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2014 Still Having a Bankrupt Economy

bankruptcy attorneyWritten October 22, 2014 According to the news these are 15 facts in case you think the economy is getting better. Obviously we have not seen the bottom yet. We are continuing to have a bankrupt economy full of consumer bankruptcy cases.

  1. After accounting for inflation, median household income in the United States is 8 percent lower than it was when the recession started in 2007.
  2. The number of part-time workers in America has increased by 54 percent since the recession began in December 2007. The number of full-time jobs has dropped by more than a million over that same time period. It isn’t because people don’t want work. Over 77 Americans working part-time jobs would like to have full-time jobs.
  3. Jobs gained during this “recovery” pay an average of 23 percent less than the jobs that were lost during the recession.
  4. The number of unemployed workers that have completely given up looking for work is twice as high now as it was when the recession began in December 2007.
  5. When the recession began, about 17 percent of all unemployed workers had been out of work for six months or longer. Today, that number sits at just above 34 percent.
  6. Due to a lack of decent jobs, half of all college graduates are still relying on their parents financially when they are two years out of school.
  7. According to a new method of calculating poverty devised by the U.S. Census Bureau, California has a poverty rate of 23.4 percent.
  8. According to the New York Times, the “typical American household” is now worth 36 percent less than it was worth a decade ago.
  9. In 2007, the average household in the top 5 percent had 16.5 times as much wealth as the average household overall. But now the average household in the top 5 percent has 24 times as much wealth as the average household overall.
  10. The rate of small business ownership in the United States has plunged to an all-time low.
  11. Subprime loans now make up 31 percent of all auto loans in America. Didn’t the housing industry do the same thing?
  12. On a purchasing power basis, China now has a larger economy than the United States does.
  13. There are 49 million people dealing with food insecurity in America today.
  14. Six banks in the United States are in the “too big to fail” category. Five of them have over 40 trillion dollars of exposure to derivatives.
  15. The U.S. national debt increased by more than a trillion dollars during fiscal year 2014.

Nick Thompson 800 Stone Creek Parkway Suite 6 Louisville KY 40223 Telephone 502-625-0905