20 Shocking Economic Records Set in 2010
The Economic Collapse Blog (Link) (January 14, 2011)
2010 was quite a year, wasn�t it? 2010 will be remembered
for a lot of things, but for those living in the United States, one of the main
things that last year will be remembered for is economic decline. The number of
foreclosure filings set a new record, the number of home repossessions set a new
record, the number of bankruptcies went up again, the number of Americans that
became so discouraged that they simply quit looking for work reached a new
all-time high and the number of Americans on food stamps kept setting a brand
new record every single month. Meanwhile, U.S. government debt reached record
highs, state government debt reached record highs and local government debt
reached record highs. What a mess! In fact, even many of the �good� economic
records that were set during 2010 were indications of underlying economic
weakness. For example, the price of gold set an all-time record during 2010,
but one of the primary reasons for the increase in the price of gold was that
the U.S. dollar was rapidly losing value. Most Americans had been hoping that
2010 would be the beginning of better times, but unfortunately economic
conditions just kept getting worse.
So will things improve in 2011? That would be nice, but at
this point there are not a whole lot of reasons to be optimistic about the
economy. The truth is that we are trapped in a period of long-term economic
decline and we are now paying the price for decades of horrible decisions.
Amazingly, many of our politicians and many in the mainstream
media have declared that �the recession is over� and that the U.S. economy is
steadily improving now.
Well, if anyone tries to tell you that the economy got better
in 2010, just show them the statistics below. That should shut them up for a
The following are 20 new economic records that were set
An all-time record of
2.87 million U.S. households received a foreclosure filing in 2010.
The number of homes that were actually
reached the 1 million mark for the first time ever during 2010.
The price of gold moved above $1400 an
ounce for the first time ever during 2010.
According to the American Bankruptcy
1.53 million consumer bankruptcy petitions were filed in 2010, which was up
9 percent from 1.41 million in 2009. This was the highest number of personal
bankruptcies we have seen since the U.S. Congress substantially tightened U.S.
bankruptcy law several years ago.
At one point during 2010, the average
time needed to find a job in the United States had risen
to an all-time record of 35.2 weeks.
Back in 1970, 25 percent of all jobs in
the United States were manufacturing jobs. Today,
only 9 percent of the jobs in the United States are manufacturing jobs,
which is believed to be a new record low.
The number of Americans working part-time
jobs �for economic reasons� was the highest it has been
in at least five decades during 2010.
The number of American workers that are
so discouraged that they have given up searching for work reached
an all-time high near the end of 2010.
Government spending continues to set new
all-time records. In fact, at the moment the U.S. government is spending
6.85 million dollars every single minute.
The number of Americans on food stamps
surpassed 43 million by the end of 2010. This was a new all-time record,
and government officials fully expect the number of Americans enrolled in the
program to continue to increase throughout 2011.
The number of Americans on Medicaid
surpassed 50 million for the first time ever in 2010.
The U.S. Census Bureau originally
announced that 43.6 million Americans are now living in poverty and according to
them that was the highest number of Americans living in poverty that they had
ever recorded in
51 years of record-keeping. But now the Census Bureau says that they
miscalculated and that the real number of poor Americans is actually
According to the FDIC,
157 banks failed during 2010. That was the highest number of bank failures
that the United States has experienced in any single year during the past
The Federal Reserve brought in a record
$80.9 billion in profits during 2010. They returned $78.4 billion of that
to the U.S. Treasury, but the real story is that thanks to the Federal Reserve�s
continual debasement of our currency, the U.S. dollar
was worth less in 2010 than it ever had been before.
It is projected that the major financial
firms on Wall Street will pay out an all-time record
of $144 billion in compensation for 2010.
Americans now owe
more than $881 billion on student loans, which is a new all-time record.
In July, sales of new homes in the
United States declined to
the lowest level ever recorded.
According to Zillow, U.S. housing prices
have now declined
a whopping 26 percent since their peak in June 2006. Amazingly, this is
even farther than house prices fell during the Great Depression. From 1928 to
1933, U.S. housing prices only fell 25.9 percent.
State and local government debt reached
at an all-time record of
22 percent of U.S. GDP during 2010.
The U.S. national debt has surpassed the
14 trillion dollar mark for the first time ever and it is being projected
that it will soar well past 15 trillion during 2011.
There are some people that have a hard time really grasping
what statistics actually mean. For people like that, often pictures and charts
are much more effective. Well, that is one reason I like to include pictures
and graphs in many of my articles, and below I have posted my favorite chart
from this past year. It shows the growth of the U.S. national debt from 1940
until today. I honestly don�t know how anyone can look at this chart and still
be convinced that our nation is not headed for a complete financial meltdown....
America ~ Economic Crisis