Results 1 to 13 of 13

Thread: 50 Facts About the U.S. Economy That Will Shock You

  1. #1
    Member
    Joined
    Aug 2008
    Location
    Up the Arse.
    Posts
    72
    Thanks
    36
    Thanked 12 Times in 8 Posts

    Default 50 Facts About the U.S. Economy That Will Shock You

    I stumbled upon this article while I was on Facebook and I thought it was an interesting read, although I'm not too sure about the accuracy of all the statements. Thoughts anyone? Melonie, I'd really like to hear what you think of this...you always have something worthwhile to say.

    http://news.yahoo.com/50-facts-u-eco...vcGY8L53mI#_=_

  2. #2
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    A. the facts embedded in those statements are true, but not necessarily 'objectively' presented, and

    B. you'll probably run up against the SW 'politics ban' for posting them

    risking the same SW 'politics ban' myself, I feel obliged to point out that many of the 50 statements make use of an official 'poverty' level that is set by the US gov't. In real world terms, that official 'poverty' level still provides 'poor' Americans with a higher standard of living than 'middle class' people have in dozens of other countries !

    Of all of the statements, the following two points bother me the most ...

    1. levels of US gov't debt are rising exponentially ... and have arguably already crossed the point where said gov't debt can ever be paid back at full value. This strongly implies that 'money printing' in the form of QE3 is going to resume in 2012

    2. the vast majority of Americans age 35 or under having a zero or negative net worth ... in combination with a lack of private retirement savings plus high levels of officially 'poor' elderly Americans ... strongly implies bitter 'generational' battles in the very near future

    The author's statement at the end ... that 2012 could be a major turning point for the USA, is unfortunately very likely to turn out being true as well.
    ~
    Last edited by Melonie; 12-20-2011 at 02:37 AM.

  3. #3
    Member
    Joined
    Aug 2008
    Location
    Up the Arse.
    Posts
    72
    Thanks
    36
    Thanked 12 Times in 8 Posts

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    I didn't know there was a political ban until much later. Sorry about that. Moderators, feel free to act accordingly if I wasn't in compliance with the 'politics ban'.

    As for 2010 being a major turning point for the USA, my response is really? I'm not too familiar with what's been going on because I haven't been keeping up with news of any kind up until recently. Honestly, I'm completely clueless when it comes to matters of finance, on both an international and national level. Melonie, I've actually been reading a lot of your posts and I have several questions on investing and saving money. Should PM you?

    Also, what is QE3?
    Last edited by SohoBaby; 12-20-2011 at 10:53 AM.

  4. #4
    Veteran Member
    Joined
    Jul 2011
    Posts
    455
    Thanks
    53
    Thanked 175 Times in 109 Posts

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    Quote Originally Posted by SohoBaby View Post

    Also, what is QE3?

    Quantitative easing...... Money printing.


    The country has been looted.

  5. #5
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    SohoBaby, feel free to post your questions. I'll try to answer as best I can.

    As to QE3 indeed this refers to a third phase of US Federal Reserve policy, following QE1, QE Lite, and QE2, to print more new US dollars out of thin air in 2012. The general result of printing up billions or trillions of additional US dollars ( with nothing 'hard' to back those dollars) are ...

    A. a devaluation of the US dollar's global currency exchange rate. This is 'good' for companies that sell things priced in US dollars ( like Caterpillar, John Deere ). This is good for people / companies / gov't entities that must pay back US dollars that they have previously borrowed. However, this is bad for anybody who must buy global commodities using US dollars ( like food, oil / gasoline, imported goods ) because they instantly become more expensive in US dollar terms.

    B. an increase in US stock share prices, which goes along with the increase in global commodity prices

    C. rising US interest rates, since foreign lenders who will be paid back with 'devalued' US dollars ( relative to their home currency Japanese Yen, Chinese Yuan, whatever ) demand additional US dollars to make up the difference. This of course trickles through to higher interest rates on credit cards, auto loans, mortgages etc. but NOT necessarily higher interest rates on savings accounts / CD's.


    Without going to far towards the political side, the '2012 turning point' is speculated to be the end of America's ability to simply borrow money from foreign lenders and/or print up brand new US dollars out of nowhere without major negative international consequences ... something which is absolutely necessary to 'maintain' the US federal and state gov'ts ability to continue spending far more money than they are able to take in via tax revenues. This is the 'undercurrent' present in Washington's current debates over extending unemployment benefits even longer, extending reduced tax rates for social security / medicare taxes, extending reduced income tax rates etc. If the international bond markets start coming after US gov't bonds in a manner similar to the way they went after Greek and Italian bonds, America will be forced to implement austerity measures. This in turn could lead to a very bitter fight over enacting significant tax increases, implementing significant cuts in gov't benefits, implementing major changes in social security etc. As per my first response, this could very well pit younger Americans against older Americans. And if you listen to the 'talking heads', a tax increase could result in a near immediate return to 'recession' ... but a gov't spending cut that reduces food stamp / medicaid / welfare / social security benefits significantly could result in 'riots in the streets'.

