You will probably have heard of the growing debt burden for young Americans due to their heavy student loans. Many don’t realize that a huge amount of people in this country have other debt problems also. It has been shown that over 13.5% of Americans have debt that is overdue by more than 180 days. In the city of Detroit, more than two thirds of people have outstanding debts.
More than a third of all Americans can’t pay their debts. I don’t know about you, but to me that is a shocking figure. As you will see below, 35 percent of the people living in this country have debt in collections. When a debt is in collections, it is at least 180 days past due. And this is happening during the “economic recovery” that the mainstream media keeps touting, although the truth is that Barack Obama is going to be the only president in United States history to never have a single year when the economy grew by at least 3 percent. But at least things are fairly stable for the moment, and if this many Americans are having trouble paying their bills right now, what are things going to look like when the economy becomes extremely unstable once again.
The 35 percent figure is a nugget that I discovered in a CNN article about Detroit that I was reading earlier today…
And the city’s troubles have left a mark on the financial stability of its residents in a big way, according to a new report from the Urban Institute.
About 66% of residents have debt in collections — meaning more than 180 days past due — at a median amount of $1,847. Across the U.S., 35% of Americans have debt in collections. – SHTF Plan
Whatever happened to that economic recovery Obama was harping on about?
When you look at the chilling real economic data over the past eight years you would find that while the 1% gained tremendously from central bank policies the other 99% either remained stagnant, or saw incredible declines.
“From 2009 through 2012, the Obama cabal, and their allegiance to statist policies, has been in charge for four years. The global financial crisis took place in the previous year, 2008 [remember the Democrat majority Congress was elected in 2006], and based on the historical pattern of American economic recovery since the depression years, the United States should have been experiencing broad and significant economic and job growth by year three at the latest.”
Instead what America got by year five was fewer jobs than before. Even though the employment age population has increased by nearly 12 million since January, 2008, there are now 3 million fewer Americans working, with employment declining from 146.3 million in January, 2008 to 143.3 million in December, 2012. If America enjoyed the same labor force participation rate as in 2008, the unemployment rate in December, 2012 would have been 11.4%, compared to 4.9% in December, 2007, under President George Bush and his “failed” economic policies of the past. We won’t see 4.9% unemployment in America again until the statest takeover of America is purged.
As I have previously recounted here, before this latest spooky downturn, since the Great Depression recessions in America have lasted an average of 10 months, with the longest previously at 16 months. The latest recession began in December, 2007. Yet here we are 62 months after the recession began, and there is hardly any recovery at all. – Forbes
What are your thoughts on this?