profits at the top banks have been quite impressive lately.  Bank of America, JPMorgan Chase, Citigroup and Wells Fargo combined for first quarter profits of $13.4 billion – the most in almost three years.  Yes, life is quite good down on Wall Street these days.  People are still buying fast cars, big yachts and homes in the Hamptons.  It is almost as if “the greatest financial crisis since the Great Depression” didn’t even happen.  Things are quickly getting back to “normal” for the banking elite and to many it seems like there are a lot more smiles down on Wall Street than there have been in a long, long time.

Bank of America’s chief executive officer, Brian T. Moynihan, is being quoted by Reuters as saying that “the worst of the credit cycle is clearly behind us” and that the economic growth we are experiencing is “real”.

JPMorgan CEO Jamie Dimon is quoted as saying that the U.S. economy may be poised for “a strong recovery”.

And why wouldn’t they say these things?  Profits are up.  Their stock portfolios are up.  They are getting record bonuses.  They know that if anything does go wrong again that their friends in Washington D.C. will bail them out because they are “too big to fail”.

But for tens of millions of other Americans, the economy seems like it is getting worse than ever.  It is hard to explain the gut-wrenching agony that many highly-educated and highly-qualified American workers are going through as they send out hundreds of resumes only to get no response.  Or the absolute frustration of only being able to get a very low paying retail job and realizing that it will not even be able to pay the mortgage – much less support an entire family.  Or the soul-crushing despair of working two or three jobs and still not being able to pay the bills at the end of the month.

But these are the daily realities that millions of Americans must face now.  The truth is that there are not nearly enough jobs for everyone.  The number of unemployed Americans per job opening hit 5.5 in February.  It is like we are all caught in some bizarre game of musical chairs, and the losers end up destitute and out in the street.

Even many of those who can get jobs find themselves in bad situations.  Gallup’s underemployment measure hit 20.0% on March 15th.  That was up from 19.7% two weeks earlier and 19.5% at the start of the year.  A lot of very educated, very qualified people find themselves slaving away at jobs that high school students are qualified for.

But the ones being hurt the worst by this unemployment epidemic are the poor.  Check out the following chart.  At the end of 2009, the unemployment rate for those at the top end of the income scale in the United States was about 3%.  For those at the bottom of the income scale, the unemployment rate was about 30%….

It isn’t the boys down on Wall Street that are losing their homes and their jobs.

No, they are “too big to fail”.

It is millions of ordinary Americans that are losing their homes and their jobs.

And things keep getting worse.

According to RealtyTrac, foreclosure filings were reported on 367,056 properties in the month of March.  This was an increase of almost 19 percent from February, and it was the highest monthly total since RealtyTrac began issuing its report in January 2005.

Not only that, but RealtyTrac projects that there will be a total of 4.5 million home foreclosures by the end 2010.  If you figure that there are approximately 4 people per household, that is another 18 million people that will be facing the pain of a foreclosure filing.

For many Americans, losing their home to foreclosure is just too much.  For example, one man in Ohio actually decided to bulldoze his own home rather than let the bank take it in foreclosure proceedings.

Because of the extreme economic conditions, millions of Americans are in severe pain and are becoming increasingly desperate.  In some of the most depressed areas, crime is absolutely spiralling out of control.  So far this year in Detroit, car thefts are up 83%, robberies are up 50%, burglaries are up 20% and property destruction is up 42%.

Adding to all of this economic despair is the fact that food and gas prices are starting to shoot up.

In some areas of the United States, people are already paying as much as $3.50 for a gallon of gasoline, and many experts are now predicting that gasoline could hit $4.00 a gallon by the end of 2010.

Not only that, but wholesale food prices rose 2.4% in March, matching the biggest gain in 26 years.

So while the economic recovery is buzzing along quite well down on Wall Street, the reality is that for millions of other Americans things are really hard.  In fact, not even the smaller banks are experiencing much of a recovery.  The FDIC’s list of problem banks just hit a 17-year high.

