US unemployment is officially around 10%. But in reality, it is higher. The US Inspector General said that the financial overhaul isn’t over and they wouldn‘t end future bailouts. Recently, a second wave of housing busts hammered more cities, unemployment rose in 20 states, and Merrill had to settle fraud charges with the SEC.
In 2010, an all-time record was set for both the number of home foreclosures (2.87 million) and the number of home repossessions. Repossessions hit 1 million in a year for the first time ever. Americans also posted the highest number of bankruptcies last year (1.53 million) since their bankruptcy law was overhauled a few years ago.
An all-time record was set for the number of Americans on food stamps (43 million). Yes, 15% of America’s citizens are using government assistance to buy food. Officially, 47.8 million Americans are now living in poverty — the highest number in the 51 years of their official record keeping.
950 more banks are ‘in trouble’. Hundreds failed in 2007/08/09. 157 banks failed in 2010. US housing prices have fallen 26% since 2006 – more than during the Great Depression. And this is after the 2007/2008 recession was called ‘over’.
People believed that I guess. The US Consumer Confidence Index climbed to an eight-month high…? Holiday spending numbers from November 5 through December 24 hit a record-high $584.3 billion! The Wall Street Journal reported pay on Wall Street broke a record high for the second consecutive year in 2010.
They paid out $144 billion in compensation and benefits!!!!!!!!!!!
Oil, gold and most commodities continue to rise. And despite or maybe because of that, the Dow continues to rise. Poverty increases, the stock market goes up!!??
And I don’t know a single Canadian who is doing well – economically, anyway. Many seem to be ‘holding their own’ but I just don’t see any signs of wealth like new cars, new houses, or even new clothes! (though my neighbourhood may account for that). Hell, I don’t even see boats out there burning fuel!!
I know, I know, I am no pundit. I don’t know squat. In fact, finances, wealth creation and ‘getting ahead’ have always eluded or avoided me to a large extent and when, they weren’t snubbing me, I was snubbing them. David Bloomberg, I am not. Nor do I want to be.
But doesn’t this seem like worse economic news than the usual doom and gloom that is the mainstay of the newspapers? I mean, I know the media trades in ‘bleak’ futures but isn’t there a point where the future is actually and truly more bleak? And, isn’t this sounding like that? Or is this “same ol’, same ol’ and steady as she goes?”
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