    ~
    Last edited by Melonie; 12-20-2011 at 04:43 PM.

  6. #6
    Veteran Member
    Joined
    Jul 2011
    Posts
    455
    Thanks
    53
    Thanked 175 Times in 109 Posts

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    Interest rates haven't been going up with all the previous money printing........ Many reasons for this, The chief one being, safety in a world without confidence..... But the American Bond Market has now taken on all the feel of the ultimate bubble (China excluded)..... Imagine how hard it will be to roll over all this debt in a rising rate enviornment..... Confidence is the key.... And you can't spell confidence without the con.
    The country has been looted.

  7. #7
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    Afaik the FACTS posted do NOT violate the "Politics Ban". The numbers are what they are and are NOT in dispute. HOW we got here and WHAT if anything we can do to get out ? ; ARE "political". Likewise, as Melonie pointed out our "poor people" are , on average, wealthier than poor people in almost every other country. But that doesn't get around the FACT that their net worth is declining. A MUCH more important stat imho. Afaic it is more meaningful than the growing gap between "rich" and "poor".
    Last edited by Eric Stoner; 12-22-2011 at 09:30 AM.

  8. #8
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    from


    (snip)"The following are 40 undeniable pieces of evidence that show that America is in decline....

    #1 Back in 1985, 11 million vehicles were sold in America. In 2009, only 5.4 million vehicles were sold in America.

    #2 In 1990, the median age of a vehicle in the United States was just 6.5 years. Today, the median age of a vehicle in the United States is approximately 10 years.

    #3 The average price of a gallon of gasoline in 2011 has been $3.50. That is a new all-time record. The previous record was $3.24 in 2008.

    #4 The average American household will have spent an astounding $4,155 on gasoline by the time the year is over.

    #5 The number of children in the United States without a permanent home has increased by 38 percent since 2007.

    #6 A decade ago, the United States was ranked number one in average wealth per adult. By 2010, the United States had fallen to seventh.

    #7 The U.S. tax code is now more than 50,000 pages longer than it used to be.

    #8 American 15-year-olds do not even rank in the top half of all advanced nations when it comes to math or science literacy.

    #9 The United States once had the highest proportion of young adults with post-secondary degrees in the world. Today, the U.S. has fallen to 12th.

    #10 After adjusting for inflation, U.S. college students are borrowing about twice as much money as they did a decade ago.

    #11 The student loan default rate has nearly doubled since 2005.

    #12 Our economy is not producing nearly enough jobs for our college graduates. The percentage of mail carriers with a college degree is now 4 times higher than it was back in 1970.

    #13 Our infrastructure was once the envy of the world. Today, U.S. infrastructure is ranked 23rd.

    #14 Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.

    #15 Since the year 2000, incomes for U.S. households led by someone between the ages of 25 and 34 have fallen by about 12 percent after you adjust for inflation.

    #16 According to U.S. Representative Betty Sutton, America has lost an average of 15 manufacturing facilities a day over the last 10 years. During 2010 it got even worse. Last year, an average of 23 manufacturing facilities a day shut down in the United States.

    #17 In all, more than 56,000 manufacturing facilities in the United States have shut down since 2001.

    #18 The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.

    #19 Manufacturing employment in the U.S. computer industry was actually lower in 2010 than it was in 1975.

    #20 In 1959, manufacturing represented 28 percent of all U.S. economic output. In 2008, it represented only 11.5 percent.

    #21 The television manufacturing industry began in the United States. So how many televisions are manufactured in the United States today? According to Princeton University economist Alan S. Blinder, the grand total is zero.

    #22 The U.S. trade deficit with China in 2010 was 27 times larger than it was back in 1990.

    #23 The Economic Policy Institute says that since 2001 America has lost approximately 2.8 million jobs due to our trade deficit with China alone.

    #24 According to one study, between 1969 and 2009 the median wages earned by American men between the ages of 30 and 50 dropped by 27 percent after you account for inflation.

    #25 Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.

    #26 The size of the economy in India is projected to surpass the size of the U.S. economy by the year 2050.

    #27 One prominent economist believes that the Chinese economy will be three times larger than the U.S. economy by the year 2040.

    #28 In 2001, the United States ranked fourth in the world in per capita broadband Internet use. Today it ranks 15th.

    #29 Back in the year 2000, 11.3% of all Americans were living in poverty. Today, 15.1% of all Americans are living in poverty.

    #30 Last year, 2.6 million more Americans dropped into poverty. That was the largest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.

    #31 According to the U.S. Census Bureau, 6.7% of all Americans are living in "extreme poverty", and that is the highest level that has ever been recorded before.

