16 New Records That The American Economy Has Set During The Past 12 Months – And They Are All Bad

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Over the past twelve months, the U.S. economy has continued to come apart like a 20 dollar suit.  During that time it seems like more bad economic news has been coming out nearly every single day.  Instead of getting better, the problems facing the U.S. economy only seem to be multiplying.  The U.S. government and the U.S. financial system continue to absolutely drown in debt.  Factories, jobs and massive amounts of wealth continue to fly out of the United States every month at an astounding pace.  Meanwhile, the number of Americans enrolled in anti-poverty programs continues to shatter records and the U.S. housing industry continues to set records for futility.  The truth is that less Americans are living the American Dream today than were living it twelve months ago.  The U.S. economy is in a serious state of decline, and it is time for all of us to wake up and admit the truth.


But most Americans are so addicted to entertainment that they aren’t even noticing that the greatest economic machine in the history of the world is literally falling apart all around them.  Unfortunately, most Americans seem to be much more interested in Dancing With The Stars, their favorite NFL teams or what Lady Gaga happens to be doing than in what is happening with the economy. 

We are not guaranteed to be a wealthy, prosperous nation forever.  Decades of really, really bad decisions are now catching up with us, and if we do not turn things around soon we are headed for an unprecedented economic disaster.

The following are 16 new records that the American economy has set during the past 12 months….

#1 U.S. banks repossessed a record total of 102,134 homes in September.  That was the very first time that home repossessions in the United States have ever surpassed the 100,000 mark during one month.

#2 The price of gold hit another record high on Thursday as the U.S. dollar continues to get even weaker.

#3 Household spending for the middle fifth of all U.S. income earners was down 3.5% in 2009.  That was the steepest one year decline since records began being kept back in 1984.

#4 The number of Americans enrolled in the food stamp program passed the 41 million mark for the first time ever during the month of June.

#5 The number of Americans enrolled in the food stamp program has set a new all-time record for 20 consecutive months.

#6 The Census Bureau says that 43.6 million Americans are now living in poverty and according to them that is the highest number of poor Americans that they have ever recorded in 51 years of record-keeping.

#7 According to the Associated Press, experts believe that in 2009 the U.S. poverty rate experienced the largest single year increase since the U.S. government began calculating poverty figures back in 1959.

#8 It is projected that the major financial firms on Wall Street will pay out an all-time record of $144 billion in compensation for 2010.

#9 In July, sales of new homes in the United States declined to the lowest level ever recorded.

#10 As of last March, U.S. banks had an inventory of 1.1 million foreclosed homes, which was a new all-time record and which was up 20 percent from one year earlier.

#11 The number of Americans working part-time jobs “for economic reasons” is now the highest it has been in at least five decades.

#12 Earlier in 2010, the average time needed to find a job had risen to a record 35.2 weeks.

#13 As millions of Americans struggled just to survive in this economy, the number of marriages fell to a record low in 2009.

#14 A record 50 million Americans are now on Medicaid, the U.S. government health care program designed principally to help the poor.

#15 Americans now owe more than $849 billion on student loans, which is a new all-time record.

#16 The U.S. government has accumulated a national debt that is rapidly approaching 14 trillion dollars.  The U.S. national debt sets a new all-time record every single month with no end in sight.

  • VegasBob

    “…if we do not turn things around soon we are headed for an unprecedented economic disaster.”

    It is already too late to turn things around.

    By de-industrializing, we abandoned wealth creation in the US.

    Therefore, we have already killed the goose that laid the golden eggs.

    What we have now is the sorry spectacle of Democrats and Republicans arguing over the few remaining bones on the carcass that have not already been picked clean by the banksters and their corporatist allies.

  • Justa Guy

    Notice how even with all the negatives, the rich continue to bleed the 98% of us who suffer with those negatives, as demonstrated by record #8. Stop putting any money at all into the stock market (or anything that participates, like mutual funds). Let the rich have the stock market to themselves, and let them try to feed off of themselves.

  • Buck Eschaton

    The $144 billion is just wealth redistribution or to be blunt, it’s looting. They take the money given to them for free by the government which they control and hand out it out to the sons and daughters of the superwealthy.

  • RJ

    You can focus on bad news that you can’t do much about, or focus on your own personal responsibilities that you can do something about. Trim your personal debt, save some money, take an interest in local politics, and continue your own personal growth so you are worth more to your employer tomorrow than you are today.

  • mondobeyondo

    And #19 is…
    Ben Bernanke is just itching to get those printing presses rolling in hyperdrive. Yippee – more quantitative easing!!

    Never mind the hyperinflation. The Fed’s got Treasuries to buy! I’ve already got the guns, guess it’s time to stock up on butter now.

  • mondobeyondo

    Oops… forgot #17 and #18.

    #17… Lady Gaga’s meat dress looks very appetizing when your family is on food stamps. That’s 3 months of meat she’s wearing!

    #18… Who cares about our deindustrialization? The San Francisco Giants are in the playoffs! Go Giants!

  • Gary

    Tax the rich and spread the wealth. I feel like a broken record (DVD?) but this will really solve a lot of problems

  • John Thomas

    Justa Guy has no money to put in the stock market and therefore is not a threat to us evil richie-rich people. He will dry up and starve in the street when the welfare and food stamps come to a screeching halt.

  • Gary

    I believe the middle class in America is “too big to fail” We need the same sense of urgency that congress showed to save the too big to fail banks shown to save the middle class in America. In one long weekend the banks were bailed out yet after years nothing to bail out the middle class. This is a disgrace regardless of your political affiliation.

  • kfdisme

    Would like to get some input on how I should respond to this:

    Just got back from a run to a Houston Garden Center. Damn near everyone was a non-English speaker, except one Hispanic dude that interpreted my request for “ivy”. Its pretty obvious to me that everyone is most probably an illegal. I googled the name and my zip code and came up with other comments confirming that a lot of other sites in the area are the same. This pissed me off. A blatant case of a chain knowingly hiring checkout and others that are most probably illegal. I’m not even going to give them the benefit of the doubt here, as I’ve been here many times since they opened and the case has been the same.

    Question is what should I do about this? Does ICE even give a ****?

  • Moo

    Here is a solution:

    1. Replace the federal income tax with a Value-Added tax.

    2. Start taxing the Internet.

    3. Turn all four-lane, limited-access highways into
    turnpikes. Put the tollgates at every onramp.