If Incomes are Down, Where is the Economic Spending coming from? Industrial Production Still Lower, Credit Contraction, and Average Work Week at Record Low. Wells Fargo Considering Converting Option ARMs to Interest Only Loans.
With 8 million jobs lost in this great recession, it is rather surprising to see so many people enter into a deep capture mode of believing in a quick and efficient recovery. If we look at data in the misery index, the average American has a hard time swallowing the jagged economic recovery pill. They […]
How 56.5 Million Households Live: $52,000 Median Household Income in 2009 Crushed by a Decade of Debt. A Decade of Lost Wages and Financial Debt Servitude.
The recent American Consumer Survey had some thought provoking data regarding the typical American household. Wages over the past decade have been stagnant. At least that is what is propagated in the common datasets but in reality, not only has income not grown it has actually declined. The U.S. dollar during this time has been […]
Economy Losing 11,000 Jobs per day since December of 2007. 824,000 Jobs Lost in Statistical Revision: 8 Million Jobs Lost Since Start of Recession. Nationwide Unemployment Rate at 17 Percent.
Since the start of this deep recession back in December of 2007 some 7.2 million jobs have been lost in the official BLS reports. The official non-farm employment has dropped from 138 million to 130 million. Think of it this way, for 21 months we have lost on average over 11,000 jobs per day. As […]
The Long Lost City of Detroit: The Economic and Financial Pain of Motor City. How Detroit went from 1.8 Million to 912,000 Residents. 28.9 Percent Unemployment.
There is no other city in the United States that highlights the Achilles Heel of the current financial crisis like Detroit Michigan. Detroit Michigan had a booming population from 1870 to 1950. In 1870 Detroit had 79,577 residents and in 1950 Detroit had a stunning 1.8 million. The massive boom came with the growth of […]