This article was originally published at End of the American Dream
by Michael Snyder
Most Americans know that the U.S. economy is in bad shape, but what most Americans don’t know is how truly desperate the financial situation of the United States really is.Â The truth is that what we are experiencing is not simply a “downturn” or a “recession”.Â What we are witnessing is the beginning of the end for the greatest economic machine that the world has ever seen.Â Â Our greed and ourÂ debt are literally eating our economy alive.Â TotalÂ government, corporate and personal debtÂ has now reachedÂ 360 percent of GDP, which isÂ far higher than it ever reached during the Great Depression era.Â Â We have nearly totally dismantled our onceÂ colossal manufacturing base, we have shipped millions upon millions of middle class jobs overseas, we have lived far beyond our means for decadesÂ and we have created the biggest debt bubble in the history of the world.Â Â A great day of financial reckoning isÂ fast approaching, and the vast majority of Americans are totally oblivious.
But the truth is that you cannot defy the financial laws of the universe forever.Â What goes up must come down.Â The borrower is the servant of the lender.Â Cutting corners always catches up with you in the end.
Sometimes it takes cold, hard numbers forÂ many of us to fully realize the situation that we are facing.
So, the following are 50 very revealing statistics about the U.S. economy that are almost too crazy to believe….
#50) In 2010 the U.S. government is projected to issue almost as much new debt as the rest of the governments of the world combined.
#49) It is being projected that the U.S. government will have a budget deficit of approximately 1.6 trillion dollars in 2010.
#48) If you went out and spent one dollar every single second,Â it would take youÂ more than 31,000 years to spendÂ a trillion dollars.
#47) In fact, if youÂ spent one million dollarsÂ every single dayÂ since the birth of Christ, youÂ still would notÂ haveÂ spent oneÂ trillion dollars by now.
#46) Total U.S.Â government debtÂ is now up toÂ 90 percent of gross domestic product.
#45) Total credit market debt in the United States, including government, corporate and personal debt,Â has reachedÂ 360 percent of GDP.
#44) U.S. corporate income tax receipts were down 55% (to $138 billion) for the year ending September 30th, 2009.
#43) There are nowÂ 8 counties in the state ofÂ California that have unemployment rates of over 20 percent.
#42) In the area around Sacramento, California there is one closed business for every six that are still open.
#41) In February, there were 5.5 unemployed Americans for every job opening.
#40) According to a Pew Research Center study, approximatelyÂ 37% of all Americans between the ages of 18 andÂ 29 have either been unemployed or underemployedÂ at some point duringÂ the recession.
#39) More than 40% of those employed in the United States are now working in low-wage service jobs.
#38) According to one new survey, 24% of American workers say thatÂ they have postponed their planned retirement age inÂ the past year.
#37) Over 1.4 million Americans filed for personal bankruptcy in 2009, which representedÂ a 32 percent increase over 2008.Â Not only that, more Americans filed for bankruptcyÂ in March 2010 than during any month since U.S. bankruptcy law was tightened in October 2005.
#36) Mortgage purchase applications in the United States are down nearly 40 percent from a month ago to their lowest level since April of 1997.
#35) RealtyTrac has announced that foreclosure filings in the U.S. established an all timeÂ record for the second consecutive year in 2009.
#34) According to RealtyTrac, foreclosure filings were reported on 367,056 properties in March 2010, an increase of nearly 19 percent from February, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.
#33) In Pinellas and Pasco counties, which include St. Petersburg, FloridaÂ and the suburbs to the north, there are 34,000 open foreclosure cases.Â Ten years ago,Â there were onlyÂ about 4,000.
#32) In California’s Central Valley,Â 1 out of every 16 homes is in some phase of foreclosure.
#31) The Mortgage Bankers AssociationÂ recently announcedÂ that more than 10 percent of all U.S. homeowners with a mortgage had missed at least one paymentÂ during the January to March time period.Â That wasÂ a record high and up from 9.1 percent a year ago.
#30) U.S. banksÂ repossessed nearly 258,000 homes nationwide in the first quarter of 2010, a 35 percent jump from theÂ first quarter ofÂ 2009.
#29) For the first time inÂ U.S. history,Â banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
#28) More thanÂ 24% of all homes with mortgages in the United States were underwater as of the end of 2009.
