Hope2012


Sobering Facts About the Failing US Economy

The Geography of Recession

An interesting graphical representation of the recession playing out from January 2007 through December 2009.

Fitch: U.S. State and Federal Debt to Hit 94% of GDP

It is mathematically impossible to pay off the federal debt.  U.S. citizens should embrace Ecuadors’ example and proclaim the debt illegitimate.

Congress passes record debt hike

Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion

It Is Now Mathematically Impossible To Pay Off The U.S. National Debt

Two Dozen States’ Unemployment Funds in the Red, Nine More Within Six Months

Cash-strapped US running out of unemployment money

More and More States on Budget Brink

Across the nation, state tax collections in the first three quarters of 2009 posted their steepest decline in at least 46 years, according to a report this month from the public policy research arm of the State University of New York.  At least 30 states raised taxes in their most recently completed fiscal year — which ended in most cases in mid-2009. Even more cut services. All told, states raised $117 billion to fill last year’s budget gaps, the Pew Center on the States estimates.

25 State Unemployment Funds Bankrupt; Credit Card Defaults at Record Levels; Look on the Bright Side

 The unemployment insurance system is in crisis. A record 20 million Americans collected unemployment benefits last year, and so far 25 states have run out of funds and been forced to borrow from the federal government, raise taxes or cut benefits. Using near real-time data on states’ revenues and the benefits they pay out, we’ve estimated how long their trust funds will hold up.  And while states’ poor fiscal planning is a serious topic on its own, our unemployment insurance tracker also follows the increasing human toll: so far businesses in 36 states face tax increases this year, ranging from a few dollars per worker to more than a thousand. Six states have moved to cut, freeze or otherwise restrict benefits, a number that is likely to increase.

Chris Christie declares fiscal ‘state of emergency,’ paving way for N.J. spending cuts

Calling New Jersey on “the edge of bankruptcy,” Gov. Chris Christie today declared a fiscal emergency, seizing broad powers to freeze aid to more than 500 school districts and cut from higher education, hospitals and the Public Advocate.

Along with eliminating programs “that sounded good in theory but failed in practice” across state departments, Christie is cutting $475 million in aid to school districts, $62 million in aid to colleges and $12 million to hospital charity care.

Five Million Workers to Exhaust Unemployment Benefits by June

One in Seven U.S. Mortgages In Foreclosure or Delinquent

Number of New Yorkers at risk of losing their home to foreclosure surges, new statistics show

Dallas/Fort Worth quarterly foreclosure postings jump 22%

Study: Hunger in America jumps ‘unprecedented’ 46 percent

U.S. state pension funds have $1 trillion shortfall: Pew

Credit Suisse Declares the U.S. a Riskier Investment Than Indonesia

Previously: US Economic Tailspin: States going bankrupt, unable to provide services

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2 Comments so far
Leave a comment

Looking back, America achieved a lot of miles stones from technology to our economy. But, if we stay on the path we are currently taking. I doubt it if America can be once great again.

Comment by brandy1602

Has our economy gone to the point of no return?
How did the economy get this way?
Who is the blame, if any?
What can ‘We the People’ fix the economy?
Can our elected officals fix it?
After the economy falls, what then?

Comment by Carrol Pugh




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