No, the main beneficiaries of this “economic recovery” are the boys over on Wall Street.  They should enjoy it while it lasts, because even harder economic times are on the way, and the reality is that none of us will be able to completely escape the economic pain that is coming.

Heirloom Tomato Seeds

[FREE] Heirloom Tomato Seeds…Today Only! Get 150 FREE Heirloom Tomato Survival Seeds. Limit 1 Per Household, USA & Canada Residents Only, Just Cover Postage. Claim Your Free Seeds Now >>

It’s The Economy Stupid – Nearly 80 Percent Of Americans Say They Don’t Trust The Government

Back during Bill Clinton’s 1992 presidential campaign, “It’s the economy, stupid” was a phrase that Clinton campaign officials used to keep the focus on the troubled U.S. economy.  The truth is that Americans as a whole care about very few things more than their own economic well being, and by keeping the debate focused on economic issues, Clinton was able to defeat George H. W. Bush.  Nearly 20 years later, that slogan is as true today as it ever has been.  The American people care dearly about their own wallets and bank accounts.  With the economy tanking badly and with unemployment at very high levels, dissatisfaction with the U.S. government is at record highs.  In fact, acccording to a newly released poll byPew Research Center, just 22% of Americans believe that they can trust the government in Washington almost always or most of the time.  Nearly half of the respondents said that the government has a negative effect on their daily lives.  Only 25% of those responding expressed a favorable opinion of Congress, which was the lowest favorable rating for Congress in a quarter century of Pew Research Center surveys.

So why are the American people so angry and frustrated with their government?

It’s the economy, stupid.

Millions of Americans have lost their jobs and their homes, and millions more Americans are on the verge of losing their jobs and homes.

There are approximately 5.5 unemployed Americans for every job opening.  RealtyTrac projects that there will be 4.5 million home foreclosures in 2010.  The economic nightmare just keeps going from bad to worse.

The result is a massive horde of pissed off American voters.

As long as Americans are fat and happy and their wallets are full, most of them really could care less how involved the government is in their lives.  But when things go bad economically, all of a sudden the government becomes a major annoyance.

And this is not a Republican v. Democrat thing either.  The truth is that both parties have been radically expanding the size of the U.S. government for decades.  Both parties have been spending taxpayer money like there is no tomorrow.  Both parties have mortgaged the future of America to please their constituents.  Now average Americans from both parties are alarmed at how large the government has become and how badly it is screwing things up.  Just consider the following quote from USAToday.com….

“The government’s been lying to people for years. Politicians make promises to get elected, and when they get elected, they don’t follow through,” says Cindy Wanto, 57, a registered Democrat from Pennsylvania who joined several thousand for a rally in Washington on April 15 — the tax filing deadline. “There’s too much government in my business. It was a problem before Obama, but he’s certainly not helping fix it.”

If he wants to get re-elected, the best thing that Barack Obama could do to get votes would be to get the U.S. government to spend as much money as humanly possible in a last ditch attempt to stimulate the U.S. economy with a flood of paper money.  That might work just long enough to get re-elected and buy himself another four years in the White House.  Of course that strategy would also likely create hyperinflation and would make the long-term financial problems of the U.S. government far, far worse.

But unless the American people start feeling a lot better about the economy, they are not going to look too kindly on anyone who is currently holding office either in 2010 or in 2012.

Meanwhile, playing politics is more profitable than it ever has been.

Barack Obama and his wife Michelle raked in a cool 5.5 million dollars in 2009.

Sarah Palin has earned approximately 12 million dollars since last July.

According to Forbes magazine, Glenn Beck made 32 million dollars in the 12 months ending March 1st.

Politicians may not be very popular these days, but it sure is a profitable racket if you can get into the club.

Republicans make a ton of money convincing millions of Americans that the Democrats are the cause of all the problems that they are experiencing.  Democrats make a ton of money convincing millions of Americans that that Republicans are the cause of all the problems that they are experiencing.  Meanwhile, both parties continue to pile up the biggest mountain of debt in the history of the world and continue to sell out the future of our children and our grandchildren.

