*****<\/strong><\/p>\n U.S. Conditions<\/strong><\/p>\n \u201cPublic perception of the economy is the lowest since 2008<\/a>.\u201d<\/p>\n \u201cFood prices rise fastest<\/a> rate since 1970s.\u201d<\/p>\n \u201cEgg prices in US jump 47%<\/a> as food inflation hits highs not seen since 1979.\u201d<\/p>\n \u201cUS natural gas prices spike to 14-year high<\/a>.\u201d<\/p>\n \u201cUp 43% over last decade<\/a>, water rates rising faster than other household utility bills.\u201d<\/p>\n \u201cMore Americans are going hungry<\/a>, and it costs more to feed them.\u201d<\/p>\n \u201c98 Million<\/a> in US skipped treatment or cut back on essentials to pay for healthcare this year.\u201d<\/p>\n \u201cWorkers are picking up extra jobs just to pay for gas and food. Prices are rising faster than wages, and more Americans than ever are working two full-time jobs simultaneously<\/a>.\u201d<\/p>\n \u201c\u2018I can’t even afford groceries.\u2019 HALF of U.S. food banks<\/a> report growing numbers of households needing handouts \u2014 Biden\u2019s plan to end hunger by 2030 comes unstuck as prices of eggs, butter and other basics soar. More than 38 million people in the U.S. do not get enough food to live an active, healthy life, the Department of Agriculture says.\u201d<\/p>\n \u201cAround half of older Americans<\/a> can\u2019t afford essential expenses: report.\u201d<\/p>\n \u201cAs many as 125,000 active-duty service members<\/a> and their families experience food insecurity in the United States.\u201d<\/p>\n \u201cThe value of the federal minimum wage is at its lowest point in 66 years<\/a>.\u201d<\/p>\n \u201c54 billion for Ukraine while in the U.S. millions suffer in poverty<\/a>.\u201d<\/p>\n \u201cTwo-thirds of low-wage firms that cut worker pay in 2021<\/a> spent billions on stock buybacks.\u201d<\/p>\n \u201cJobless claims at 8-month high<\/a> as layoffs edge higher.\u201d<\/p>\n \u201cLayoffs are in the works at half of companies<\/a>, PwC survey shows.\u201d<\/p>\n \u201cWalmart lays off<\/a> corporate employees [about 200] after slashing forecast.\u201d<\/p>\n \u201cPeloton to slash 780 jobs and hike prices<\/a> in push to turn profit.\u201d<\/p>\n \u201cAmazon\u2019s 100,000 job cuts<\/a> reflect industry-wide adjustments to economic uncertainty.\u201d<\/p>\n \u201cSmall business owner confidence hits new low<\/a>, survey says.\u201d<\/p>\n \u201cOver $540M Liquidated<\/a> as Bitcoin, Ethereum Plummet.\u201d<\/p>\n A June 2022 report from The Institute for Policy Studies (IPS) found that, \u201cThe average gap between CEO and median worker pay in our sample jumped to 670-to1<\/a>, up from 604-to-1 in 2020. Forty-nine firms had ratios above 1,000-to-1.\u201d IPS examined compensation at 300 corporations.<\/p>\n \u201cThe labor force participation\u2014the proportion of the population over the age of 16 in work or seeking work\u2014is continuing to fall<\/a>. It was 62.1 percent in July [2022], down from 62.4 percent in March [2022]. Before the onset of the pandemic, it was 63.4 percent.\u201d<\/p>\n \u201cAmericans loaded up on $40 billion more in debt<\/a> in June [2022], Fed says.\u201d<\/p>\n \u201cCredit-card debt is soaring<\/a>. Accounts for about $890 billion of Americans’ staggering $16 trillion in household debt.\u201d<\/p>\n \u201cData shows number of low-income audits could triple as IRS grows<\/a>.\u201d<\/p>\n \u201c”We’re Witnessing A Housing Recession”: Existing Home Sales Crater 20%<\/a> In July As Affordability Collapses.\u201d<\/p>\n \u201cRising housing costs<\/a> have made housing largely inaccessible and unaffordable to most Americans, but have acutely impacted communities of color and low- to moderate-income families over the past several decades.\u201d<\/p>\n \u201cBuying a home in America is now the LEAST affordable it’s been in 33 years<\/a> as average mortgage payments rose to $1,944 in June compared to $1,297 in January due to higher rates and record home prices.