US Economic News Round-Up: Increasing discussion of economic collapse, statistics

25 Signs That Almost Everyone Is Expecting An Economic Collapse In 2010

Most people paying attention to the news know things are very bad and getting worse, but this article references the major institutions that are preparing for total economic collapse.

20 More Signs Of A Full-On Economic Collapse

“It’s Over” For US Economy: Buffett Partner

Bernanke delivers blunt warning on U.S. debt

With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt.

National debt seen heading for crisis level

With ferocious speed, the financial crisis, recession and efforts to combat the recession have swung the U.S. debt from worrisome to ruinous, promising to handcuff the administration.

Lost amid last month’s passage of the new health care law, the Congressional Budget Office issued a report showing that within this decade, President Obama’s own budget sends the U.S. government to a potential tipping point where the debt reaches 90 percent of gross domestic product.

No one is advocating big tax increases or spending cuts before a recovery takes hold. The problem is that deficits will not reverse even after a full recovery.

U.S. posts 19th straight monthly budget deficit

The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month

Chapman Predicts ‘Major Financial and Social Mayhem’ Before November Elections

Historian warns of sudden collapse of American ‘empire’

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level.

“I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean within the next two years. Because the whole thing, fiscally and other ways, is very near the edge of chaos. And we’ve seen already in Greece what happens when the bond market loses faith in your fiscal policy.”

Collapse in Living Standards in America: More Poverty By Any Measure

15 million unemployed, homelessness has increased by 50 percent in some cities

Dollar Devaluation and Destruction of America Pick Up Steam

Central Banks Start to Abandon U.S. Dollar

California on ‘verge of system failure’

Case files piling up by the thousands, phones ringing off the hook, forced midweek courthouse closings and occasional brawls as frustrated citizens queue for hours to pay parking fines.

Bankruptcy talk spreads among Calif. muni officials

Los Angeles on the Brink of Bankruptcy

The latest tale of financial crisis in California is playing out in Los Angeles. The city faces a budget shortfall approaching a billion dollars, and unless it can find a remedy soon, it may be insolvent by midsummer.

Freddie Mac asks for additional $10,000,000,000 bailout

States of Crisis for 46 Governments Facing Greek-Style Deficits

Debt Dynamite Dominoes: The Coming Financial Catastrophe

Doomsday is here for the state of Illinois

To become solvent, the state must enact the largest tax-increase package in Illinois history, whack another $2 billion from already starved government programs and wrest major financial concessions from the state’s unionized work force, a nonpartisan government watchdog contends.

Tent Slums Spring Up in America

Roads to Ruin: Towns Rip Up the Pavement

The 18 States Facing The Most Brutal Austerity Cuts

America’s new debtor prison: Jail time being given to those who owe

What Do the Hungry Eat?


Debt Saturation: Each Dollar of New Debt Now Subtracts 45 Cents from GDP

Click through for plenty of chart doom

15 Years Ago, the Combined Assets of the 6 Biggest Banks Totaled 17% of GDP… By 2006, 55% … Now, 63%

Six Banks Control 60% of Gross National Product

Actually, The Unemployment Ratio Is 41%

The broadest measure of unemployment is the Civilian Employment-Population Ratio, which is exactly what it sounds like: the ratio of employed civilians to the total population. It stands right around 59%, which is the lowest its been since the early 80s.

The Real Unemployment Rate: 21.5%

Nearly 20 percent of U.S. workers underemployed

World’s Billionaires Grew 50 Percent Richer in 2009

US Super-rich Get Five Times More Income Than In 1995

Percentage of GDP to External Debt: Default is Inevitable

Consumer Bankruptcies Up 14 Percent In First Half Of 2010

Commercial Mortgage Default Rate in U.S. More Than Doubles

Millions of Unemployed Face Years Without Jobs

More than half of Detroit’s homeless at risk of dying on streets

Food-stamp tally nears 40 million, sets record

U.S. Government Now 96.5% of the Mortgage Market Q1, 2010

More Than 1 In 5 American Children Are Now Living Below The Poverty Line

1 in 4 American children are on food stamps.

Half a Dozen States Are Delaying Tax Refund Checks

Quarter Of American Bridges Declared Structurally Deficient or Functionally Obsolete


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