    #32 The percentage of children living in poverty in the United States increased from 16.9 percent in 2006 to nearly 22 percent in 2010. In the UK and in France the child poverty rate is well under 10 percent.

    #33 As I wrote about the other day, since 2007 the number of children living in poverty in the state of California has increased by 30 percent.

    #34 A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.

    #35 Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid.

    #36 Between 1991 and 2007 the number of Americans between the ages of 65 and 74 that filed for bankruptcy rose by a staggering 178 percent.

    #37 Today, the "too big to fail" banks are larger than ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006 and September 30, 2011.

    #38 Since the Federal Reserve was created in 1913, the U.S. dollar has lost over 95 percent of its purchasing power.

    #39 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.

    #40 The U.S. national debt is now nearly 15 times larger than it was just 30 years ago.

    Sadly, most Americans are not fired up about turning this country around. Way too many of them realize that things are getting worse, but they have "checked out" and are just going through the motions of life."(snip)

  9. #9
    Member
    Joined
    Aug 2008
    Location
    Up the Arse.
    Posts
    72
    Thanks
    36
    Thanked 12 Times in 8 Posts

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    Hmm. Well I wanted to know what your advice would be for my situation right now. I'm 20 years old and I'm currently attending college (I go to a city university in NY) and I've been thinking about what would be the most beneficial route for me to take right now career-wise. I've been really reading a lot on this forum and from what I've gathered so far, it seems that college right now isn't the best decision for me to take. As of now, I'm not even really sure what I want to do with my life. So I figure maybe a good route would be for me to take up dancing as a career, save a great deal of money by living modestly, and perhaps invest my money in something worthwhile. Maybe along the way I could figure out then what I'd like to do. Basically, my questions are this:

    1. What advice would you have for me given the short background info I've given?
    2. How did you learn allllll the information you've acquired about finance?
    3. How can I become more knowledgeable about money (i.e. investing, saving money, global economy, stocks, trading, etc.) ? I'm really in awe of the vast amount of knowledge you have when it comes to this area.


    I wish I knew how to quote. Well I read the 40 pieces of evidence and that's just...flabbergasting. It only furthers my growing belief that college isn't the best choice for me right now. Maybe it's just me, but I feel that the media doesn't really show exactly how bleak our future is looking right now.

  10. #10
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    1. What advice would you have for me given the short background info I've given?
    I have to answer your first question with a question ... are you 'hot enough' to get hired by upscale Manhattan strip clubs ?

    2. How did you learn allllll the information you've acquired about finance?
    I actually learned most of it sitting on the laps of bankers and brokers in Manhattan strip clubs. It's amazing how much they'll talk about amongst their buddies when they think that the blonde haired huge boobed girl on their lap has 'air' between her ears !

    3. How can I become more knowledgeable about money (i.e. investing, saving money, global economy, stocks, trading, etc.) ?
    You can learn the 'basics' at websites like . As to the stuff that can help you earn serious money, sitting on bankers' and brokers' laps helped me more than anything else in that department !

    Maybe it's just me, but I feel that the media doesn't really show exactly how bleak our future is looking right now.
    You might also consider the possibility that some US mainstream media knows exactly how bleak our future may be looking, but may also be deliberately under-reporting / spinning as a direct result of editorial policy !!!

  11. #11
    Member
    Joined
    Aug 2008
    Location
    Up the Arse.
    Posts
    72
    Thanks
    36
    Thanked 12 Times in 8 Posts

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    Well, I'm not sure. For one, I'm black (think Kelly Rowland) and I'm not sure if upscale clubs will be willing to hire me. Also I have large areolas. I do have a pretty toned body though, despite me losing 40 lbs. I'll be posting pictures up after the year is over when I get my camera so you can see for yourself.

  12. #12
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    cool !!! Manhattan clubs are pretty open towards black dancers ... as long as your 'presentation' matches the club's image.

  13. #13
    The Jackal
    Guest

    Default Re: 50 Facts About the U.S. Economy That Will Shock You

    If you pursue a degree in high tech, it will be well worth it. These days jobs are in high tech sector. Companies have difficulty finding the right candidate. These positions sometimes go for years without getting filled. There are companies which are willing to pay $25K to $50K in fee if you can find them the right candidate.

Similar Threads

  1. Replies: 4
    Last Post: 09-29-2011, 06:31 PM
  2. Service Economy vs Manufacture Economy
    By xanfiles1 in forum Dollar Den
    Replies: 20
    Last Post: 05-04-2008, 03:36 AM
  3. Replies: 13
    Last Post: 03-20-2007, 03:38 AM
  4. I'm Still In Shock, Can't Think of A Title
    By DeeJayOz in forum The Lounge
    Replies: 0
    Last Post: 10-19-2006, 02:25 PM
  5. Biiiiiiig Shock
    By Susan Wayward in forum The Lounge
    Replies: 5
    Last Post: 09-16-2005, 07:44 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •