Economy
The Lost Decade
This is a short but excellent video clip on the US' economic decline made by the BBC. http://www.bbc.co.uk/news/business-14678859
National Debt by President - 1963-2011
On December 31, 2010, the U.S. public debt passed $14,000,000,000,000 (that's $14 trillion). That’s a big number that’s hard to understand for most of us. To give you a little perspective, think of this. The combined market capitalization of America’s ten largest companies (Exxon Mobil, Apple, Microsoft, Berkshire Hathaway, GE, Wal-Mart, Google, Chevron, Procter & Gamble, and IBM) is a mere 2.25 trillion dollars.
Adding to the national debt is more than $100 trillion in estimated future costs associated with Social Security, Medicare, prescription drug benefits and the liabilities government-sponsored enterprises, Fannie Mae and Freddie Mac.
Since 1964, the U.S. debt had accelerated fastest under President Ronald Reagan, at an annualized growth rate of 14.18% -- a record held until Jan. 20, 2009. Following the inauguration of President Obama, the national debt has grown at an annualized rate of 15.21%.
Following is the annualized growth rate of the national debt under each president since 1963.
President Barack Obama
§ Jan. 20, 2009: $10,626,877,048,913.08
§ Jan. 4, 2011: $14,025,215,218,708.52
§ Days in Office: 715
§ Compounded Annual Growth Rate: 15.21%
President George W. Bush
§ Jan. 20, 2001: $5,727,776,738,304.64
§ Jan. 20, 2009: $10,626,877,048,913.08
§ Days in Office: 2,922
§ Compounded Annual Growth Rate: 8.03%
President Bill Clinton
§ Jan. 20, 1993: $4,188,092,107,183.60
§ Jan. 20, 2001: $5,727,776,738,304.64
§ Days in Office: 2,922
§ Compounded Annual Growth Rate: 3.99%
President George H.W. Bush
§ Jan. 20, 1989: $2,697,957, 000,000
§ Jan. 20, 1993: $4,188,092,107,183.60
§ Days in Office: 1,460
§ Compounded Annual Growth Rate: 11.62%
President Ronald Reagan
§ Jan. 20, 1981: $934,073,000,000
§ Jan. 20, 1989: $2,697,957, 000,000
§ Days in Office: 2,922
§ Compounded Annual Growth Rate: 14.18%
President Jimmy Carter
§ Jan. 20, 1977: $653, 907,000,000
§ Jan. 20, 1981: $934,073,000,000
§ Days in Office: 1,460
§ Compounded Annual Growth Rate: 9.32%
President Gerald Ford
§ Aug. 9, 1974: $481,792,000,000
§ Jan. 20, 1977: $653, 907,000,000
§ Days in Office: 1,239
§ Compounded Annual Growth Rate: 9.43%
President Richard Nixon
§ Jan. 20, 1969: $362,629,668,607
§ Aug. 9, 1974: $481,792,000,000
§ Days in Office: 1,315
§ Compounded Annual Growth Rate: 8.21%
President Lyndon B. Johnson
§ Nov. 22, 1963: $308,567,018,756
§ Jan. 20, 1969: $362,629,668,607
§ Days in Office: 1,135
§ Compounded Annual Growth Rate: 5.35%
Some suggest "tax the rich to make up the deficit". As of the end of 2010, the total worth of all American billionaires is 1.3 trillion dollars. Let’s say that we took every penny they had; not just a percentage as a tax would but everything including the clothes on their backs. It wouldn't dent our national debt. It wouldn't even pay this year’s deficit!
As of May 31, 2011 the Treasury Department spent $275 billion of our money on interest payments to the holders of the nation’s debt. To put that in context, remember that NASA’s budget is $6 billion. The Department of Transportation is $26 billion. The Department of Education is $31 billion.
"A politician cannot spend one dime on any spending project without first taking that dime from the person who earned it. So, when a politician votes for a spending bill he is saying that he believes the government should spend that particular dollar rather than the individual who worked for it." Neal Boortz.