\u201d<\/p>\n \u201cHomebuyer Competition Falls to Lowest Level<\/a> Since Early Months of Pandemic.\u201d<\/p>\n \u201cAmericans born between 1981 and 1996, the most educated and most diverse generation in U.S. history, were once considered harbingers of economic progress and promise. But now, even well into their careers, most of them lag behind the financial and familial strides of previous generations<\/a>.\u201d<\/p>\n Nearly 75%<\/a> of New York City (NYC) schools will experience big funding cuts in the coming weeks (Fall 2022). The NYC school system is the largest public school system in the country with about 1.1 million students and roughly 80,000 teachers.<\/p>\n \u201cWhen kids go back to school this fall, pandemic-era free lunch will be gone. Debt incurred by US families who can\u2019t pay lunch fees runs up $262 million a year<\/a>.\u201d<\/p>\n \u201c\u2018Never seen it this bad\u2019: America faces catastrophic teacher shortage<\/a>.\u201d<\/p>\n \u201cA spate of horrific attacks<\/a> in New York has people fearful of returning to work.\u201d<\/p>\n \u201cStarbucks must rehire<\/a> 7 Memphis employees who supported a union, a judge says.\u201d<\/p>\n International Conditions<\/strong><\/p>\n \u201cLow growth, high inflation: World faces increasingly challenging<\/a> global environment.\u201d<\/p>\n \u201cThere is a global debt crisis<\/a> coming \u2013 and it won\u2019t stop at Sri Lanka.\u201d<\/p>\n \u201cGrowing recessionary trends<\/a> in major economies.\u201d<\/p>\n \u201cIMF warns of \u2018gloomy outlook\u2019 for global economy<\/a>, slashing growth estimates.\u201d<\/p>\n \u201c\u2018Grotesque greed\u2019<\/a>: UN chief Guterres slams oil and gas companies.\u201d<\/p>\n \u201cShipping firm Maersk, a barometer for global trade, warns of weak demand<\/a> and warehouses filling up.\u201d<\/p>\n \u201cThe U.S. was the worst-performing<\/a> of the major Group of Seven economies in the second quarter, the latest data show.\u201d<\/p>\n \u201cA winter energy reckoning looms<\/a> for the west.\u201d<\/p>\n \u201cRailway workers in France go on strike<\/a> [July 2022] demanding higher wages.\u201d<\/p>\n \u201cUK economy shrinks in 2nd quarter [2022]<\/a>, sharpening recession fear.\u201d<\/p>\n \u201cUK inflation rate rises to 40-year high<\/a> of 10.1%.\u201d<\/p>\n \u201cUK is facing Dickens-style poverty<\/a>, ex-PM warns.\u201d<\/p>\n \u201cSilent crisis of soaring excess deaths<\/a> gripping Britain is only tip of the iceberg.\u201d<\/p>\n \u201cMillions will join breadline<\/a> in recession-hit UK, NIESR warn.\u201d<\/p>\n \u201cUK energy bills to hit \u00a34,200 in January [2023]<\/a>.\u201d<\/p>\n \u201cBank of England launches biggest interest rate hike in 27 years<\/a>, predicts lengthy recession.\u201d<\/p>\n \u201cGermany must cut gas use by 20%<\/a> to avoid winter rationing, regulator says.\u201d<\/p>\n \u201cNorway\u2019s central bank hikes rates by 50 basis points<\/a> in bid to tackle surging inflation.\u201d<\/p>\n \u201cTurkey shocks markets with rate cut despite inflation near 80%<\/a>.\u201d<\/p>\n \u201cSaudi Aramco profit surges 90%<\/a> in second quarter amid energy price boom.\u201d<\/p>\n \u201cTunisia: Unemployed graduates<\/a> demand the Authority finds solution to their unemployment.\u201d<\/p>\n \u201cZambia is a desperately hungry poor country<\/a>.\u201d<\/p>\n \u201cMore than 1,200 people<\/a> are detained indefinitely in Australia with no criminal conviction.\u201d<\/p>\n \u201cNew Zealand’s central bank raised interest rates<\/a> on 17 August \u2013 a seventh hike in row. And it signaled that further increases will follow.\u201d<\/p>\n “Japan wants young people to drink more alcohol<\/a>.\u201d<\/p>\n \u201cSoaring unemployment<\/a> in Myanmar follows junta rollback of labor rights.