Things are not terrific...state of US economy is trouble!

[serryjw]

Things are not terrific………read these articles

Quote….
In 2004, over 580,000 new businesses opened nationwide. At the same time, over 576,000 closed and 34,000 succumbed to bankruptcy.
End quote…
http://www.ledger-enquirer.com/mld/ledgerenquirer/business/13588437.htm.


Quote…..
The ABI went on to say that the record pace continued into October, when more than 600,000 bankruptcies were filed nationwide, compared to 130,679 in October 2004.

End quote…….

http://www.timesargus.com/apps/pbcs.dll/article?AID=/20051231/NEWS/512310335/1002/NEWS01

quote….
Foreclosure rates rose in 47 states in March, according to Foreclosure.com, an online foreclosure listing service. The rates in Florida, Texas and Colorado are more than twice the national average. Even in New York City and Boston, where real estate markets are white-hot, foreclosures are rising in working-class neighborhoods.
Virginia, Maryland and the District have relatively low foreclosure rates -- analysts say troubled owners in those booming markets can still sell their homes before facing foreclosure.
End quote…
http://www.washingtonpost.com/wp-dyn/content/article/2005/05/29/AR2005052900972.html

quote…….
National credit report provider Experian's latest nationwide sampling of 3 million consumers stated that the average debt has increased by 12 percent compared to last year. The study found that U.S. consumers' average debt is a little more than $11,000. Often times the debt is caused by overspending but sometimes it's caused by unexpected medical bills or the loss of a job.
"Forty percent of people that have credit cards carry debt from month to month," said Kay Gentry, a financial specialist at Clearpoint Financial Solutions in Staunton. Gentry fields calls from across the country but serves walk-in's from Rockingham to Rockbridge counties.
Gentry said that $15,000 to $25,000 in credit card debt is average for her clients in the Valley. Her national calls average between $30,000 and $50,000 in credit card debt.
End quote………
http://www.newsleader.com/apps/pbcs.dll/article?AID=/20060108/LIFESTYLE/601080321/1024

quote…..
An August survey by PricewaterhouseCoopers showed that nearly half of companies that expect to change their pension plans in the next year are considering freezing benefits for all employees. More than a third that offered pensions have already pared back these benefits over the past three years.
Snip…..
Boomers are already facing a more financially risky retirement as the percentage of private-sector employers offering retiree health benefits drop. In 2002, 13% of private sector employers offered retiree benefits to early retirees (those not yet 65), down from 22% in 1997, according to a report this year from the Employee Benefit Research Institute.
http://www.usatoday.com/money/perfi/retirement/2005-12-28-boomer-pensions-usat_x.htm


US National debt…..and YOUR family’s obligation!

$129,992!….This will have to come from YOUR taxes!

http://www.toptips.com/debtclock.html

Now add to this rising cost of fuel for home and auto, increase in student loans, that will have to be repaid by student or parent and aging of seniors with cuts in SS & Medicare. I'd say we are in a mess.

[xchrom]

1. don't forget the sinking value of the dollar.

eventually there is going to be a ''price to pay'' for that.

the fed keeps printing money into the mounting debt and deficit -- for what purpose?

[NYC]

2. Some good news in this:

"Forty percent of people that have credit cards carry debt from month to month..."

That means that 60% of credit card holders do not. That's better than I would have guessed.

[SmokingJacket]

6. That is better than I would have thought too.

I wonder what percentage of people have credit cards? 80% or so?

That is poisonous debt, though, if you carry it.

[peanutbrittle]

3. EPI

http://www.epi.org/content.cfm/pm110

1. Profits are up, but the wages and the incomes of average Americans are down.
2. More and more people are deeper and deeper in debt.
3. Job creation has not kept up with population growth, and the employment rate has fallen sharply.
4. Poverty is on the rise.
5. Rising health care costs are eroding families' already declining income.

[Deja Q]

5. What job creation; any job worth a damn is being offshored...

and they use tax dollars to bring in people from outside, train them, and ship 'em back afterwards...

Meanwhile the American worker gets insulted - by those countries, and dismissed from our own leaders.

In the past, anyone insulting the US or its people would be an aggressive act. Today? It's not just condoned, it seems to be openly encouraged.

[FloridaPat]

4. Increase in bankruptcies last year was due to the new bankruptcy

laws. Also, in Florida, you're allowed to keep your home if you file bankruptcy. So if your in that bad a shape, you will probably loose your home sooner than later.

[SmokingJacket]

7. Thanks for the stats.

My gut says things have been better. I can't find work -- until 2000 or so I never had trouble. My groceries cost more every week. My other bills -- insurance, utilities -- are all going up, while income is more and more tenuous (thank god I'm married). I feel a sense of pessimism in general -- in spite of the optimistic stock market, which means nothing to me.

I hate being lied to by the govt who tells me my gut is wrong...

[AX10]

8. thanks. bookmarked.