China is set to pass America as the world’s No. 1 economy based on consumer spending this year. It will be the first time since 1872 that America has not been the No. 1 economy in the world. For the first time in history, America’s middle class isn’t No. 1 in the world. Canada’s middle class has passed us. For the first time in American history, more businesses are closing each day than starting up. There are now 70 percent more Americans collecting entitlement checks than working in the private sector (148 million “takers” versus 86 million “makers”), a fact provided by the U.S. Census Bureau. The average full-time male employee now earns less (adjusted for inflation) than 40 years ago. 20 percent of U.S. families don’t have a single member who is employed. Record numbers of Americans are not in the workforce (more than 92 million). The number of working-age Americans without a job increased by about 10 million in Obama’s first five years as President. That means each and every year of Obama’s Presidency, 2 million more Americans disappeared from the workforce. America’s second largest employer is a temp agency. 70 percent of Americans believe we are still in the middle of the economic crisis or that the worst is yet to come. And they are correct.
Posted on: Fri, 18 Jul 2014 05:45:14 +0000
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