Americans are feeling the consequences of years of disastrous economic policy, but the severity of the problem in real terms is staggering!
Michael Snyder shares some shocking facts about this struggle that might seem funny if they weren't happening right now. Here are ten ways to end the phrase, “Americans are so broke…”:
Yes, things are going fairly well for the elitists that live in the good areas of New York City, Washington D.C. and San Francisco right now, but most of the country is deeply struggling as our economic fundamentals continue to crumble. Please share these numbers with as many people as you can, because we need people to understand that there has not been an “economic recovery” for most of America. In fact, in many ways things just continue to get even worse. The following are 21 ways to end the phrase “Americans are so broke”…
1. Americans are so broke that about a third of them have debt collectors on their heels. One recent study discovered that more than one out of every three adults in the United States has an unpaid debt that is “in collections“. That is a total of 77 million people. In other words, the debt collection business in America is absolutely booming.
2. Americans are so broke that Congress is now actually considering allowing post offices to provide payday loans and check cashing services.
3. Americans are so broke that they are keeping their vehicles longer than ever. The average age of vehicles on America’s roads recently set a new all-time high of 11.4 years.
4. Americans are so broke that car dealers are having to go to extreme lengths to get new customers. Last year, one out of every four auto loans in the United States was made to someone with subprime credit.
5. Americans are so broke that 52 percent of them cannot even afford the homes that they are living in right now.
6. Americans are so broke that they are falling farther behind on their student loans than ever. The total amount of student loan debt in the U.S. has now reached a whopping 1.2 trillion dollars, and approximately seven million Americans are in default on their student loans at this point.
7. Young Americans are so broke that half of all college graduates are still relying on their parents financially when they are two years out of school.
8. Young Americans are so broke that only 36 percent of American adults under the age of 35 currently own a home. That is the lowest level that has ever been recorded.
9. Americans are so broke that many of them can't even afford to shop at Wal-Mart and dollar stores anymore…
10. Americans are so broke that they are running up record levels of debt. Overall, U.S. households are 11.68 trillion dollars in debt right now.
Sadly, these are just 10 ways to end this disheartening phrase. For 11 more, check out Michael's article over at The Economic Collapse Blog.
Photo: Political Connection