Neither party seems interested in addressing the root causes of our national financial nightmare.  Instead, politicians from both parties seem to think that they can keep making all kinds of promises to get elected and then never delivering on them.

Well, the American people are starting to wake up to all of this nonsense.  Tens of millions of Americans are experiencing extreme financial pain and they are looking for answers.

Unfortunately, the U.S. economy is going to get a whole lot worse, and very few of the politicians in Washington have the guts to tell the American people the truth.

MHAdNew_125x125 copy(1)

Barack Obama, The Federal Reserve And The New York Times: Millions Of Unemployed Americans Are NOT Going Back To Work Any Time Soon

Most Americans seem to be under the impression that the millions of Americans who have lost their jobs over the last few years will soon be going back to work as the U.S. economy recovers.  But that is not going to happen.  In fact, even Barack Obama, the Federal Reserve and the New York Times are all admitting that millions of unemployed Americans are not going back to work any time soon – and they are some of the biggest optimists regarding the long-term prospects for the U.S. economy.  Many are calling this a “jobless recovery”, but what we are experiencing right now is not a “recovery” at all.  Rather, we are currently in a “lull” in the economic storm.  All of the “bailouts” and “stimulus packages” have stabilized the U.S. economy for now, but they have made our long-term debt problems far worse.

So what does that mean?

It means that eventually millions and millions more Americans will lose their jobs.

So don’t count on the millions of Americans who are currently unemployed going back to work any time soon.

Even the most important newspaper in the United States (the New York Times), the most important financial institution in the nation (the Federal Reserve) and the president of the United States (Barack Obama) all say that the employment situation is not going to improve for quite some time…. 

*Barack Obama’s most recent budget proposal projects that the U.S. unemployment rate will remain at about 10% in 2010.  Of course we all know that the current official unemployment rate of approximately 10% is actually more like 18-22% in reality.

*The Federal Reserve also caused a stir recently when they said that the official U.S. unemployment rate will continue to stay up around 10% throughout 2010.

*In a recent article entitled “Millions of Unemployed Face Years Without Jobs”, the New York Times admitted that millions of Americans that have lost their jobs during this “recession” may be out of work for years.

Meanwhile, according to the Department of Labor, approximately 2.7 million unemployed Americans will lose their unemployment check before the end of April unless the U.S. Congress decides to extend their payments.

So what happens when millions of unemployed Americans don’t even have an unemployment check coming in?

Things are getting bad out there, and many financial institutions are beginning to take steps to protect themselves.

In fact, Citibank is now telling some of their customers that they are reserving the right to require 7 days advance notice before allowing a customer to withdraw their own money.

Yes, this is true.

Citibank is currently sending the following notification to their customers all over the United States, but according to them it was only supposed to go to their customers in Texas: “Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change.”

Could you imagine having to give your bank 7 days notice before you take your money out?

Dark economic times are ahead.

The truth is that the once great U.S. economy is crumbling.  Just check out the chart below.  Does this look like part of a “normal” economic cycle to you?….

10 Heartbreaking Stories Of Unemployment And Economic Despair In America

At times it can be really easy to get caught up in the data and the statistics of the economic collapse and forget that there are millions of very real stories behind these numbers.  The truth is that millions of Americans have had their lives absolutely devastated by this economic crisis, and things are only going to get much worse in the years ahead.  Many Americans who find themselves out of work don’t even understand what is going on – all they know is that they desperately want someone to give them a job and that they will work night and day if they could just get a chance.  In fact, employment is the number one issue on the minds of American voters right now.  A new poll by the Pew Research Center reveals that the two issues that Americans are most concerned about at this moment are the economy and jobs.

You see, if you can’t pay your mortgage and if you can’t feed your family, suddenly other issues become a whole lot less important.  If you still have a job and you can still pay your rent or mortgage every month, you should consider yourself to be very fortunate.  Right now there are literally tens of millions of Americans who are living on the edge of financial disaster.  The following are 10 heartbreaking stories of unemployment and economic despair which should make the rest of us very thankful for what we still have….

