Consumers in the United States accumulated more new credit card debt during the 4th quarter of 2015 than they did during the entire years of 2009, 2010 and 2011 combined. How close are we and when will the proverbial scat hit the fan?
Hat-tip and excerpted from Activist Post. 19 Facts that prove the economy is worse now that six months ago, by Michael Snyder.
#1 U.S. factory orders have now declined on a year-over-year basis for 16 months in a row. As Zero Hedge has noted, in the post-World War II era this has never happened outside of a recession…
#2 Factory orders have now reached the lowest level that we have seen since the summer of 2011.
#3 It is being projected that corporate earnings will be down 8.5 percent for the first quarter of 2016 compared to one year ago. This will be the fourth quarter in a row that we have seen year over year declines, and the last time that happened was during the last recession.
#4 Total business sales have fallen 5 percent since the peak in mid-2014.
#5 S&P 500 earnings have now fallen a total of 18.5 percent from their peak in late 2014.
#6 Corporate debt defaults have soared to the highest level that we have seen since 2009.
#7 The average rating on U.S. corporate debt has fallen to “BB”, which is lower than it has been at any point since the last financial crisis.
#8 The U.S. oil rig count just hit a 41-year low.
#9 51 oil and gas drillers in North America have filed for bankruptcy since the beginning of last year, and according to CNN we could be on the verge of seeing the biggest one yet…
#10 According to Challenger, Gray & Christmas, job cut announcements by major firms in the United States were up 32 percent during the first quarter of 2016 compared to the first quarter of 2015.
#11 Consumers in the United States accumulated more new credit card debt during the 4th quarter of 2015 than they did during the entire years of 2009, 2010 and 2011 combined.
#12 Existing home sales in the U.S. were down 7.1 percent during the month of February, and this was the biggest decline that we have witnessed in six years.
#13 Subprime auto loan delinquencies have hit their highest level since the last recession.
#14 The Restaurant Performance Index in the U.S. recently dropped to the lowest level that we have seen since 2008.
#15 Major retailers all over the country are shutting down hundreds of stores as the “retail apocalypse” accelerates.
#16 If you take the number of working age Americans that are officially unemployed (8.1 million) and add that number to the number of working age Americans that are considered to be “not in the labor force” (93.9 million), that gives us a grand total of 102 million working age Americans that do not have a job right now.
#17 Since peaking during the 3rd quarter of 2014, U.S. exports of goods and services have been steadily declining. This is something that we never see outside of a recession….
#18 The cost of everything related to medical care just continues to skyrocket even though our wages are stagnating. According to the Social Security Administration, 51 percent of all American workers make less than $30,000 a year, and yet the cost of medical care just hit a brand new all-time high…
#19 Our government debt continues to spiral out of control. At this point it is sitting at a staggering total of $19,218,516,838,306.52, but when Barack Obama first entered the White House it was only 10.6 trillion dollars. That means that our government has been stealing an average of more than 100 million dollars an hour from future generations of Americans every single hour of every single day since Barack Obama was inaugurated….
Are you saving for a rainy day? I hope so, and while you’re at it get some of your paper assets out of the bank before they have a bail-in. The good old ‘bank of Posturepedic’ may not be such a bad idea.
Aloha, Mikie ~just a blogger (fightin’ like a girl)
~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.