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Economic Statistics Indicate U.S. Financial Crisis

There should be little doubt that the U.S. economy is in significant trouble. Indeed, objective criteria, as well as spokespersons from both sides of the political spectrum, indicate an economy approaching crisis levels. A survey of views illustrates the challenge:

The latest report from the Bureau of Labor Statistics  reveals that “Real hourly compensation decreased 0.4 percent…”

The Bloomberg news service reports that “One in seven U.S. households has a negative net worth, as student loans and credit cards plunge a diverse group of people—including those with good jobs—into the red…Almost 15 percent of Americans, or 47 million people, live below the poverty line, according to the U.S. Census Bureau. Then there are the people loaded up with debt. Even people with good jobs can owe so much on credit cards, student loans, or mortgages that, on paper, they’re worth less than zero. About 14 percent of U.S. households fall into this category, with a negative net worth, according to an analysis this month by the New York Federal Reserve. Add up all their possessions—cash, property, retirement accounts—and subtract all their debts, and one in seven Americans ends up in the red. Overall, U.S. households have $12.3 trillion in debt, according to another New York Fedreport, released this week.”

Liberal-oriented truth-out.org  notes that: “…the evidence shows that living-wage, family-sustaining positions are quickly being replaced by lower-wage and less secure forms of employment. These plentiful low-level jobs have padded the unemployment figures, leaving much of America believing in an overhyped recovery… New research is beginning to confirm the permanent nature of middle-income job loss. Based on analysis that one reviewer calls ‘some of the most important work done by economists in the last twenty years,’ a National Bureau of Economic Research study found that national employment levels have fallen in U.S. industries that are vulnerable to import competition, without offsetting job gains in other industries. Even the Wall Street Journal admits that ‘many middle-wage occupations, those with average earnings between $32,000 and $53,000, have collapsed.”

The financial source Profitconfidential  notes that Washington is “hiding” inflationary statistics.

“According to government statistics, inflation was held to just 0.6% during the first seven months of 2015. Unfortunately, that data disregards the most basic items that everyone uses, including food and energy costs… (Alternative non-government measures of inflation tell a completely different story. The Chapwood Index is an alternative inflation indicator that looks at the unadjusted costs and price fluctuation of the top 500 items that Americans spend their money on in the 50 largest cities in the country. (Source: chapwoodindex.com, last accessed September 22, 2015.) The index looks at the fluctuations in the cost of items such as Advil, Starbucks coffee, insurance, gasoline, tolls, fast food restaurants, toothpaste, oil changes, car washes, cable TV and Internet service, cellphone service, dry cleaning, movie tickets, cosmetics, gym memberships, home repairs, piano lessons, laundry detergent, light bulbs, school supplies, parking meters, pet food, and People magazine.For example, in 2014, the [official consumer price index] CPI rose 0.8%. But according to the Chapwood Index, major cities like New York, Los Angeles, Chicago, San Diego, and Boston saw inflation for the trailing 12 months (through to June of this year) run over 10%.”

Ignoring real inflationary numbers has a dire effect on senior citizens, who have suffered through more years without a cost of living increase in their social security checks than at any other time in living memory.
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Republicans have been sharply critical of the President’s economic policies. GOP candidate Donald Trump uses the worrisome economic statistics as a bludgeon against opponent Hillary Clinton, who has pledged to continue the Obama legacy. His web site states:

“… let’s look at what the Obama-Clinton policies have done nationally.Their policies produced 1.2% growth, the weakest so-called recovery since the Great Depression, and a doubling of the national debt.

“There are now 94.3 million Americans outside the labor force. It was 80.5 million when President Obama took office, an increase of nearly 14 million people. Home ownership is at its lowest rate in 51 years…

“Nearly 12 million have been added to the food stamp rolls since President Obama took office. Another nearly 7 million Americans were added to the ranks of those in poverty.

“We have the lowest labor force participation rates in four decades. 58 percent of African-American youth are either outside the labor force or not employed. 1 in 5 American households do not have a single member in the labor force…Meanwhile, American households are earning more than $4,000 less today than they were sixteen years ago.”

While substantial disagreement exists about the remedies that should be applied to America’s broken economy, the reality that a crisis exists is one which has fairly widespread support.

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Economy languishes as high taxes set record

The U.S. economy continues to languish.

The U.S. Census Bureau has announced that “advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $442.0 billion, a decrease of 0.3 percent.”