1) Can you imagine having to move your wife and kids into your mother-in-law’s basement?  You have got to read this amazing article by Paul Schwartzman in which he profiles the heartbreaking story of one average American couple who have lost their jobs and have completely given in to despair….

****

He sinks into the couch, his gaze traveling from his wife to the television to the darkness outside, broken now and then by the distant glow of passing headlights.

His mind settles into another round of “What if?”

As in: What if we don’t have cash to buy milk, eggs, bread or diapers? What if our unemployment benefits run out? What if we never find jobs?

Scott Nichols thinks of the option the 39-year-old husband and father of two has hoped to avoid since being laid off nine months ago.

They already took free food from a church pantry, cardboard boxes filled with Corn Flakes and bologna and saltines. His wife, Kelly, walking in, head down, while he stayed in the car, ashen. They pawned his wedding ring, sold part of her coin collection and had help from the Salvation Army paying their electric bill.

Now another cliff approaches: the loss of the home they rent.

“Looks like we’ll have to go to your mom’s,” Scott Nichols says to Kelly, 33, who is in a beige recliner, staring ahead.

Moving to her mother’s would mean returning to the rundown industrial town where they grew up, a place that makes him feel dirty, inside and out. They would sleep in her basement jammed with forgotten furniture, a few steps from a pair of cat litter boxes and below three narrow windows blocked by insulation.

2) The Nation recently ran an article that included a stunning description of what many California neighborhoods are like in the aftermath of the housing crisis….

There’s a Mad Max feel to daily life in many neighborhoods. The Central Valley has a swath of cities whose home foreclosure rates rank in the top ten in the country. Friends looking to buy a home in a poor part of Sacramento tell me of foreclosed houses stripped of their copper wires, their toilets, their pipes, even their drywall. An ex-student reports visiting homes in which furious foreclosed owners and evicted tenants have urinated and defecated on the carpeting, abandoned pets to starve, left kitchens filled with rotting food. Sure, you can buy these properties for next to nothing, but you’ll have to bring in the biohazard squads before you can safely occupy them.

3) Robin Sherwood

My husband, Ron, was a construction superintendent, and in that field you know the job is always going to end. At the end of September, they handed Ron two checks. We knew it was coming, but we just didn’t expect it so soon.

With more than 1,400 people on the list at the union, it just doesn’t look like any work for a while. With most of the construction sites shut down, the work is just not there. Now what? We don’t know.

It’s rough in Boulder City. There are no construction jobs, and even for me to go find a retail job the chances are slim. In this town, they don’t look at bringing jobs in for local residents.

We get $1,500 a month from the unemployment checks, and the money is not enough to cover expenses. Our mortgage is $1,110 a month.

We’ve cut back to just the basics, even with groceries. We’ve applied for free lunches for my daughter so at least she can have a hot meal at school. We don’t go into town unless we absolutely have to.

4) Kathy Edwards

I lost my job March 6, 2009. I have been working in the insurance industry for 40 years.

At the age of 60 I doubt that I wlll find another job. I lost everything and had to file bankruptcy.

A sad way to end a good life…

—-

Its the pits… not knowing what the future holds and when unemployment ends who knows.. You start considering what you options are: anywhere from homelessness to suicide.

I used to love life and my job now I feel worthless and can offer my son nothing to help him out as well.

5) An anonymous poster on the GLP forum

My daughters 23 year old friend graduated with a Bachelors in Foreign Business over a year ago. We are a coastal state (WA) and he has been unable to find a good job in that time. Currently working at a clothing wholesaler making a pittance and struggling to pay his school loans and living expenses.

A couple we are close friends with are about to lose their home. Husband managed a trucking crew. We all know what’s going on with the trucking industry. They’ve for almost a year attempted to save the home they built with their own hands by offering the bank interest only payments or refi to lower payments, they’ve filled out too many forms to count to qualify for the Obama plan to save their home (they totally qualified at every point but new forms were sent again and again and finally after almost a year they were told they do not qualify but not given a reason why) and the bank just last week told them they have until next week to come up with $36,000.00 or move out.

