July 20, 2010
An Infowars.com poll posted last week reveals that nearly 60% of respondents believe the United States is headed for a “road warrior” economic depression. 17% believe the country is headed for a depression no worse than the Great Depression, while 13% think the economic crisis will continue along its current trajectory and not get worse. 5% of respondents believe the economy will turn around as Obama and the government promises.
Business Insider has posted 22 statistics with an accompanying image slideshow that reveals how the middle class is being systematically wiped out of existence in America. In addition to wealth siphoned upward toward the coffers of the elite — 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans — the statistics point out that 61% of Americans “always or usually” live paycheck to paycheck, up 49 percent in 2008 and 43 percent in 2007. In addition to living hand-to-mouth, many Americans are approaching financial insolvency — over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
The government claims unemployment is at 9.5%. However, Raghavan Mayur, the president at TechnoMetrica Market Intelligence, an outfit that follows unemployment data closely, points out how the unemployment rate is actually over 22% and rapidly approaching the Great Depression level of 25%.
“In America today, the average time needed to find a job has risen to a record 35.2 weeks,” notes Business Insider. Jobs are increasingly difficult to find because many jobs were offshored to China and the Asian slave labor gulag where workers earn pennies on the dollar of their counterparts in the United States. “This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour,” reports Business Insider.
Low paid jobs are now approaching 50% in the United States. “More than 40% of Americans who actually are employed are now working in service jobs, which are often very low paying.” As a consequence, more and more Americans are becoming impoverished and in need of government hand-outs. For the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011. In addition, approximately 21 percent of all children in the United States are living below the poverty line in 2010, the highest rate in 20 years.
Unemployment hovering around 20% or higher is now considered the new normal. It has become perpetual, argues Giordano Bruno, “and some economists are even suggesting that we accept it as a standard. The American public is now coming to realize that healthy job creation is a very distant goal, one that the government alone has no ability to achieve, bailout or no bailout.”
Additional signs of distress include plunging U.S. home sales. Nearly 1 in 3 home sales are now foreclosures at rock bottom prices and home foreclosures will likely reach more than 1 million by the end of the year. A crash of commercial real estate now threatening to explode will and exacerbate the crisis Obama and the government insist is now on the mend.
Add to this a massive implosion of city and state debt and we are looking at a situation that will soon surpass the so-called Great Depression. In California, the situation is so dire the state’s governor Arnold Schwarzenegger has slashed the hourly wage for state workers to the minimum wage (about $455 a week), an act guaranteed to add millions of desperate people to welfare and food stamp rolls.
“But it just isn’t California that is in trouble,” explains the Economic Collapse blog. “Dozens of U.S. states are in such bad financial shape that they are getting ready for their biggest budget cuts in decades. What do you think all of those budget cuts will do to the economy?”
Like the Great Depression, the Greatest Depression now being scientifically created has a specific agenda in mind — to crash the global economy and rebuild it from the bottom up by the banksters who will institute a global central bank and a one world government with an authoritarian control and police grid.
As Andrew Gavin Marshall noted last year, the coup de grâce will be the debt bubble, now ominously unfolding. “Loose credit, easy spending and massive debt is what has led the world to the current economic crisis, spending is not the way out. The world has been functioning on a debt based global economy. This debt based monetary system, controlled and operated by the global central banking system, of which the apex is the Bank for International Settlements, is unsustainable. This is the real bubble, the debt bubble. When it bursts, and it will burst, the world will enter into the Greatest Depression in world history.”
This article was posted: Tuesday, July 20, 2010 at 1:56 am