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12 Ways The Economy Is Already In Worse Shape Than It Was During The Depths Of The Last Recession

by Michael Snyder, The Economic Collapse Blog:

Did you know that the percentage of children in the United States that are living in poverty is actually significantly higher than it was back in 2008?  When I write about an “economic collapse”, most people think of a collapse of the financial markets.  And without a doubt, one is coming very shortly, but let us not neglect the long-term economic collapse that is already happening all around us.  In this article, I am going to share with you a bunch of charts and statistics that show that economic conditions are already substantially worse than they were during the last financial crisis in a whole bunch of different ways.  Unfortunately, in our 48 hour news cycle world, a slow and steady decline does not produce many “sexy headlines”.  Those of us that are news junkies (myself included) are always looking for things that will shock us.  But if you stand back and take a broader view of things, what has been happening to the U.S. economy truly is quite shocking.  The following are 12 ways that the U.S. economy is already in worse shape than it was during the depths of the last recession…

#1 Back in 2008, 18 percent of all Americans kids were living in poverty.  This week, we learned that number has now risen to 22 percent

There are nearly three million more children living in poverty today than during the recession, shocking new figures have revealed.

Nearly a quarter of youngsters in the US (22 percent) or around 16.1 million individuals, were classed as living below the poverty line in 2013.

This has soared from just 18 percent in 2008 – during the height of the economic crisis, the Casey Foundation’s 2015 Kids Count Data Book reported.

#2 In early 2008, the homeownership rate in the U.S. was hovering around 68 percent.  Today, it has plunged below 64 percent.  Incredibly, it has not been this low in more than 20 years.  Just look at this chart – the homeownership rate has continued to plummet throughout Obama’s “economic recovery”…

Homeownership Rate 2015

#3 While Barack Obama has been in the White House, government dependence has skyrocketed to levels that we have never seen before.  In 2008, the federal government was spending about 37 billion dollars a year on the federal food stamp program.  Today, that number is above 74 billion dollars.  If the economy truly is “recovering”, why is government dependence so much higher than it was during the last recession?

#4 On the chart below, you can see that the U.S. national debt was sitting at about 9 trillion dollars when we entered the last recession.  Since that time, the debt of the federal government has doubled.  We are on the exact same path that Greece has gone down, and what you are looking at below is a recipe for national economic suicide…

Presentation National Debt

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4 comments to 12 Ways The Economy Is Already In Worse Shape Than It Was During The Depths Of The Last Recession

  • Rodster

    What recession? We’ve been in a global DEPRESSION since 2008 and the real party hasn’t really started yet.

    • Ed_B

      Agree 100%. This IS a depression, yet very few out there will actually use the “D” word. Certainly no politician or MSM person will use it, true as it is. A recession lasts for 9-14 months, a depression lasts for a decade or more. During a recession, many jobs are lost but they all come back once the recession ends. In a depression, many jobs are lost and stay that way for years and years. Which of these scenarios is what is now occurring? Recession? Nope. Depression. By not naming it for what it is, we have NO hope of changing the situation.

      The last time I remember an economy this sick, Jimmy Carter was president and it was 1978. The term “malaise” came up as a way to describe the economic conditions that were present at that time. But we were smarter as a nation then. We gave Carter ONE term to show us what he could do for us. He failed, so was fired and replaced. Apparently, we did not remember that lesson and have allowed Obama to continue his failed presidency for TWO terms. I am reminded of the Scottish proverb that says, “Fool me once, shame on you. Fool me twice, shame on me”. Fooled in 2008 and again in 2012. Shame on us all. We are now paying the price for electing an incompetent as our president and it is a steep one.

  • Hondo

    .. where i live, folks getting laid off, and it is slow going. the people left with steady jobs are still going and spending spending spending. More and more people though are really feeling ‘the squeeze’.

    got cash flow?

    • Eric

      Yep, I keep adding to my cash stack. A little here. A little there.

      They keep getting laid off around me too Hondo, and it is slow going as well. But the morons keep shopping, spending, buying everything except storable food and physical silver. One buddy I haven’t heard from in a while called me a couple weeks ago and asked, “What do you just live a super frugal lifestyle?” And I said YES! Of course!

      Morons, your bus already left the station. STOP SPENDING!!! You are BROKE and you don’t know it!

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