By Michael Snyder
Any “recovery” that the U.S. economy is experiencing is illusory and will be quite temporary. The entire financial system of the United States is falling apart, and the powers that be can try to patch it up and prop it up for a while, but in the end this thing is going to come crashing down.
But as obvious as that may seem to most of us, there are still quite a few people out there that are absolutely convinced that the U.S. economy will fully recover and will soon be stronger than ever.
So the following are 25 questions to ask anyone who is delusional enough to believe that this economic recovery is real….
#1) food stamps
#2) foreclosure filings
#3) homeowners with a mortgage missed at least one payment in the January-March period.
#4) banks own a greater share of residential housing net worth in the United States than all individual Americans put together?
#5) With the U.S. Congress planning
to quadruple oil taxes,
#6) States on the verge of financial disaster?
#7) Dozens of U.S. states are preparing
for biggest budget cuts in decades.
#8) In March, the U.S. trade deficit widened
to its highest level since December 2008.
#9) Considering the fact that the U.S. government is projected to have a 1.6 trillion dollar deficit in 2010.
#10) The U.S. Treasury Department recently announced a budget deficit
of 82.69 billion dollars in April.
#11) According to one new report, the U.S. national debt will reach 100 percent of GDP
by the year 2015.
#12) Unprecedented environmental disasters.
#13) The FDIC’s list of problem banks
recently hit a 17-year high.
#14) The FDIC is backing 8,000 banks that have a total of $13 trillion in assets with a deposit insurance fund.
#15) No more tax credit for home buyers.
#16) Both Fannie Mae and Freddie Mac recently told the U.S. government that they are going to need even more bailout money.
#17) 43 percent of Americans have less than $10,000 saved for retirement.
#18) The mayor of Detroit says that the real unemployment rate in his city
is somewhere around 50 percent.
#19) Gallup’s measure of underemployment
hit 20.0% on March 15th.
#20) One new poll shows
that 76 percent of Americans believe that the U.S. economy is still in a recession.
#21) The bottom 40 percent of those living in the United States now collectively
own less than 1 percent of the nation’s wealth.
#22) Richard Russell, the famous author of the Dow Theory Letters, says that Americans
should sell anything they can sell in order to get liquid because of the economic trouble that is coming.
#23) Defaults on apartment building mortgages held by U.S. banks climbed
to a record 4.6 percent in the first quarter of 2010.
#24) In March, the price of fresh and dried vegetables in the United States
soared 49.3%.
#25) 1.41 million Americans filed for personal bankruptcy in 2009 –
a 32 percent increase over 2008.
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