#27) U.S. commercial property values are downÂ approximately 40 percent since 2007 and currently 18 percent of all office space in the United States is sitting vacant.
#26) Defaults on apartment building mortgages held by U.S. banks climbed to a record 4.6 percent in the first quarter of 2010.Â That wasÂ almost twice the level of a year earlier.
#25) In 2009, U.S. banks postedÂ their sharpest decline in private lending since 1942.
#24) New York state has delayed paying bills totalling $2.5 billion as a short-term way of staying solvent but officials are warning thatÂ its cash crunch could soon get even worse.
#23) To make up for a projected 2010 budget shortfall of $280 million, Detroit issued $250 million of 20-year municipal notes in March. The bond issuance followed on the heels of a warning fromÂ Detroit officials that if its financial state didn’t improve, it could be forced to declare bankruptcy.
#22) The National League of Cities says that municipal governments will probably come up between $56 billionÂ and $83 billion short between now and 2012.
#21) Half a dozen cash-poor U.S. statesÂ have announced that they areÂ delaying their tax refund checks.
#20) Two university professors recently calculated that theÂ combined unfunded pension liability forÂ all 50 U.S. states is 3.2 trillion dollars.
#19) According to EconomicPolicyJournal.com, 32 U.S. states have already run out of funds to make unemployment benefit payments andÂ so the federal government has been supplying these states with funds so that they can make theirÂ payments to the unemployed.
#18) This mostÂ recession has erased 8 million private sector jobs in the United States.
#17) Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of 2010.
#16) U.S. government-provided benefitsÂ (including Social Security, unemployment insurance, food stamps and other programs)Â rose to a record high during the first three months of 2010.
#15) 39.68 million Americans are now on food stamps, which represents a new all-time record.Â But things look like they are going to get even worse.Â The U.S. Department of AgricultureÂ is forecastingÂ that enrollment in the food stamp program will exceed 43 million Americans in 2011.
#14) Phoenix, Arizona features an astounding annual car theft rate of 57,000 vehicles and hasÂ become the new “Car Theft Capital of the World”.
#13) U.S.Â law enforcement authorities claim that there are now over 1 million members of criminal gangs inside the country. These 1 million gang members are responsible for up to 80% of the crimes committed inÂ the United StatesÂ each year.
#12) The U.S. health care system was already facing a shortage of approximately 150,000 doctorsÂ in the next decade or so, but thanks to the health care “reform” bill passed by Congress, that number couldÂ swell by several hundred thousand more.
#11) According to an analysis by the Congressional Joint Committee on Taxation the health care “reform” billÂ will generate $409.2 billion in additional taxesÂ on the American peopleÂ by 2019.
#10) The Dow Jones Industrial Average just experienced the worst May it has seenÂ since 1940.
#9) In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1.Â Since the year 2000, thatÂ ratio hasÂ exploded toÂ between 300 to 500 to one.
#8) ApproximatelyÂ 40% of all retail spending currently comes from the 20% of American householdsÂ that haveÂ the highest incomes.
#7) According to economists Thomas Piketty and Emmanuel Saez, two-thirds of income increases in theÂ U.S. between 2002 and 2007 went to the wealthiest 1% of allÂ Americans.
#6) The bottom 40 percent ofÂ income earnersÂ in the United States now collectively own less than 1 percent of the nationâ€™s wealth.
#5) If you only make the minimum payment each and every time, a $6,000 credit card bill can end up costing you over $30,000 (depending on the interest rate).
#4) According toÂ a new report based on U.S. Census Bureau data, only 26 percent of American teensÂ between the ages ofÂ 16Â and 19 had jobs in late 2009 which represents a record low since statistics began to be kept backÂ in 1948.
#3) According toÂ a National Foundation for Credit Counseling survey, only 58% of those in “Generation Y”Â pay their monthly bills on time.
#2) During the first quarter of 2010, the total number of loans that are at least three months past due in the United StatesÂ increasedÂ for the 16th consecutive quarter.
#1) According to the Tax Foundationâ€™s Microsimulation Model, to erase the 2010 U.S. budget deficit, the U.S. Congress would have to multiply each tax rate by 2.4.Â Thus, the 10 percent rate would be 24 percent, the 15 percent rate would be 36 percent, and theÂ 35 percent rateÂ would have to be 85 percent.
This article was originally published at End of the American Dream
Hat tip Willie Wonka, Rick Blaine