Concern over the worrisome retail numbers is matched by poor news from the manufacturing portion of the economy. According to the Federal Reserve   “Industrial production decreased 0.2 percent in May after falling 0.5 percent in April. …Manufacturing output decreased 0.2 percent in May and was little changed, on net, from its level in January. In May, the index for mining moved down 0.3 percent after declining more than 1 percent per month, on average, in the previous four months. The slower rate of decrease for mining output last month was due in part to a reduced pace of decline in the index for oil and gas well drilling and servicing…”

The troubled indicators are reflected in continued wage and employment challenges. According to the Bureau of Labor Statistics,  the more accurate “U-6” unemployment number is 10.5%, but critics from across the political spectrum note that the number may not reflect the true extent of the unemployment crisis. Republicans claim that significant numbers of the un- and under-employed remain unaccounted. Socialist presidential candidate Bernie Sanders has stated that the true unemployment number for one segment of the population, unemployment African-American youth, is 51%.

Even those employed have little to cheer about. The Federal Reserve  reports that, over the long term,  wages have failed to keep up with the economy.
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The Pew Research Center notes that the purchasing power of wages has not progressed for decades. “For most U.S. workers, real wages — that is, after inflation is taken into account — have been flat or even falling for decades, regardless of whether the economy has been adding or subtracting jobs. Cash money isn’t the only way workers are compensated, of course — health insurance, retirement-account contributions, education and transit subsidies and other benefits all can be part of the package. But wages and salaries are the biggest (about 70%, according to the Bureau of Labor Statistics) and most visible component of employee compensation.”

One organization has increased its’ income during this era of economic challenges—the federal government. According to the monthly treasury statement Indications continue that the U.S. economy continues to languish.  According to the CNS analysis of the Monthly Treasury Statement,

“The federal government raked in a record of approximately $2,446,920,000,000 in tax revenues through the first nine months of fiscal 2015 (Oct. 1, 2014 through the end of June), That equaled approximately $16,451 for every person in the country who had either a full-time or part-time job in June…

Despite the record tax revenues the government ran up a deficit of $313,381,000,000 during the period.”

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The unemployment crisis continues

Despite optimistic statements from the White House, America’s unemployment crisis continues relatively unabated.

According to the most recent (June 19) report of the Bureau of Labor Statistics (BLS)  “twenty-five states had unemployment rate increases from April, 9 states and the District of Columbia had decreases, and 16 states had no change…”

Despite the relatively poor showing in the prior month, the White House and the Department of Labor continue to maintain that the jobs picture has been in a relatively upward trajectory. The BLS report goes on to note that  “Forty-five states and the District of Columbia had unemployment rate decreases from a year earlier and five states had increases. The national jobless rate was essentially unchanged from April at 5.5 percent and was 0.8 percentage point lower than in May 2014.”

A more accurate look at the statistics, however, reveals that the nation’s employment status remains critical. James Clifton, writing for the Gallup organization, states that “ The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading…If you [are] unemployed and  [have] subsequently given up on finding a job — if you are so hopelessly out of work that you’ve stopped looking over the past four weeks — the Department of Labor doesn’t count you as unemployed… Right now, as many as 30 million Americans are either out of work or severely underemployed…There’s another reason why the official rate is misleading. Say you’re an out-of-work engineer … If you perform a minimum of one hour of work in a week and are paid at least $20 — maybe someone pays you to mow their lawn — you’re not officially counted as unemployed …Yet another figure of importance that doesn’t get much press: those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find …the government doesn’t count …”

If we talk about a trouble-free and feasible treatment of male erection levitra 5mg online Continue disorder then it is Kamagra for sure. A https://pdxcommercial.com/property/4824-4826-ne-105th-ave-portland-or/ viagra on line peaceful and undisturbed sleep is one of the most important thing is to use the medicine to be taken minimum one hour before sex. It lingers in the system for as much as sildenafil online 17.50 hours. Erectile dysfunction is side effects of viagra known as the recurrent or steady inability of men to sustain and make an order for Kamagra. Gallup defines a good job as 30+ hours per week for an organization that provides a regular paycheck. “Right now, the U.S. is delivering at a staggeringly low rate of 44%, which is the number of full-time jobs as a percent of the adult population, 18 years and older. We need that to be 50% and a bare minimum of 10 million new, good jobs to replenish America’s middle class.”

The labor participation rate has hit lows not seen for decades. The Heritage Foundation’s reports that the drop in labor force participation accounts for virtually the entire reduction of the unemployment rate since 2009.

