How is the economy doing? (bankruptcy, student loan, foreclosure, credit card)

[k374]

Let's just take some facts, found this on another site:

• According to the Mortgage Bankers Association, at least 8 million Americans are currently at least one month behind on their mortgage payments.
• 4.5 million home loans are now either in some stage of foreclosure or are at least 90 days delinquent.
• Home Values Show Sharpest Quarterly Decline Since 2008; Negative Equity Rises to 28.4% According to Q1 2011.
  
  The average price of a home in the U.S. is about 8 percent lower than it was a year ago and that it continues to fall about 1 percent a month.
• During the first quarter of 2011, home values declined at the fastest rate since late 2008.
• U.S. home values have fallen an astounding 6.3 trillion dollars since the housing crisis first began.
  
  In February 2011, U.S. housing starts experienced their largest decline in 27 years.
• New home sales in the United States are now down 80% from the peak in July 2005.
• According to RealtyTrac, foreclosure filings in the United States are projected to increase by another 20 percent (not including current backlog)
• In September 2008, 33 percent of Americans knew someone who had been foreclosed upon or who was facing the threat of foreclosure. Today that number has risen to 48 percent.
• During the first quarter of 2011, less new homes were sold in the U.S. than in any three month period ever recorded.
• According to Zillow, the United States has been in a “housing recession” for 57 straight months without an end in sight.
• Average household debt in the U.S. has now reached a level of 136% of average household income.
• A staggering 25 percent of all American adults now have a credit score below 599.
• 1.5 million Americans filed for bankruptcy in 2010 – that represented the fourth yearly increase in bankruptcy filings in a row.
• Almost 25% of all U.S. households now have zero of negative net worth
• Between 2007 and 2009 median household net worth in the U.S. fell by 23%
• According to the Federal Reserve, median household debt in the U.S. has risen to $76,600
• Only 45.4% of Americans were employed in 2010 – the lowest level since 1983.
• Only 66.8% of American men were employed last year – the lowest level ever in the U.S.
• In the U.S. one-fourth of all income is earned by 1% of the people.
• 74% of Americans will slow their spending in the coming months due to rising prices.
• Americans spend about 23% of their income on food and gas.
• 60% of California public school students qualify for free or reduced-price lunches.
  
• In 2005 the median property tax on a home in the U.S. was $1,614 – it is now $1,917.
  
• The U.S. has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001.
• Half of all American workers now earn $505 or less per week.
  
• Total U.S. credit card debt is more than 8 times larger than it was just 30 years ago.
• Americans now owe more than $904 billion on student loans, which is a new all-time high.

[las vegas drunk]

Originally Posted by k374

Let's just take some facts, found this on another site:

• According to the Mortgage Bankers Association, at least 8 million Americans are currently at least one month behind on their mortgage payments.
• 4.5 million home loans are now either in some stage of foreclosure or are at least 90 days delinquent.
• Home Values Show Sharpest Quarterly Decline Since 2008; Negative Equity Rises to 28.4% According to Q1 2011.
  
  The average price of a home in the U.S. is about 8 percent lower than it was a year ago and that it continues to fall about 1 percent a month.
• During the first quarter of 2011, home values declined at the fastest rate since late 2008.
• U.S. home values have fallen an astounding 6.3 trillion dollars since the housing crisis first began.
  
  In February 2011, U.S. housing starts experienced their largest decline in 27 years.
• New home sales in the United States are now down 80% from the peak in July 2005.
• According to RealtyTrac, foreclosure filings in the United States are projected to increase by another 20 percent (not including current backlog)
• In September 2008, 33 percent of Americans knew someone who had been foreclosed upon or who was facing the threat of foreclosure. Today that number has risen to 48 percent.
• During the first quarter of 2011, less new homes were sold in the U.S. than in any three month period ever recorded.
• According to Zillow, the United States has been in a “housing recession” for 57 straight months without an end in sight.
• Average household debt in the U.S. has now reached a level of 136% of average household income.
• A staggering 25 percent of all American adults now have a credit score below 599.
• 1.5 million Americans filed for bankruptcy in 2010 – that represented the fourth yearly increase in bankruptcy filings in a row.
• Almost 25% of all U.S. households now have zero of negative net worth
• Between 2007 and 2009 median household net worth in the U.S. fell by 23%
• According to the Federal Reserve, median household debt in the U.S. has risen to $76,600
• Only 45.4% of Americans were employed in 2010 – the lowest level since 1983.
• Only 66.8% of American men were employed last year – the lowest level ever in the U.S.
• In the U.S. one-fourth of all income is earned by 1% of the people.
• 74% of Americans will slow their spending in the coming months due to rising prices.
• Americans spend about 23% of their income on food and gas.
• 60% of California public school students qualify for free or reduced-price lunches.
• In 2005 the median property tax on a home in the U.S. was $1,614 – it is now $1,917.
• The U.S. has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001.
• Half of all American workers now earn $505 or less per week.
• Total U.S. credit card debt is more than 8 times larger than it was just 30 years ago.
• Americans now owe more than $904 billion on student loans, which is a new all-time high.

It must be good as you make over $100,000 a year, correct?

[k374]

Originally Posted by las vegas drunk

It must be good as you make over $100,000 a year, correct?

this thread is not about me Why is my income even relevant in this? we are talking about how the country is doing....

[las vegas drunk]

Originally Posted by k374

this thread is not about me Why is my income even relevant in this? we are talking about how the country is doing....

If the general population is still making $100,000+, the country is doing fine, at least for now. That was all I was getting at.

[andywire]

So I ask Americans... How's that service based economy treating you? Biggest stinkin load of crap those good for nothing politicians ever shoved down American's throats. Course, what do the politicians care... Their incomes kept up with inflation, unlike the people's, whom they were SUPPOSED to serve.

[long101]

You have so many redundant stats this list is ridiculous. If you dont like where this country is going either try to change it or move out.

[modeerf]

Originally Posted by long101

You have so many redundant stats this list is ridiculous. If you dont like where this country is going either try to change it or move out.

What do you think would turn the tide back towards full employment, value stabilization, and growth that is more inline with inflation*.

*yes, i believe there is inflation.

[Mircea]

Originally Posted by andywire

So I ask Americans... How's that service based economy treating you?

I rather enjoy my colonic irrigation and massage therapy treatments.

[long101]

Originally Posted by modeerf

What do you think would turn the tide back towards full employment, value stabilization, and growth that is more inline with inflation*.

*yes, i believe there is inflation.

Foremost, time. Housing stabilization of course takes the most of it due to its value, but once it picks up again there are countless jobs to be had in all sectors (obviously). I think we also need to make some huge investments in energy and I'm not talking about oil. We may not see a return for 20+ years, but during this time we will be putting people to work and it will eventually pay off. Probably wouldnt hurt to stop printing money either

[modeerf]

Originally Posted by long101

Foremost, time. Housing stabilization of course takes the most of it due to its value, but once it picks up again there are countless jobs to be had in all sectors (obviously). I think we also need to make some huge investments in energy and I'm not talking about oil. We may not see a return for 20+ years, but during this time we will be putting people to work and it will eventually pay off. Probably wouldnt hurt to stop printing money either

Time is relevant to ideas, and productivity in real goods.

It doesn't get any more real or important than energy.
Our investment in Natural Gas is not nearly enough.

We need serious solutions to hydrogen storage and battery technology.

Afghanistan has the largest earthly deposits of Lithium... the moon is next in abundance.