My father, who is on a fixed income, keeps his house at freezing temps, doesn’t go anywhere, and eats crap food and he is living on two retirements! You know why? His lenders suddenly raised interest rates on two loans he had. Then his auto and home insurance company found out he had higher interest rates and used that as an excuse to raise his insurance rates!

6) Carmen

I was working as a Production Supervisor for a very large manufacturing company. They hired me on and about a month later I was told that the plant would be closing down and moving production to Mexico. I like many others am a victim of outsourcing and now the economy.

I have worked in the manufacturing industry for several years in Management Roles. I have actual experience in the industry that I obtained through trial and error, training, and just working. My expertise is Cost Reduction. I am old school and did not graduate from a college with a degree. I am from the school of hard knocks.

—-

Being unemployed is truly the most difficult thing I have ever had to live through. I have worked since I was 15 and right now have been unemployed for over 16 months. I have applied to every job I am qualified for, joined all the social networks, worked my own personal network and try to utilize any creative way to find work.

I feel useless sitting at home not be able to work and support my family. My wife is working two jobs and still we cannot make ends meet. I have been trying to work with my mortgage company for a year now to modify the loan on our home but basically have been told that because I have still be able to make my payments (by the grace of God we have been able to do so, with the help of family and a little savings, this is all gone now) that being unemployed is not a dire enough hardship, and there is no help for me.

It is frustrating to say the least and seems never ending. I hope they extend the unemployment extensions that are due to expire at the end of February 10 because if they don’t I know what I am going to do. All I want to do is work, I would work 16 hours a day, night, afternoon or morning shift, weekends, overtime, holidays, part-time full time, seasonal, you name it.

7) Jan

I lost my full time job in an automotive related field in April 2008 and have been unemployed since. I finally found a part-time job in July 2009, which was far below the money I was making however I felt, a job is a job. Now after continuing to look for full-time employment without any success, I am at risk of losing my home as my mortgage company is not willing to work with me.

—-

It is horrible and makes you feel inadequate in every way when u cannot find a full-time job and when you cannot support your family. I am close to losing my home and am frustrated that there is no where to turn. I have spent endless hours on the phone trying to follow up for jobs in which I have applied, only to be told that often there is 1 job available and there have been over 400 or 500 applicants. I don’t even get a letter or any correspondence telling my I did not get a position, I am just left hanging. I have tried to look into many different fields only to be told I have no experience, well how can I get any experience if no one will give me a chance? The problem is that there are so many people here in Michigan without a job, employers don’t HAVE TO take a chance and they have their pick of whoever they want (usually a friend or family member gets hired).

8) Joe

I worked a major online retail store for womens clothing and apparel, i worked at the distribution center here in West Virgina. I operated various loading equipment from order pickers, to forklifts,reese trucks, standups, and walkies.

I was laid off in January of 2009, because it was cheaper for the company to bring in new workers that would not have to be provided with bennefits such as, insurance, paid sick days, holidays, vacation, things of that nature, they laid myself and about 100 other employees off, and turned around and hired about the same number of employees the same month.

—-

I have now been unemployed for over a year, i have applied for over 250 jobs,and have had no luck with any of them, the only thing that has kept me from losing everything is my unemployment compensation, which ran out at the beginning of the year. I have done everything in my power to find a job, I am also taking courses for IT related field, but I fear that I will have to stop the classes because with no type of income coming in i can no longer afford them. I enough money saved to maybe survive for the next 2 months, after that i don’t know what my family is going to do. there is just simply no work here or anywhere for that matter.