Adding to the national debt is more than $100 trillion in estimated future costs associated with Social Security, Medicare, prescription drug benefits and the liabilities government-sponsored enterprises, Fannie Mae and Freddie Mac.
Since 1964, the U.S. debt had accelerated fastest under President Ronald Reagan, at an annualized growth rate of 14.18% -- a record held until Jan. 20, 2009. Following the inauguration of President Obama, the national debt has grown at an annualized rate of 15.21%.
Following is the annualized growth rate of the national debt under each president since 1963.
President Barack Obama
§ Jan. 20, 2009: $10,626,877,048,913.08
§ Jan. 4, 2011: $14,025,215,218,708.52
§ Days in Office: 715
§ Compounded Annual Growth Rate: 15.21%
President George W. Bush
§ Jan. 20, 2001: $5,727,776,738,304.64
§ Jan. 20, 2009: $10,626,877,048,913.08
§ Days in Office: 2,922
§ Compounded Annual Growth Rate: 8.03%
President Bill Clinton
§ Jan. 20, 1993: $4,188,092,107,183.60
§ Jan. 20, 2001: $5,727,776,738,304.64
§ Days in Office: 2,922
§ Compounded Annual Growth Rate: 3.99%
President George H.W. Bush
§ Jan. 20, 1989: $2,697,957, 000,000
§ Jan. 20, 1993: $4,188,092,107,183.60
§ Days in Office: 1,460
§ Compounded Annual Growth Rate: 11.62%
President Ronald Reagan
§ Jan. 20, 1981: $934,073,000,000
§ Jan. 20, 1989: $2,697,957, 000,000
§ Days in Office: 2,922
§ Compounded Annual Growth Rate: 14.18%
President Jimmy Carter
§ Jan. 20, 1977: $653, 907,000,000
§ Jan. 20, 1981: $934,073,000,000
§ Days in Office: 1,460
§ Compounded Annual Growth Rate: 9.32%
President Gerald Ford
§ Aug. 9, 1974: $481,792,000,000
§ Jan. 20, 1977: $653, 907,000,000
§ Days in Office: 1,239
§ Compounded Annual Growth Rate: 9.43%
President Richard Nixon
§ Jan. 20, 1969: $362,629,668,607
§ Aug. 9, 1974: $481,792,000,000
§ Days in Office: 1,315
§ Compounded Annual Growth Rate: 8.21%
President Lyndon B. Johnson
§ Nov. 22, 1963: $308,567,018,756
§ Jan. 20, 1969: $362,629,668,607
§ Days in Office: 1,135
§ Compounded Annual Growth Rate: 5.35%
Some suggest "tax the rich to make up the deficit". As of the end of 2010, the total worth of all American billionaires is 1.3 trillion dollars. Let’s say that we took every penny they had; not just a percentage as a tax would but everything including the clothes on their backs. It wouldn't dent our national debt. It wouldn't even pay this year’s deficit!
As of May 31, 2011 the Treasury Department spent $275 billion of our money on interest payments to the holders of the nation’s debt. To put that in context, remember that NASA’s budget is $6 billion. The Department of Transportation is $26 billion. The Department of Education is $31 billion.
"A politician cannot spend one dime on any spending project without first taking that dime from the person who earned it. So, when a politician votes for a spending bill he is saying that he believes the government should spend that particular dollar rather than the individual who worked for it." Neal Boortz.
Critical indications
- The Obama administration projects that the federal budget deficit will be approximately $1,600,000,000,000 this year. Right now the Republicans and the Democrats are fighting tooth and nail over budget cuts. The Republicans are proposing to cut the budget deficit by 3.8%. The Democrats only want to cut it by 2.1%.
- The U.S. economy actually grew more between 1930 and 1940 than it did during the decade that recently ended.
- Over the last decade, the number of Americans without health insurance has risen from about 38 million to about 52 million.
