Moral Outrage
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Posts Tagged ‘recession

Why the worst recession since the Great Depression

June 29, 2012

Facts shared in a speech by US Senator Bernie Sanders, the longest serving independent member of Congress in American history: The American people are angry because they are living through the worst recession since the Great Depression. Unemployment is not 8.2%, real unemployment is closer to 15%. Today the wealthiest 400 individuals in America own […]

American statistics heading into 2012

December 26, 2011

50 million Americans live below the official poverty line, while another 100 million live in “near-poverty,” struggling to support themselves on incomes so low that they are one misfortune away from destitution. According to a study by the McKinsey consulting firm, it took six months for the US economy to return to pre-recession job levels […]

The beginning of a fullblown banking crisis

August 11, 2011

Let’s say Joe Blow bought a house in 2005 for $400,000 believing the hype that “Housing prices can only go up”. But by 2008, Mr Blow is underwater because housing prices have dipped and his house is only worth $300,000. Even worse, he has to put his house on the market fast because he just […]

Statistics on US class warfare

March 15, 2011

Incomes for 90% of Americans are stuck in neutral, and it’s not just because of the Great Recession. Middle-class incomes have been stagnant for at least a generation, while the wealthiest tier has surged ahead at lightning speed. In 1988, the income of an average American taxpayer was $33,400, adjusted for inflation. Fast forward 20 […]

Moody’s Dim Forecast for Housing and the Economy

September 22, 2010

The analysts at Moody’s Investors Service are downbeat in their outlook for both the U.S. economy and the housing market, warning that there’s a stronger chance the country will slide back into a recession, and they are forecasting a “longer and deeper housing correction.” Mark Zandi, chief economist for Moody’s Analytics, says the U.S. recovery has lost […]

US poverty rate highest in 51 years

September 17, 2010

The income of American households fell only slightly last year but the number of people in poverty has reached its highest level in 51 years, the Census Bureau reports. 2009 marked the third consecutive annual increase in U.S. poverty levels. Child poverty passed the 20% threshold for the first time since 1996, fueled by a […]

Voluntarily lowering the flag on the American Empire

August 18, 2010

An excerpt of an article by Chalmers Johnson [America finds itself in] August of 2010 with guns blazing in one war in Afghanistan, even as we try to extricate ourselves from another in Iraq. I wish I had a crystal ball to peer into and see what historians will make of August in 2060. Let […]

Harvard historian warns of sudden collapse of American empire

July 15, 2010

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level. “I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean […]

A Memorial Day Tribute to One Trillion Wasted Dollars

May 27, 2010

This May 30th we will reach another dubious milestone in our almost nine years of war. At that precise moment, we will have spent $1 trillion in operational costs for the wars in Iraq and Afghanistan, tracked by the National Priorities Project’s cost of war counter. What is $1 trillion worth? NPP explains it this […]

California dreamin’ of jobs that are no more

October 21, 2009

California, the world’s eighth largest economy, is still finding its feet after suffering multiple economic shocks, including a housing slump, mortgage crisis and recession. Employers in California, the most populous U.S. state, are expected to keep cutting staff in 2010 as the wider U.S. jobs market recovers. The state’s unemployment is far above the national […]