Real State of US Economy

US jobless claims unexpectedly rose last week

WASHINGTON: The number of US workers filing new applications for jobless benefits unexpectedly rose last week,

What President Obama omitted in his State of the Union Speech:

The Real State of the Union in 2010: http://bit.ly/cRwGpD

7 million lost jobs in US in 2 years: http://bit.ly/aPiku6

THE REAL STATE OF USA:
*40 million people now live in poverty,
*6 million people (or 2 percent of the population) have no income, subsisting on food stamps.
*Official unemployment in the US had reached 10 percent,
*4.2 million jobs were wiped out in 2009….
*The official labor force— contracted by 661,000 in the month [of January, 2010],
*Rise in the broader measure of unemployment to 17.3 percent,
*Millions of people who are involuntarily working part-time.

*Depression-like conditions: In Michigan, unemployment is 14.7 percent.
*Detroit: real unemployment is about 50 percent.
*California, an official unemployment rate of 12.3 percent.
*Long-term unemployment is becoming a common aspect of American life,
*40 percent of the unemployed having been out of work for 27 weeks or longer.
*The collapse of housing prices beginning in 2007 has led to a surge of home foreclosures,
* reaching a record one million in the fourth quarter of 2009.
*Another 3 million Americans are expected to lose their homes in 2010.”

*The decade was one of the worst for jobs in US history.
*“There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. *Economic output rose at its slowest rate of any decade since the 1930s as well.”The Washington Post

*Incomes for American workers have declined,
*The net worth of American households has declined.
*Average weekly wages fell by 1 percent in 2009, even as productivity increased.
*"materially speaking—a disastrous decade for US families." comments Los Angeles Times.
*For The first time since World War II, - average American’s net worth actually fell—by a whopping 13 percent.”

*20 more US Banks Failed, in January 2010 - in addition to 200 others since 2007.

Such is the real state of the US in 2010.

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