Recession Over Or Just Beginning? 21 “Oh Crap!” Statistics About The U.S. Economy
Is the recession over or is the economic downturn just beginning? Barack Obama and the Federal Reserve have been busy proclaiming that the U.S. economy is back on track, but the sad truth is that our economic problems look like they are about to get a whole lot worse. Without oil, our entire economy would shut down cold. Thanks to the chaos in the Middle East, oil is absolutely exploding in price. In fact, the price of oil in the United States went up more than seven dollars today. The global price of food has risen to record levels over the past 12 months and it is projected to continue to rapidly increase throughout all of 2011. This is going to hit struggling families all over the globe very hard. Meanwhile, thousands of manufacturing facilities and millions of good jobs continue to flee the United States. The gap between the wealth that we consume as a nation and the wealth that we produce as a nation continues to grow. We have attempted to fill this gap with asset sales and with massive amounts of debt, but that is a game that cannot last forever. When we come to the end of every single month, we are poorer as a nation and we are deeper in debt as a nation. From “sea to shining sea” we have become a nation that is flooded with red ink.
But most Americans still buy in to the whole “American exceptionalism” thing. While it is true that there is something really special about the nation that our founding fathers originally established, the truth is that we are not guaranteed to be “the greatest nation on earth” forever. Over the last couple of generations we have really been abusing the great legacy that was passed down to us. America was once the greatest economic machine on the face of the planet. The American people were once strong and brave and of noble character. At one time, America was first in almost every major category that mattered.
Are any of those things still true today? Of course not. The once great American economic powerhouse is being gutted and ripped to shreds right in front of our eyes. A large percentage of our population has become fat, lazy and obsessed with things like American Idol and Justin Bieber. We have become so dumbed-down that most of us don’t even realize that something is seriously, seriously wrong with this country.
The U.S. economy is on the verge of major problems. That also means that the entire global economy is on the verge of major problems. These next couple of years are going to be very interesting to watch. We truly are in unprecedented economic territory.
The truth is that things are not nearly as good as the talking heads on television say that they are.
The following are 21 “Oh Crap!” statistics about the U.S. economy….