Just As Ugly with Less

In "50 Economic Numbers From 2011 That Are Almost Too Crazy To Believe," the Economic Collapse blog offers up a hefty list of bullet points that accurately describe an economy teetering on the edge of disaster. That said, 50 might just be a bit of overkill. In truth, the 10 I've highlighted below paint a pretty frightening picture of just how bad things really are.

#1 A staggering 48 percent of all Americans are either considered to be "low income" or are living in poverty.

#2 Approximately 57 percent of all children in the United States are living in homes that are either considered to be "low income" or impoverished.

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

#13 One recent survey found that one out of every three Americans would not be able to make a mortgage or rent payment next month if they suddenly lost their current job.

#23 As I have written about previously, 19 percent of all American men between the ages of 25 and 34 are now living with their parents.

#26 One study found that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt.

#30 The retirement crisis in the United States just continues to get worse.  According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

#38 Child homelessness in the United States is now 33 percent higher than it was back in 2007.

#41 Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.

#43 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.

Still, if you still aren't fully convinced (or you're a glutton for ugly news and data about the state of the economy), click here to see the rest.

Comments

[Lou Hugh Zahurr]

I'll confess--anonymously, of course--that I am one of those American men living with a parent. Dad's dead, so it's just my mother and me. I am 29 years old, employed part-time, and pursuing my third college degree (Accounting). Is it an ideal living situation, devoid of moments of frustration or humiliation? I think you can guess the answer to that question. There are, however, a handful of advantages: I'm not homeless, I'm not going into debt, and my widowed mother certainly can't complain that I never visit.

[roger]

Extreme emphasis on individuality is deadly.
Humans are social animals,learning from each other.
Efforts and burdens when shared make life richer and
more pleasant. The US is paying for the madness of
the sky is the limit with no responsibility.
We are a society in complete disintegration.

[Blurtman]

On the positive side, CEO salaries are up, prosecutions for fraud under Obama are way down, good money can be made selling crap and then dumping it on taxpayers, and the revolving door between government and Wall Street continues.

[Rocky]

You'll know things are really bad when you get a letter from the Department of Homeland Security telling you to report for resettlement.

[Before you know it we'll all be impoverished]

Trustee to Seize and Liquidate the Customer Gold and Silver Bullion From MF Global

The bottom line is that it seems that some warehouses are not a safe place to store your gold and silver bullion, even if you have a warehouse receipt for a bar of silver and gold.

Through fraud, you hold counter-party risk if you hold that gold and silver through another party, even if they are a Primary Dealer.

If a Bankruptcy Trustee can pool your bullion into the rest of the paper assets and liquidate it, you will have to accept whatever paper settlement that they give you.

For many this would have been 'unthinkable' only a few months ago. They had been warned, but chose to trust the financial system. And now they are suffering loss and anxiety, and the misappropriation of their wealth.

Get used to such revelations as the system continues to unwind and new and greater frauds come tumbling down.

http://jessescrossroadscafe.blogspot.com/2011/12/attempt-to-seize-and-liquidate-customer.html

[The retirement crisis is an adjustment away]

December 17, 2011
CA Pension Funds

The June funded ratio, which measures assets to liabilities. is only 74% for CalPERS even using a high-rate of return assumption for its investments. Assume a 6.2% return, and the funded ratio drops to 58%. On the same basis, the funded status is 60% for CalSTRS and 72% for UCRP. (These ratios are unsustainable, it will go much lower.)

The report notes that private plans with a funded status below 80% “are required to freeze benefits and face other restrictions.” (And this is why you will never see the full amount of your pension money, whether public or private.)

http://totallygroovygirlfriday.wordpress.com/2011/12/17/ca-pension-funds/

[If you can't read about it, does it exist?]

9 Things to Say Goodbye To, Including Privacy and Free Speech

My site, ZeroHedge, Calculated Risk can all be shut down if a newspaper
or other cite thinks we went beyond fair use in quoting an article. Drug
imports from Canada (something that ought to be legal), will be shut
down as well.

This bill's real intent is not to stop piracy, but rather to hand over control of the internet to corporations.

http://globaleconomicanalysis.blogspot.com/2011/12/9-things-to-say-goodbye-to-including.html

[Very ugly]

Martin A. Armstrong-write your brokers

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/12/19_Martin_A._Armstrong.html

Martin A. Armstrong

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/19_Martin_Armstrong_-_Money_is_Not_Safe_Here,_Buffetts_Silver_Play.html

[Brad]

Regarding #43 A staggering 48.5% of all Americans live in a household that receives some form of government benefits.

I would argue that 100% of American's receive some form of government benefits. Be it roads, police, or national security, the government provides more than just food stamps.

[Shhh... we want to keep them dumb]

Oblivious Because of Mainstream Media

I think most people are simply oblivious to the enormous dangers the world economy faces. Oh, I think we will all get through Christmas and New Years without a meltdown, but all bets are off in 2012. A new acquaintance of mine told me last Friday, “Isn’t the economy getting better?” I just looked at her and shook my head in the negative. Then she said, “I guess if it was getting bad, the media wouldn’t tell us the truth.” I shook my head in the affirmative. My new friend is 75 years old and gets a Social Security check every month. She’s pretty sharp, but I don’t blame her for being misinformed. She gets her news the old fashioned way—from the mainstream media (MSM).

http://usawatchdog.com/oblivious-because-of-mainstream-media/

[Accountless is the new homeless]

Jon Corzine, MF Global, and Unaccountability

Really, how many inept regulatory bodies does it take to screw customers out of $1.2 billion?

To recap. Corzine was obsessed with the European sovereign bet. So, he fired his risk officer, Michael Roseman for questioning it, and replaced him with a yes-man, Michael Stockman whose job description appeared to have included stroking Corzine's – er – ego, and to remain quiet about any trade concerns. He rides the trade through a succession of flailing earnings and intense market volatility, while meeting with regulators questioning its sustainability. He knows he’s got to pony up a chunk of capital in the summer to appease them and stick with it. And when finally, MF Global’s ratings were downgraded on October 25th, a bunch of calls transpire between him and NY Fed head and former Goldmanite, William Dudley before the firm goes bankrupt a week later, with nearly $1.2 billion in customer money ‘missing.’

We’re supposed to believe this ‘thorough and exacting’ man knew nothing about where it went? Or that his sense of entitlement and bravado was so big, he didn’t think it was wrong to take that money? Or that he wasn’t aware it was available? At all?

No. Not possible. And yet, over half a dozen regulatory bodies were oblivious to the fund heist. Finding Corzine guilty of a crime would be like asking them to indict themselves. The CFTC Enforcement division can refer criminal matters to the Department of Justice for prosecution. But the DOJ has punted on every Wall Street crime related to the 2008 subprime crisis. So what will probably happen – is that Corzine may get a little fine from the Washington regulators. Legislators will move on to figuring out how to incorporate MF Global into stump speeches. Those that had their money stolen will battle it out in civil suits for years. And again, no lessons will be learned. No practices altered. No heads will roll.

http://www.nomiprins.com/thoughts/2011/12/18/jon-corzine-mf-global-and-unaccountability.html

[Doable Finance]

The rich and the poor live on different planets. They belong to different species. They will never come across each other.