Continuing on a similar theme as my recent post “If Our Politicians Won’t Do It, We The People Will Have To Do I For Them” let me share with you the mind bending results of 2010 as seen through the eyes of The Economic Collapse blog. Read the list of 20 economic records set in 2010 and let your mind try to absorb the reality of this incredible year. There is also a mind-blowing chart on our national debt that unfortunately wouldn’t fit on my page Then I’ll share some news that may have slipped through the cracks while everyone’s attention was focused on the Tucson shooting. This bit of potentially devastating news did not escape Bruce McQuain at Questions and Observations. I’ll follow-up with some comments of my own.
From The Economic Collapse
The following are 20 new economic records that were set during 2010….
#1 An all-time record of 2.87 million U.S. households received a foreclosure filing in 2010.
#2 The number of homes that were actually repossessed reached the 1 million mark for the first time ever during 2010.
#3 The price of gold moved above $1400 an ounce for the first time ever during 2010.
#4 According to the American Bankruptcy Institute, approximately 1.53 million consumer bankruptcy petitions were filed in 2010, which was up 9 percent from 1.41 million in 2009. This was the highest number of personal bankruptcies we have seen since the U.S. Congress substantially tightened U.S. bankruptcy law several years ago.
#5 At one point during 2010, the average time needed to find a job in the United States had risen to an all-time record of 35.2 weeks.
#6 Back in 1970, 25 percent of all jobs in the United States were manufacturing jobs. Today, only 9 percent of the jobs in the United States are manufacturing jobs, which is believed to be a new record low.
#7 The number of Americans working part-time jobs “for economic reasons” was the highest it has been in at least five decades during 2010.
#8 The number of American workers that are so discouraged that they have given up searching for work reached an all-time high near the end of 2010.
#9 Government spending continues to set new all-time records. In fact, at the moment the U.S. government is spending approximately 6.85 million dollars every single minute.
#10 The number of Americans on food stamps surpassed 43 million by the end of 2010. This was a new all-time record, and government officials fully expect the number of Americans enrolled in the program to continue to increase throughout 2011.
#11 The number of Americans on Medicaid surpassed 50 million for the first time ever in 2010.
#12 The U.S. Census Bureau originally announced that 43.6 million Americans are now living in poverty and according to them that was the highest number of Americans living in poverty that they had ever recorded in 51 years of record-keeping. But now the Census Bureau says that they miscalculated and that the real number of poor Americans is actually 47.8 million.
#13 According to the FDIC, 157 banks failed during 2010. That was the highest number of bank failures that the United States has experienced in any single year during the past decade.
#14 The Federal Reserve brought in a record $80.9 billion in profits during 2010. They returned $78.4 billion of that to the U.S. Treasury, but the real story is that thanks to the Federal Reserve’s continual debasement of our currency, the U.S. dollar was worth less in 2010 than it ever had been before.
#15 It is projected that the major financial firms on Wall Street will pay out an all-time record of $144 billion in compensation for 2010.
#16 Americans now owe more than $881 billion on student loans, which is a new all-time record.
#17 In July, sales of new homes in the United States declined to the lowest level ever recorded.
#18 According to Zillow, U.S. housing prices have now declined a whopping 26 percent since their peak in June 2006. Amazingly, this is even farther than house prices fell during the Great Depression. From 1928 to 1933, U.S. housing prices only fell 25.9 percent.
#19 State and local government debt reached at an all-time record of 22 percent of U.S. GDP during 2010.
#20 The U.S. national debt has surpassed the 14 trillion dollar mark for the first time ever and it is being projected that it will soar well past 15 trillion during 2011.
I’d like to say that these records will never be broken but that is not what I believe. And if all of the above weren’t bad enough, Bruce McQuain of Questions and Observations tells us that both Standard and Poor and Moody are telling the US that if they don¡t see some positive changes soon, the US could lose their triple A rating on their bonds. Here are some excerpts from Bruce’s article:
“We have become increasingly clear about the fact that if there are not offsetting measures to reverse the deterioration in negative fundamentals in the U.S., the likelihood of a negative outlook over the next two years will increase,” said Sarah Carlson, senior analyst at Moody’s.
The view of markets is that the U.S. will continue to benefit fromthe exorbitant privilege linked to the U.S. dollar” to fund its deficits, Carol Sirou, head of S&P France, said at a conference in Paris on Thursday. “But that may change. We can’t rule out changing the outlook” on the U.S. sovereign debt rating in the future, she warned. She added the jobless nature of the U.S. recovery was one of the biggest threats to the U.S. economy. “No triple-A rating is forever.
The most recent official figures show the ratio of federal debt to revenue averaging 397% of gross domestic product in the period to 2020, while the ratio of interest to revenue will rise to 17.6% by 2020, from 8.6% in the last fiscal year. “These figures are “quite high for an Aaa-rated country,” Moody’s said.
Debt affordability is “very important to the rating process,” Ms. Carlson said. U.S. general government debt affordability, including states and municipalities, is “rising over time to a high level for an Aaa-rated country
When one looks at the 20 economic records above coupled with the warnings of Standard and Poors and Moody, it clearly demonstrates that our tenuous situation is trending for the worse. And, is the Obama Administration doing anything to help?. I would say quite the contrary.
The Mid-term elections seem to have had no impact on the Obama Administration. They are moving ahead with their plans in spite of public opinion. I can only think of two reasons for this attitude. They are stupid or they still believe they hold the winning hand. I don’t believe they are stupid. And by winning hand I mean they think they can accomplish, whatever it is they want to accomplish, in the next two years.
What could their goal be? It appears to be the destruction of America as we know it. That is the only possible outcome if current trends are continued. But why would they want to destroy America? My guess is that yes they want to destroy America but they will do everything possible to blame it on the obstructionist Republicans. And if they succeed in convincing enough people of that, It will be they, the socialist, that receive the support to pick up the pieces and build a new Socialist America.
Am I being an alarmist? Am I being hysterical? Am I a conspiracy theorist? Obviously, I don’t think I am any of those things. You tell me what the outcome will be if this Administration continues to debase our currency with more QEs, continues to inhibit sound energy development, continues with their job killing environmental justice, continues with their open boarders policies, and continues with all their other anti growth policies for the next two years.
In my opinion, Barrak Obama is the most un-American president this country has ever had. To stop him it will be necessary to wake-up the RINOs and some of the more moderate Democrats to the truth. The only power that can make that happen is the power of We The People. Through the Tea Parties and other conservative groups, We The People must make our voices heard; loudly and clearly that we want changes now that will reverse the current trends. I for one don’t believe we can wait till 2013. I am truly scared for America’s survival.