Economic Hell is Coming – You Better Get Ready!
Tens of millions of American families are about to go through economic hell and most of them don’t even realize it…Most Americans realize that things seem “harder” these days, but most of them also have faith that things will eventually get better. Unfortunately, things aren’t going to get any better. The number of good jobs continues to decline, the number of Americans losing their homes continues to go up, people are having a much more difficult time paying their bills and our federal government is drowning in debt. Sadly, this is only just the beginning. [Let me explain.] Words: 1256
So says an article* at http://theeconomiccollapseblog.com which Lorimer Wilson, editor of www.munKNEE.com (It’s all about Money!), has further edited ([ ]), abridged (…) and reformatted below for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement. The article goes on to say:
Since the financial collapse of 2008, the Federal Reserve and the U.S. government have taken unprecedented steps to stimulate the economy but, even with all of those efforts, we are still living in an economic wasteland so what is going to happen when the next wave of the economic crisis hits?…
Already, all sorts of bad economic news has been coming out and all kinds of economic indicators are turning south. The American people are becoming increasingly restless…If most Americans had good jobs, could afford their mortgages and could pay their bills, the economy would not be such a big issue. Unfortunately, times are really tough for American families right now and they are about to get a lot tougher.
The official unemployment rate just went up to 9.1 percent, but that figure only tells part of the picture. There are some areas of the country where it seems nearly impossible to find a decent job. Millions of Americans have fallen into depression as they find themselves unable to provide for their families…45.1 percent of all unemployed Americans have been out of work for at least six months [which] is a higher percentage than at any point during the Great Depression. Just two years ago, the number of “long-term unemployed” in the United States was only 2.6 million [but] is up to 6.2 million.
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A look at the chart below [shows that] what we are going through now is really unprecedented.
- The average duration of unemployment in this country is now close to 40 weeks….
- There were only about 3 million job openings in the United States during the month of April. Normally there should be about 4.5 million job openings…
- Millions of other Americans that are “underemployed”. All over the United States you will find hard working Americans that are flipping burgers or working in retail stores because that is all they can get right now.
- Most temp jobs and most part-time jobs don’t pay enough to be able to provide for a family…
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Sadly, the number of “middle class jobs” is about 10 percent lower than a decade ago. There are simply less tickets to the “good life” than there used to be.
Without good jobs, the American people cannot afford to buy homes. [Indeed,] without good jobs, the American people cannot even afford the homes that they are in now. U.S. home prices have fallen 33 percent since the peak of the housing bubble – [which] is more than they fell during the Great Depression – and this decline in housing prices has caused a lot of problems.
- 28 percent of all homes with a mortgage in the United States are in negative equity at this point…
- Millions of American families can’t afford to sell their homes and if they simply walk away nobody will approve them for new home loans for many years to come. They are literally feel trapped in their homes sticking it out… until they simply can’t pay for them anymore.
- As the number of good jobs continues to decline, the number of Americans that are losing their homes continues to rise
- More than a million U.S. families lost their homes to foreclosure in a single year during 2010.
If the economy slows down once again and millions more Americans lose their jobs this problem is going to get a lot worse.
Even if they aren’t losing their homes yet, millions of other Americans families are finding it increasingly difficult to pay the bills. Wages have been very flat over the past few years and yet the cost of most of the basics just seems to keep going up and up…
- the cost of food and the cost of energy have risen at an annualized rate of 17 percent over the past six months…
- 26% of Americans have put off doctor visits because of the economy…
- 30% of all U.S. employers will “definitely or probably” quit offering employer-sponsored health coverage once Obamacare is fully implemented in 2014…
- One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government… and
- Today, one out of every four American children is on food stamps…
Our federal government cannot afford to spend money like this forever…The U.S. federal government took on $5.3 trillion in new financial obligations during 2010…[and] now has $61.6 trillion in financial obligations that have not been paid for yet. Who is going to end up paying that bill? Our leaders are not alarmed…[with] Bernanke [maintaining that], “growth seems likely to pick up somewhat in the second half of the year” [but] others are not so sure that everything is going to turn out okay. James Carville, [for one,] warned that we could literally see rioting in the streets if the economic situation does not turn around soon. Just check out the last part of the video below….
The truth is that America is in decline. Just like with all of the great empires of the past, our empire is starting to crumble too as put forth by a recent article in the Guardian…
[America]…has rejected the ancient wisdom that was passed down to us and we have rejected the principles of our founding fathers. We have piled up the biggest mountain of debt in the history of the world and yet somehow we expected that everything would turn out okay. Well, everything is not going to turn out okay. All of this debt is going to come down on us like a ton of bricks and the U.S. economy is going to continue to fall apart. Millions of American families are going to lose their jobs and their homes.
The experience of both Rome and Britain suggests that it is hard to stop the rot once it has set in, so here are the a few of the warning signs of trouble ahead:
- military overstretch,
- a widening gulf between rich and poor,
- a hollowed-out economy,
- citizens using debt to live beyond their means, and
- once-effective policies no longer working and
- high levels of violent crime,
- epidemic of obesity,
- addiction to pornography and
- excessive use of energy
may be telling us something that the US is in an advanced state of cultural decadence.
Economic hell is coming. You better get ready.
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
- Permission to reprint in whole or in part is gladly granted, provided full credit is given as per paragraph 2 above.
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