Nothing short of debt repudiation can save the average American worker from the scourge of a third world existence. This article takes a snap shot view of wages, employment, labor participation, retirement issues and the insurmountable debt faced by America.
The above statistic might be the good news. Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted by Google Consumer Survey for personal finance website GOBankingRates.com.I marvel at the brazen ignorance we see from so many would-be experts on network television as they tell us how much the economy has recovered. Recently, American income statistics were released which showed that 51% of all Americans make less than $30,000 per year.
The economic situation in this country grows even more bleak when, according tothe National Wage Index, 40% of all Americans are making less than $20,000 per year. The federal government considers a family of four living on an income of less than $24,250 to be impoverished.
Most Americans Never Expect to Fully RetireAt the inception of Obamacare, and following the Supreme Court mandate making Obamacare mandatory, I wrote and which detailed how Obamacare would become the number reason why Americans would not be able to retire. In short, Obamacare is twice as expensive than the exorbitant manage care companies, that Obama promised to reign in with Obamacare. In the article, I detailed how Obamacare was going to dramatically increase taxes, 19 new taxes to be specific. That article can be accessed by clicking here.
With the nation on the edge of economic insolvency, retirement, in its traditional form, will not be experienced by very many Americans.
Unemployment Rate vs. Labor ParticipationThe unemployment rate in America according to Obama is 4.7%. However, noted economists John Williams and Joseph Meyer tell a different story. When they exclude all the government exemptions in arriving at a true unemployment figure, they both say that America has a 23-25% underemployment and underemployment rate. This is devastating and represents depression like numbers.
As important as the unemployment rate is, labor participation is even more important. Today, America has about 98 million full time workers. In contrast, there are 101 millions of working age that are not employed on a full time basis. This means that one-third of the country is disenfranchised from mainstream America. The coming election and resulting financial policies means very little to these people. And on the verge the 33% disenfranchised rate, average American young adults are on the verge of joining this group.
Today, nearly 25 million adults, or 57 percent of all young adults between 18 and 24 still live at home with their parents because they’re unemployed or underemployed. These adults are attempting to pay off student loans or save money to buy a home, save money for school or to save money for any number of other reasons. While having your parents as your roommates may make financial sense, it is devastating for a person’s self-esteem and it is the kiss of death for one’s marriage choices. Trulia’s survey found that only 5% of unmarried adults would consider dating someone who lived at home with their parents.
The majority of college graduates considered their college experience a waste of time as 70% of all surveyed college graduates wish that they had spent more time preparing for real jobs skills rather than the purely academic focus they pursued while in school.
It would appear that the regret expressed by so many college students is well-grounded in fact, as there are more than 100,000 janitors and 317,000 waiters and waitresses that have college degrees. Many of these young adults will be joining the disenfranchised very soon. The country is falling apart.
The DebtThere are three numbers, related to the debt, that I have cited dozens of times:
- National debt-$21 trillion
- Unfunded mandated liabilities (e.g. social security, medicare)- $240 trillion
- Credit swap derivatives debt- $1.5 quadrillion.
The only solution to these issues, at least to begin with, is debt repudiation. Tell the banks where to go. Tell Wall Street to take a hike. Let the present system fall, we can rebuild. However, we cannot sustain this model as the statistics in this article demonstrate!
Donald Trump, you need to start talking about debt repudiation to these crime syndicates called Wall Street and the banks.