As the mainstream media continues to make irrational and diversionary statements about the economy, facts show and experience confirms that people’s living and working standards continue to steadily decline. The economy continues to move in the wrong direction. Poor economic conditions persist, which is why the vast majority remain pessimistic about the economy and recognize that the current direction is unsustainable. The 30 statistics below speak volumes about actual economic conditions and cut through the worn-out media disinformation that “the economy is doing great.”
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“28 million Americans still lack health insurance.”
“21 million workers are still paid less than $15 per hour.”
“The federal minimum hourly wage is just $7.25 and has not increased since 2009.”
“69% of Americans in Cities Live Paycheck to Paycheck.”
“More than 200,000 Dallas [Texas] residents are 60 or older, and at least 30,000 of them live on incomes of less than $1,000 per month.”
“1 in 10 low-income households had a retirement account balance in 2019, compared to 1 in 5 in 2007.”
“In America’s “internal colonies,” the poor die far younger than richer Americans.”
“At the beginning of 2023, the top ten percent of earners in the United States held 69 percent of total wealth. This is a slight increase from the fourth quarter of 2022 when the top ten percent held 68.2 percent of total wealth.”
“Amazon Fresh lays off hundreds of grocery store workers, reports say.”
“Microsoft confirms more job cuts on top of 10,000 layoffs announced in January [2023].”
“Economic growth to slow and unemployment to rise, CBO projects.”
“U.S. Leading Economic Index Falls Again in June [2023].”
“U.S. gas prices hit 8-month high.”
“Cost of living: High prices leading to poor nutrition in people.”
“Fed approves hike that takes interest rates to highest level in more than 22 years.”
“Big Bankruptcies Rise at Faster Pace This Year.”
“New York Fed Reports Surge In Credit Application Rejections.”
“Now You Can’t Get A Car Loan.”
“Young People Are Missing Auto Loan Payments At Near Record Numbers.”
“Price of Used Houses now the Same as Price of New Houses.”
“House sales plummet to their lowest level in over a DECADE as families in large suburban homes cling to cheap mortgage deals – with just 1% of US properties changing hands in 2023.”
“It’s Getting Even Harder to Afford a ‘Starter’ Home in the US.”
“Atlanta-area evictions surpass 70,000 in first half of year.”
“Experts shine a light on the invisible toll of informal evictions.”
“A majority of Harris County [Texas] renters are ‘cost burdened’ by rising rent prices, report says.”
“The average tuition at US private colleges grew by about 4% last year to just under $40,000 per year, according to data collected by US News & World Report. For a public in-state school, that cost was $10,500, that’s an annual increase of 0.8% for in-state students and about 1% for out-of-state.”
“Many [Tampa] Bay area [Florida] families unable to access early childhood education, causing childcare crisis.”
“High cost makes child care inaccessible for many Iowans, report finds.”
“Millions more Americans [100 million] have medical debt than student debt.”
“62% Of Food Derived From Forced Labor Is ‘Likely Produced In The U.S.’”
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Is this what a booming, resilient, humane economy looks like? The reality is that economic conditions are also awful in Europe and other countries. Globally, millions are worse off now than they were a few years ago.
The current downward economic spiral has been going on for some time now and it is clear that the powers that be are unable and unwilling to solve any problems, they just keep making things worse while hoping people believe disinformation about a “great economy.” The rich became historically superfluous long ago; they are a huge cost, burden, and obstacle to society.
Only working people and their allies can turn around the situation. Relying on the rich and their politicians to develop an economy that provides for the needs of all is not working.
This post was originally published on Dissident Voice.