Yes, U.S. GDP is growing and corporate profits are beating expectations across the board. Companies are flush with cash, and banks are confident again. It’s surely a recovery… for them.
Yet many Americans are experiencing more hardship than they’ve ever known. In addition, some of America’s most severe long-term economic problems are getting worse.
That’s why for most Americans the rebound in GDP is meaningless and the economy isn’t recovering.
Monthly mass layoff numbers are from establishments which have at least 50 initial claims for unemployment insurance (UI) filed against them during a 5-week period. From January 2010 to May 2010, there have been 8,227 mass lay-off events in the U.S. according to the Department of labour Statistics.
Source: The Money Game
GOING NOWHERE: At the current rate of job creation, it will take 31 months to reach historical average levels of unemployment.
The rate of decline for the U.S. unemployed population from April to June was 318,500 per month, 14.6 million Americans were reported as 'unemployed' as of the Department of labour's June 2010 report.
Our figure doesn't even including the millions of people who have dropped out of the DOL's unemployment calculation, such as people who have simply given up looking for work.
Source: The Money Game
'Congress moved to extend jobless benefits seven times, as has been the case over the past two years, at a time when almost half of the ranks of the unemployed have been looking for at least a half year.'
Source: David Rosenberg
THE AMERICAN NIGHTMARE: 24% of laid off workers say they have fallen into a lower social class (generally middle class to poverty)
A DYING MIDDLE CLASS: America's upper class has shrunk 5% since 2008. Our middle class has shrunk 6%. Our lower class has swelled by 16%.
THERE'S MORE THAN SIMPLY THE JOBLESS: In addition to masses of unemployed, 1/3 of Americans suffer from under-employment.
CENTRALIZED: In 2010, the government spent 44 cents for each dollar of GDP. Before the crisis, it spent only 35 cents per GDP-dollar.
UNEQUAL: The average federal worker now earns 60% more than the average worker in the private sector.
HUNGRY: Over 40 million Americans are on food stamps, a record, and the U.S. Department of Agriculture expects 43 million in 2011.
FAR FROM OVER: U.S. banks repossessed nearly 258,000 homes in the first quarter of 2010, a 35% jump from the first quarter of 2009
RIDICULOUS: In 2010 the U.S. government is expected to issue almost as much new debt as all other governments, around the world, combined
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