\u201d<\/p>\n \u201cArgentina hikes rate to 69.5% as inflation surges to 30-year high<\/a>.\u201d<\/p>\n \u201cBank of Mexico raises interest rates to record 8.5 percent<\/a>.\u201d<\/p>\n \u201cChile economy on brink of recession<\/a> amid rampant inflation.\u201d<\/p>\n *****<\/strong><\/p>\n Collectively, the statistics in this 12-part series portray a deteriorating situation worldwide. People can\u2019t seem to catch a break. The top-down assault on their rights is relentless and will continue next year and the year after. The ruling elite are unable and unwilling to solve any problems but they have many plans for arrangements that keep the majority of people marginalized and disempowered. New laws and acts like the Inflation Reduction Act (IRA), for example, will funnel billions of dollars to the rich, but do very little to improve living and working standards for ordinary people. The IRA will not solve inflation. And previous top-down fiscal and monetary policies, far from solving any problems, have only exacerbated already-high levels of income, wealth, and political inequality. They have not improved conditions.<\/p>\n Relying on the rich and their politicians will not advance the interests of working people and the general interests of society one iota. It will not give rise to a human-centered economy. It will not bring about security, stability, prosperity, and peace for all. Only the people themselves have an objective interest in opening the path of progress to society and must rely on themselves to do so. Constantly begging the politicians of the rich for a few crumbs here and there is the old way of doing things. It doesn\u2019t work. It is time to build a new world where the people occupy center-stage and conduct all the affairs of society on a conscious human basis.<\/p>\n Part one<\/a>\u00a0(April 10, 2022);\u00a0Part two<\/a>\u00a0(April 25, 2022);\u00a0Part three<\/a>\u00a0(May 10, 2022);\u00a0Part four<\/a>\u00a0(May 16, 2022);\u00a0Part five<\/a>\u00a0(May 22, 2022);\u00a0Part six<\/a>\u00a0(May 30, 2022);\u00a0Part seven<\/a>\u00a0(June 6, 2022);\u00a0Part eight<\/a>\u00a0(June 13, 2022);\u00a0Part nine<\/a>\u00a0(June 17, 2022);\u00a0Part ten<\/a>\u00a0(June 27, 2022); Part eleven<\/a> (July 10, 2022).<\/p>\n This post was originally published on Dissident Voice<\/a>. <\/p>","protected":false},"excerpt":{"rendered":" Contradicting experience and research, various mainstream media sources continue to perpetuate the illusion that we have a \u201csolid economy,\u201d that \u201cthe fundamentals are sound,\u201d that \u201cthings are not that bad,\u201d and that \u201cwe can be optimistic\u201d about the economy. In lock-step with the mainstream media, political and economic leaders at the highest levels are also [\u2026]<\/p>\n The post \u201cBooming\u201d Economy Leaves Millions Behind: Part 12<\/a> first appeared on Dissident Voice<\/a>.<\/p>\n","protected":false},"author":31,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[724,305,13619,141],"tags":[],"_links":{"self":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/779706"}],"collection":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/comments?post=779706"}],"version-history":[{"count":0,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/779706\/revisions"}],"wp:attachment":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/media?parent=779706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/categories?post=779706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/tags?post=779706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/dissidentvoice.org\/wp-content\/uploads\/2022\/05\/51aJlTn5R8L._SX331_BO1204203200_-1-e1659503664686.jpg\")
<\/a><\/p>The post \u201cBooming\u201d Economy Leaves Millions Behind: Part 12<\/a> first appeared on Dissident Voice<\/a>.\n