- Agricultural commodities are absolutely soaring. The price of corn has more than doubled over the last 12 months. Considering the fact that corn is in literally thousands of our food products, that is a very frightening statistic.
- Between 1999 and 2009, real median household income in the United States declined by 5.0%.
- It is being estimated that total U.S. government debt will grow by 42 percent by the year 2015.
- According to the Pentagon, the cost of the first week of attacks on Libya was 600 million dollars.
- The average American now spends approximately 23 percent of his or her income on food and gas.
- According to the U.S. Energy Department, the average U.S. household will spend approximately $700 more on gasoline in 2011 than it did during 2010.
- It is being projected that for the first time ever, the OPEC nations are going to bring in over a trillion dollars from exporting oil this year. Their biggest customer is the United States.
- According to the Economic Policy Institute, almost 25 percent of U.S. households now have zero net worth or negative net worth. Back in 2007, that number was just 18.6 percent.
- The United States has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001.
- China produced 19.8 percent of all the goods consumed in the world last year. The United States only produced 19.4 percent.
- The U.S. trade deficit with China in 2010 was 27 times larger than it was back in 1990.
- U.S. home values have fallen an astounding 6.3 trillion dollars since the peak of the real estate market in 2005.
- According to RealtyTrac, one out of every 45 U.S. households was hit with a foreclosure filing in 2010.
- The number of homes that were actually repossessed reached the 1 million mark for the first time ever during 2010.
- New home sales in the United States set a brand new all-time record low in the month of February.
- US home sales are down 80% from the last peak which was in July 2005.
- The financial condition of American families continues to deteriorate rapidly. In 2010, one out of every eight American families had at least one family member that was unemployed. That number was the highest it has been since the U.S. Labor Department began keeping track of that statistic back in 1994.
- There are now more than 6 million Americans that the government says have given up looking for work completely.
- According to the U.S. Bureau of Labor Statistics, the average length of unemployment in the U.S. is now an all-time record 39 weeks.
- Americans now owe more than $900 billion on student loans, which is also an all-time record high.
- Average household debt in the United States has now reached a level of 136% of average household income.
- According to the Federal Reserve, between 2007 and 2009 median household net worth in the United States fell by 23 percent.
- The Federal Reserve also says that median household debt in the United States has risen to $75,600.
- According to a recent article posted on the website of the American Institute of Economic Research, the purchasing power of a U.S. dollar declined from $1.00 in 1913 to 4.6 cents in 2009. Sadly, the Federal Reserve is working very hard to get rid of the little bit of purchasing power that the U.S. dollar has left.
Then the tsunami hit Japan...
The third largest economy in the world has been crippled; many arguing permanently.
It has already been confirmed that the core at Reactor 3 has melted through the floor of its containment vessel and is laying on the floor of the reactor building. Those few feet of specially constructed and reinforced concrete are all that is all that is standing between the core and a China Syndrome event.
It was reluctantly admitted and acknowledged in mainstream news about a week later that should there be a catastrophic meltdown at any Daiichi reactor, five more would be doomed to the same fate.
Toyota North America shutting down
A Toyota Motor Corp. spokesman says it's inevitable that the company will have to shut down its North American factories due to shortages of parts from Japan.
Spokesman Mike Goss says the shutdowns are likely to take place later this month, affecting about 25,000 workers. But he says no layoffs are expected.
He says the length of the shutdowns is unknown and depends on how fast earthquake-damaged Japanese parts factories get back in operation.
Toyota gets about 15 percent of its parts from Japan for cars and trucks built in North America.
The company has more than a dozen North American factories.