9) Lady Wolf on the GLP forum

We are fortunate in that we have set aside a nest egg for ourselves in the form of a 401K that we can dip into if we absolutely have to and it’s looking like that might be the case. But that’s supposed to be for our retirement. We’re both in our 40’s so that seems a long way off still…but we may not have a choice. My husband had already enrolled into college because he sees the handwriting on the wall in this economy and he just doesn’t see it getting any better with millions out of work in this country, but the field he’s chosen to branch off into could take up to a year to get his degree…

He’s feeling so discouraged right now…that’s got to be a real beating to a man’s ego. I’m trying to be there for him, but I don’t think this is something I can fix this time. All I can do is let him know how much I love him and that as long as we have each other, everything else will work out…I hate seeing him like this! He’s such a hard worker with a solid work ethic. He doesn’t deserve what’s happening to him…then again, no one really does.

People just want to provide for their families…is that such a bad thing?

10) Carlene Balderrama

On the morning she realized her husband and son would learn the family was losing their house, Carlene Balderrama, 53, faxed a note to the mortgage company, then went to the basement and shot herself.

“I hope you’re more compassionate with my husband than you were with me,” she wrote in a suicide note left for the company.

****

Unfortunately, these stories do not represent isolated incidents.  There are millions of other stories just like these.  In fact, you probably have friends, relatives or neighbors who find themselves in similar situations.

Perhaps your own life has been turned upside down by this economic mess.  Millions of people who worked hard in school, always did everything “right” and who were always good to their employers now find themselves up a creek without a paddle.  The reality is that it is almost impossible to find a good job in many areas of the United States today.

If you have a story to share we would love to hear it.  Just post a comment below, and as long as it is is clean and does not advocate violence we will be glad to post it.  The truth is that we will all have to offer one another a helping hand to get through this economic crisis.

And let us not look down on anyone who finds themselves out of work.  Almost all of us have been there, and almost all of us will be there again.  Many Americans who are now out of work are good, hard-working people.  They were just in the wrong place at the wrong time.

The reality is that the gigantic economic tsunami that is coming is going to impact all of us whether we like it or not.  Millions of jobs and millions of homes are going to be lost.  Many families will be destroyed.  A lot of innocent people are going to pay the price for decades of incompetence and foolishness in Washington D.C.

Things did not have to turn out this way, but this is the hand that we have been dealt.  Let us be kind and compassionate to one another and let us be certain to retain our humanity as we all head into a future that appears to be very bleak.

http://www.readymaderesources.com

11 Clear Signs That The U.S. Economy Is Headed Into The Toilet

The U.S. Economy Is Headed Into The ToiletThe vast majority of the talking heads on television are still speaking of the current economic collapse as if it is a temporary “recession” that will soon be over.  So far, the vast majority of the American people seem to believe this as well, although for many Americans there is a very deep gnawing in the pit of their stomachs that is telling them that there is something very, very wrong this time around.  The truth is that the foundations of the U.S. economy have been destroyed by an orgy of government, corporate and individual debt that has gone on for decades.  It was the greatest party in the history of the world, but now the party is over.  The following are 11 signs from just this past month that show that the U.S. economy is headed into the toilet and will not be recovering….

#1) When even Wal-Mart is closing stores you know things are bad.  Wal-Mart announced on Monday that it will close 10 money-losing Sam’s Club stores and will cut 1,500 jobs in order to reduce costs.  So if even Wal-Mart has to shut down stores, what chance do other retailers have?

#2) Americans are going broke at a staggering pace.  1.41 million Americans filed for personal bankruptcy in 2009 – a 32 percent increase over 2008.

#3) American workers are working harder than ever and yet making less.  After adjusting for inflation, pay for production and non-supervisory workers (80 percent of the private workforce) is 9% lower than it was in 1973.  But those Americans who do still have jobs are the fortunate ones.

#4) Unemployment is absolutely exploding all over the United States.  Minority groups have been hit particularly hard.  For example, unemployment on many U.S. Indian reservations is over 80 percent.

#5) Unfortunately the employment situation is showing no signs of turning around.  December was actually the worst month for U.S. unemployment since the so-called “Great Recession” began.