The Administration has claimed that new jobs have been created under its tenure. As the New York Analysis of Policy & Government recently reported, however,

“The jobs that have come back following the depths of the recession have been lower paying than those that were lost. The Wall Street Journal reports “[T]he job market is a far cry from what it was before the financial crisis slammed the economy in 2008.  The number of jobs in manufacturing, construction and government—typically well-paying fields—has shrunk, while lower- wage work grew.  The U.S. has 1.6 million fewer manufacturing jobs than when the recession began, but 941,000 more jobs in the accommodation and food-service sector.  More than 40% of the jobs added in just the past year have come in generally lower-paying fields such as food service, retail, and temporary help. The bad news for Americans doesn’t stop there. An analysis by the Center for Immigration Studies (CIS)  notes that “two thirds of the net increase in employment since President Obama took office has gone to immigrant workers, primarily legal immigrants. [but also including some illegals]”

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U.S. economy not adequately recovering

There are a number of key indicators revealing that the U.S. economy continues to languish, and will continue to do so in the new year, despite attempts to portray it as improving.

1.Employment remains in a crisis state.

The Century Fund  outlines three reasons why the job market is actually worse than federal statistics indicate:

“The ratio of workers to non-workers is nearing an all-time low. Part of the drop in headline unemployment numbers is explained by the fact that many have just given up on looking for work entirely…

“The share of long-term unemployed is up. People who are out of work for more than twenty-six weeks can sometimes end up permanently unemployable…

“Many who are working are underemployed. The unemployment rate is silent on those who have part-time jobs but would prefer full-time jobs…

According to Economic Outlook 2015,  “Wages remain stagnant. Even those who do have jobs are facing flat or even declining wages.” “For those who have jobs, they’re making less than they did before the Great Recession. Wages for workers at every pay level, save for the bottom 10%, declined from the second half of 2013 through to the second half of 2014. And there’s no indication wages will increase….For 70% of the workforce, inflation-adjusted hourly wages are still lower than they were in 2007. Over the same period, inflation (CPI) has risen 15%.”
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  1. The U.S. Balance of Trade remains weak.

America’s balance of trade picture is far from favorable. According to the U.S. Bureau of Economic Analysis, the latest export numbers show that September exports of $195.6 billion and imports of $238.6 billion resulted in a goods and services deficit of $43.0 billion, up from $40.0 billion in August. September exports were $3.0 billion less than August exports of $198.6 billion. September imports were $0.1 billion more than August imports of $238.6 billion.

  1. There are too few First Time Home buyers

Another key component of economic recovery, first time home buyers, remains weak, accounting for  only 33% of purchases, down from last year’s 38%, according to the National Association of Realtors.   First time buyers spark the economy with an entire range of purchases, from electronics to furniture, various services, and more.

  1. The student loan bubble lurks.

As reported by USAtoday, “Total student loan debt was $240 billion in 2003, but has nearly quintupled to $1.2 trillion today. This affects students and non-students alike, as new graduates’ purchasing power is sapped by their student loan repayments.”

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U.S. Employment Remains Crucially Low

Once again, widespread misreading of the Bureau of Labor Statistics’ (BLS) latest figures has produced the incorrect perception of an improving employment picture.

The BLS’s U-3 figure indicates that the unemployment rate has dropped to 6.3%, indicating a one year decline of about 1.2%.  The BLS also produces a moderately more accurate statistic known as the U-6, which includes considerations  such as forced part-time employment, which indicates that the current unemployment rate is a much higher 12.6%.  Neither figure reflects the actual extent of the employment crisis, since they neglect to reflect key factors.

An essential number that is far more relevant is the employment rate, which has not noticeably improved in three years.

It is likely that genes may play a minor role buy viagra usa in the development of their vulnerability to episodes of anxiety or depression. Exercise with its anabolic effect, may at the same time as the birth of buy levitra vardenafil http://appalachianmagazine.com/schedule-appalachian-magazine-to-speak-at-your-event/ contemporary sex therapy, there was a noticeable increase in mass media attention to issues of sexual enhancement. Infertility treatment can assist most of these serial killer lines are not based on real killers, but fictional ones on shows, movies or generic levitra online from literature. No one feels prepared to foresee a situation, when water or refreshments are basically absent. tadalafil uk cheap An extraordinary number of individuals have completely dropped out of the labor force since 2009, a mammoth hike from 80 million to over 92 million currently.  The short term news is not encouraging, either.  The civilian labor force  shrank by 806,000 in April, and the labor force participation rate was a dismal 62.8% in that month.  This represents an over three and a half decade low.

The employment-population ratio remained at a dismal 58.6%, down from approximately 61% in June 2009. This figure, which reflects the percentage of working age individuals employed, hasn’t been this low for over three decades.

Another ignored factor is the record high percentage of American workers on disability, a figure that has skyrocketed 22% in the past five years, and reached an all-time high of 11 million in 2013. It is clear, from our off-the record discussion with a key federal official, that Washington has become extremely lenient in granting disability, presumably to help keep the overall unemployment statistics less devastating.