Despite the noise being made by some that the U.S. economy is recovering and there is new job growth every month, the truth is, the average American is being destroyed by the tough economic climate. More than 25 million Americans want a job and cannot find one, food and gasoline prices are rising, and American families are getting poorer. It is not only the federal government that has a huge debt overhang–close to 14 trillion dollars–but Americans are burdened with credit card debt, student loan debt and mortgage debt and there is every indication that things are getting worse.
Whatever happened to that “American Dream?” Where is the outrage over the destruction of America’s middle-class?
Businessinsider.com has identified 35 facts that show how average Americans are being destroyed by the economy:
- 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., twenty-five percent of all income is earned by 1 percent of the people.
- Rising prices are increasing stress on American family budgets.
- 74% of Americans will slow down their spending in the coming months due to rising prices.
- Americans spend close to 25% of their income on good and gas.
- U.S. home values have fallen a whopping 6.3 trillion dollars since the peak of the real estate market in 2005.
- The U.S. has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001.
