15 economic statistics that keep getting worse
4 replies
padre31luxury_boxOP6 - If the U.S. government was forced to use GAAP accounting principles (like all publicly-traded corporations must), the annual U.S. government budget deficit would be somewhere in the neighborhood of $4 trillion to $5 trillion.
7 - Social Security will pay out more in benefits in 2010 than it receives in payroll taxes. This was not supposed to happen until at least 2015. In the years ahead, these new "Social Security deficits" are projected to be absolutely catastrophic.
8 - There are simply far too many retirees and not nearly enough workers to support them. Back in 1950 each retiree's Social Security benefit was paid for by 16 workers. Today, each retiree's Social Security benefit is paid for by approximately 3.3 workers. By 2025 it is projected that there will be approximately two workers for each retiree.
9 - Wealth continues to become highly concentrated at the top. Since 1973, the average CEO’s salary has increased from 26 times the median income to over 300 times the median income.
10 - According to a poll taken in 2009, 61 percent of Americans "always or usually" live paycheck to paycheck. That was up significantly from 49 percent in 2008 and 43 percent in 2007.
http://theeconomiccollapseblog.com/archives/15-economic-statistics-that-just-keep-getting-worse
Grim stuff indeed.
Eshlemonforum_veteranSome comments:
#7: Despite ugly short-term, Social Security should benefit longterm as much more are retiring early than retiring later because of the recession. Depends a lot on how early these unexpected retirees are leaving as you lose 1% for every 2 months of early retirement. Also, without the early retirees the unemployment numbers would be even worse.
http://www.suntimes.com/business/2578558,CST-NWS-socialsec09.article
#14 And considering how small and medium sized banks cannot compete with megabanks, the longer the recession the bigger market share the megabanks are going to get. One of the reasons why megabanks aren't lending? Why do this to improve economy when you can sit back in your protective to big to fail bubble and wait for rest of the entire market to disentigrate and come to you.
Are We About To Witness The Greatest Banking Consolidation In U.S. History?
As the number of bank failures in the United States continues to accelerate, many analysts are warning that we could soon see unprecedented changes in the U.S. banking industry. In fact, there are some economists that are warning that we could be about to witness the greatest banking consolidation in U.S. history. As dozens of small and medium size banks have failed, the megabanks have systematically been gobbling up larger and larger slices of market share. In fact, if current trends continue, it doesn't take much imagination to foresee a future where the entire U.S. banking industry has been consolidated down to between 5 and 10 "superbanks". So would that be so bad? Well, yes it would.
padre31luxury_boxNot so with the early retirees Eshlemon, the problem is the SS system cannot bear even that increased level of payouts of earned benefits, once the worker per retiree numbers plummet to less than 3 to 1, it won't matter the system will fail.
As for the megabanks, the entire episode disgusts me, what SHOULD have happened is the regional banks moved upwards to fill the holes created by the megabanks, instead they used their paid political footmen to enrich themselves even more at the Taxpayer's teat.
TheMageGandalfNew MemberAHH...
MegaBanks...
Say it with me...
GREEEEEEED
Funny how most Americans are still oblivious to the fact that Greed is destroying our country.
They blame everything else but don't see the writting has been on the wall for years now, GREED is at an all-time high.
Forget about was is best for AMERICA...as long as I get mine F it.
Sort of like what happened with the housing bust, people blame mostly the homeowners. Sure, they had a part in signing the docs...but having a wife that conducted over 3,000 closings during those years I can tell you that the tactics by the BANKS, the MORTGAGE BROKERS, the LOAN OFFICERS, the REALTORS back then are what really sunk it all with GREED.
.
this sucks
glad im not over extended.
too many people spent more money then they had. too many crooks took more money then they deserved.
the people of this country need to wake up and get their heads out of their asses. but what song is going to wake up that many sheep?
Log in to reply.