#6) So just how bad are things when compared to past recessions?  During the 2001 recession, the U.S. economy lost 2% of its jobs and it took four years to get them back. This time the U.S. economy has lost more than 5% of its jobs and there is no sign that the bleeding of jobs will stop any time soon.

#7) Can you imagine trying to get your first job in this economic climate?  Our young men and women either can’t get work or have given up on work altogether.  The percentage of Americans 16 to 24 who have jobs is 13 percent lower than ten years ago.

#8) So where did all the jobs go?  Over the past few decades we have allowed the corporate giants to ship mountains of American jobs overseas, and there are signs that this trend is only going to get worse.  In fact, Princeton University economist Alan S. Blinder estimates that 22% to 29% of all current U.S. jobs will be offshorable within two decades.  So get ready for even more of our jobs to be shipped off to Mexico, China and India.

#9) All of these job losses are leading to defaults on mortgages.  Over the past couple of years we have seen the American Dream in reverse.  According to a report that was just released, delinquent home loans at government-controlled mortgage finance giants Fannie Mae and Freddie Mac surged 20 percent from July through September.

#10) But that is nothing compared to what is coming.  A massive “second wave” of mortgage defaults is getting ready to hit the U.S. economy starting in 2010.  In fact, this “second wave” is so frightening that even 60 Minutes is reporting on it

#11) Meanwhile, the Federal Reserve has announced that it made a record profit of $46.1 billion in 2009.  Apparently during this economic crisis it is a very good time to be a bankster.

America: Land Of The Unemployed – 3 Unemployment Charts That Will Absolutely Shock You

UnemploymentWith the unprecedented spending by the U.S. government over the past year and a half, shouldn’t we at least see some jobs being produced by now? After all, if we are putting our children and grandchildren into perpetual debt from which they will never emerge, shouldn’t we at least be able to put American workers back to work? Unfortunately, as you will see from the charts in this article, that is most definitely not the case. In fact, unemployment is reaching levels in the U.S. that have not been seen for decades. The high paying manufacturing and construction jobs that were the bedrock for the American middle class for decades have disappeared and they are simply not coming back.

Despite the reckless spending of the U.S. government, the U.S. economy continues to bleed jobs month after month.  In fact, December was the worst month for U.S. unemployment since the “Great Recession” began.  The U.S. labor force contracted by 661,000 in December.  The number that actually “lost” their jobs in December was much smaller than this.  The 661,000 number includes thousands upon thousands of American workers that have given up on employment and have simply dropped out of the system. The broader U6 measure of unemployment in the United States rose to 17.3 percent in December.  That is staggering.

In fact, the civilian participation rate in the employment pool has nosedived and has now reached levels not seen since the recession of the early 80s…..

Unemployment

In particular, the construction industry has been hit particularly hard.  As you can see from the chart below, construction employment boomed during the years of the housing bubble, but the bursting of the housing bubble has been absolutely catastrophic for construction employment….

Construction Employment

But not only have millions of people lost their jobs, they also can’t find jobs once they start looking for work.  The average duration of unemployment is already at record levels and it is shooting through the roof….

Duration Of Unemployment

It is really easy to tell someone to “go get a job”, but in many areas of the United States there simply are NO jobs.

In fact, there have been reports of people literally getting down on their knees and begging for a job at a city dump in Florida.  In other areas of the U.S., hundreds of people line up to apply for fast food jobs.

Without jobs or even the hope for a job, many families are now existing on the edge of survival.  Millions of men and women would be more than willing to work if something was available.

But nothing is available.

All of their jobs have been shipped off to Mexico, China and India.

For the last several decades the politicians in Washington D.C. have sold out U.S. workers and have sold out the U.S. economy and now the day of reckoning is here.

Unfortunately, as is too often the case, it is the working man that is feeling the pain first.

But eventually we will all feel the economic pain.

The great American economic empire is crumbling and the fall will be very great.

The economic despair that is coming in the years ahead is going to be so great that there are no words to even describe it.

You better get ready.

Do NOT follow this link or you will be banned from the site!