Aug 1, 2010

The coming Federal Debt Risk to Fiscal Crisis

Congressional Budget Office Report - "Unless policymakers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels." - CBO Report

The only planned way to get out of this 'democracy ending debt' is to continue to raise payments by 'middle class'.. HTML clipboard

Why the cause for concern on my blog?
"The rich are getting richer and the poor are getting poorer at a staggering rate.  Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace..."

Statistics That Prove Middle Class Can Not Pay the Upcoming Federal Debt
  • 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
  • 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
  • 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans.
  • 36 percent of Americans say that they don't contribute anything to retirement savings.
  • A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
  • Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
  • For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
  • In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
  • In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
  • For the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
  • This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
  • Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
  • Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.
See Business Insiders "22 Statistics That Prove The Middle Class Is Being Systematically Wiped Out Of Existence In America"