Goss made the comments Monday before an appearance in Louisville by Toyota's head of North American operations.[1]
Toyota U.K. shutting down
Toyota (TM) is cutting production in the U.K. as a result of the March 11 earthquake and tsunami in Japan, the Independent reports. The automaker will suspend production at its vehicle factory in Burnaston, Derbyshire and at its engine plant in north Wales over the Easter holiday period in an effort to conserve parts. Additionally, the automaker is planning reduced production volumes in May.[2]
Japan's top automakers plan to resume production at all domestic factories in stages starting on Monday, but output levels will be at half of original plans and depend on the availability of parts and power.[3]
Thirty Japanese companies are shutting down for indefinite periods. I Have been able to confirm ten so far: Sony, Panasonic, Epson, Toshiba, Fujitsu, NEC, Sharp, Toyota[1], Honda[2], and Nissan all suspended production[3]
[1] http://en.akihabaranews.com/88140/misc/japans-earthquake-shut-down-six-sony-manufacturing-facilities-other-companies-still-assessing-the-situation
[2] http://content.usatoday.com/communities/driveon/post/2011/03/japan-automaker-shortages-production-halts-quake-tsunami-nissan-honda-toyota-mazda-us-factories/1
[3] http://alttransport.com/2011/03/toyota-honda-nissan-plants-shut-down-after-earthquake-and-tsunami-hit-japan/
[1] http://www.foxnews.com/us/2011/04/04/toyota-says-shut-north-american-plants/#ixzz1JhRPmabs
[2] http://www.independent.co.uk/news/business/news/toyota-cuts-uk-production-after-earthquakes-2267090.html
[3] http://www.reuters.com/article/2011/04/11/markets-japan-stocks-idUSL3E7FB04X20110411
It has already been confirmed that the core at Reactor 3 has melted through the floor of its containment vessel and is laying on the floor of the reactor building. Those few feet of specially constructed and reinforced concrete are all that is all that is standing between the core and a China Syndrome event.
It was reluctantly admitted and acknowledged in mainstream news about a week later that should there be a catastrophic meltdown at any Daiichi reactor, five more would be doomed to the same fate.
Toyota North America shutting down
A Toyota Motor Corp. spokesman says it's inevitable that the company will have to shut down its North American factories due to shortages of parts from Japan.
Spokesman Mike Goss says the shutdowns are likely to take place later this month, affecting about 25,000 workers. But he says no layoffs are expected.
He says the length of the shutdowns is unknown and depends on how fast earthquake-damaged Japanese parts factories get back in operation.
Toyota gets about 15 percent of its parts from Japan for cars and trucks built in North America.
The company has more than a dozen North American factories.
Goss made the comments Monday before an appearance in Louisville by Toyota's head of North American operations.[1]
Toyota U.K. shutting down
Toyota (TM) is cutting production in the U.K. as a result of the March 11 earthquake and tsunami in Japan, the Independent reports. The automaker will suspend production at its vehicle factory in Burnaston, Derbyshire and at its engine plant in north Wales over the Easter holiday period in an effort to conserve parts. Additionally, the automaker is planning reduced production volumes in May.[2]
Japan's top automakers plan to resume production at all domestic factories in stages starting on Monday, but output levels will be at half of original plans and depend on the availability of parts and power.[3]
Thirty Japanese companies are shutting down for indefinite periods. I Have been able to confirm ten so far: Sony, Panasonic, Epson, Toshiba, Fujitsu, NEC, Sharp, Toyota[1], Honda[2], and Nissan all suspended production[3]
[1] http://en.akihabaranews.com/88140/misc/japans-earthquake-shut-down-six-sony-manufacturing-facilities-other-companies-still-assessing-the-situation
[2] http://content.usatoday.com/communities/driveon/post/2011/03/japan-automaker-shortages-production-halts-quake-tsunami-nissan-honda-toyota-mazda-us-factories/1
[3] http://alttransport.com/2011/03/toyota-honda-nissan-plants-shut-down-after-earthquake-and-tsunami-hit-japan/
[1] http://www.foxnews.com/us/2011/04/04/toyota-says-shut-north-american-plants/#ixzz1JhRPmabs
[2] http://www.independent.co.uk/news/business/news/toyota-cuts-uk-production-after-earthquakes-2267090.html
[3] http://www.reuters.com/article/2011/04/11/markets-japan-stocks-idUSL3E7FB04X20110411
