35 Facts That Show Just How Much The Average American Has Been Destroyed By This Economy

abandoned houses, detroit

Photo: Kevin Bauman

The economic statistics that you are about to read are incredibly shocking, but they are also very, very real.  Tonight there are going to be millions of men and women all across America that cannot sleep because they are consumed with anxiety about their financial problems. 

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Even as you read this, there are a lot of parents out there that are trying to figure out how to explain to their children why their homes are being taken away.  There are also hordes of very hard working Americans that are incredibly frustrated because they have sent out thousands of resumes and yet they can’t seem to get a job interview. 

Have you ever been at a point where you couldn’t pay the mortgage or put food on the table for your family?  It can be an absolutely soul-crushing experience.  In fact, there are some cities in the U.S. that have been so utterly devastated by this economy that it seems as though virtually everyone has had the hope sucked right out of them. 

The mainstream media is trying to convince all of us that we are in an economic recovery, but that is a lie.  The truth is that we are in the middle of a long-term economic decline and the greatest economy in the history of the world is dying right in front of our eyes.

The average American family is under more economic stress right now than at any other time since the Great Depression.

Only 45.4% of Americans were employed 2010 -- the lowest level since 1983

Source: USA Today

Only 66.8% of American men were employed last year -- the lowest level ever in the U.S.

Source: USA Today

In the U.S. one-fourth of all income is earned by 1% of the people

Rising prices are increasing stress on American family budgets

According to John Williams of Shadow Government Statistics, if the U.S. government measured inflation the way that it did before 1980 the inflation rate would be much different.

For example, Williams says that inflation rose at a 9.6 annual rate during the month of February using the old measurement.

74% of Americans will slow down their spending in coming months due to rising prices

Source: CNBC

The price of U.S. crude oil has risen $20 a barrel over the last two months

And the average price of a gallon of gasoline in America is now about $3.79.

At this point, the average price of gasoline is about one dollar higher than it was one year ago.

Since the average American household goes through about 750 gallons of gas a year, that means that in 2011 American families will spend somewhere around $750 more for gas.

So just what is the average American family supposed to do if a gallon of gasoline soon costs 4 or even 5 dollars a gallon?

Americans spend about 23% of their income on food and gas

60% of California public school students qualify for free or reduced-price lunches

Source: ABC

In the past 48 months food stamps recipients have doubled in North Carolina

Source: Salisbury Post

U.S. workers compete for jobs with workers in places such as Indonesia

Full-time workers there make as little as two dollars a day.

U.S. home values have fallen an astounding 6.3 trillion dollars since the peak of the real estate market in 2005

Source: My Budget 360

In 2005 the median property tax on a home in the United States was $1,614 -- it's now $1,917

8 million Americans are at least one month behind on their mortgage payments

Source: US News

31% of homeowners are underwater on their mortgages

Source: The Hill

Two years ago, the average U.S. homeowner that was being foreclosed upon had not made a mortgage payment in 11 months

Today, the average U.S. homeowner being foreclosed upon has not made a mortgage payment in 17 months.

1 million homes were foreclosed upon in 2010

Source: Yahoo

13% of all the homes in the United States are sitting empty

Source: CNN Money

The number of children living in poverty has gone up by about 2 million in the past 2 years

According to the U.S. Bureau of labour Statistics, the average length of unemployment in the U.S. is now an all-time record 39 weeks

The United States has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade organisation in 2001

Half of all American workers now earn $505 or less per week

Source: Tax.com

Total U.S. credit card debt is more than 8 times larger than it was just 30 years ago

Source: My Budget 360

Americans now owe more than $904 billion on student loans, which is a new all-time high

Source: Financial Aid

Average household debt in the United States has now reached a level of 136% of average household income

In China, average household debt is only 17% of average household income.

A staggering 25 per cent of all American adults now have a credit score below 599

Source: USA Today

1.5 million Americans filed for bankruptcy in 2010 -- that represented the fourth yearly increase in bankruptcy filings in a row

Source: US Courts

Over the last decade, the number of Americans without health insurance has risen from about 38 million to about 52 million

Source: Hospital Review

One study found that approximately 41 per cent of working age Americans either have medical bill problems or are currently paying off medical debt

Source: EurekAlert

According to a report published in The American Journal of Medicine, medical bills are a major factor in more than 60 per cent of all personal bankruptcies in the United States

Of those bankruptcies that were caused by medical bills, approximately 75 per cent of them involved individuals that actually did have health insurance.

In 1965, only one out of every 50 Americans was on Medicaid

Today, one out of every 6 Americans is on Medicaid.

Between 2007 and 2009 median household net worth in the United States fell by 23 per cent

Source: CNN

According to the Federal Reserve median household debt in the United States has risen to $75,600

Source: CNN

Almost 25 per cent of all U.S. households now have zero or negative net worth -- in 2007, that number was just 18.6 per cent

Employee compensation in the US is the lowest it has been relative to gross domestic product in over 50 years

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