And when interest rates climb, as they inevitably will, a default on the federal debt is all but certain. After the subsequent financial reckoning, the deep blue cities that blithely support economic illiteracy will be among the hardest hit.
Tyler Durden, one of the few voices for sanity in a world headed for economic suicide, lists 75 ominous economic stats. My personal top ten:
10. In December 2008, 31.6 million Americans were on food stamps. Today, a new all-time record of 47.7 million Americans are on food stamps. That number has increased by more than 50 percent over the past four years, and yet the mainstream media still has the gall to insist that “things are getting better”.
8. Median household income in the U.S. has fallen for four consecutive years. Overall, it has declined by over $4000 during that time span.
7. When you total up all working age Americans that do not have a job in America today, it comes to more than 100 million.
6. Approximately 57 percent of all children in the United States are living in homes that are either considered to be either “low income” or impoverished.
5. Back in 1950, more than 80 percent of all men in the United States had jobs. Today, less than 65 percentof all men in the United States have jobs.
4. The average amount of time that an unemployed worker stays out of work in the United States is 40 weeks.
3. An all-time record 49 percent of all Americans live in a home where at least one person receives financial assistance from the federal government. Back in 1983, that number was less than 30 percent.
2. When you account for all government transfer payments and all forms of government employment, more than half of all Americans are now at least partially financially dependent on the government.
1. It is being projected that half of all American children will be on food stamps at least once before they turn 18 years of age.
But we're in a recovery! The people have spoken! Forward!