Beliefnet
Watchwoman on the Wall

Business Insider has listed 25 signs of economic decline in the United States.

Paraphrasing Ronald Reagan’s famous image “It is morning in America”, is it time we begin asking if under the leadership of Barack Obama it has become “twilight in America”?

1) Standard & Poor’s altered its outlook on U.S. government debt from “stable” to “negative”;

2) China has announced it is going to be reducing its holdings of U.S. dollars;

3) Hedge-fund manager Dennis Gartman says that “panic dollar selling is setting in” and that the U.S. dollar could be in for a huge decline;

4) The biggest bond fund in the world, PIMCO, is now shorting U.S. government bonds;

5) The economy is causing “ghost towns” to appear across the United States, with many counties across the nation that now have home vacancy rates of more than 50 percent;

6) There are now about 7.25 million fewer jobs in America than when the recession began back in 2007;

7) Only 45.4 percent of Americans had a job during 2010, the lowest percentage since 1983;

8) Only 66.8 percent of American men had a job last year, the lowest level ever in the United States;

9) The average CEO made 343 times more money than the average American did last year;

10) Gas prices reached $5 per gallon at a gas station in Washington, D.C., on April 19, 2011;

11) Over the past 12 months, the average price of gasoline in the United States has gone up about 30 percent;

12) Due to rising fuel prices, American Airlines lost $436 million during the first quarter of 2011;

13) U.S. households are now receiving more income from the U.S. government than they are paying to the government in taxes;

14) Approximately $1 out of every $4 that the U.S. government borrows goes to pay the interest on the national debt;

15) Total home mortgage debt in the United States is now about five times larger than it was just 20 years ago;

16) Total credit card debt in the United States is now more than eight times larger than it was just 30 years ago;

17) Average household debt in the United States has now reached a level of 136 percent of average household income, while in China it’s only 17 percent;

18) The average American now spends 23 percent of their income on food and gas;

19) Seventy-eight percent of Americans said they plan to slow their spending in coming months due to rising prices;

20) Fifty-nine percent of Americans receive money from the federal government;

21) The average length of unemployment in the United States is now a record 39 weeks;

22) As the economy continues to collapse, frustration among young people will continue to grow and we will see more seemingly “random acts of violence”;

23) Some Americans have become so desperate for cash that they are literally popping their gold teeth and selling them to pawn shops;

24) As the economy has declined, the American people have been gobbling up larger and larger amounts of antidepressants and other prescription drugs;

25) Even the latest market rally could be ending.

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