Important Facts Every American NEEDS To Know Before Tonight's Debate
It is being projected that tonight's debate between Donald Trump and Hillary Clinton could potentially break the all-time record of 80 million viewers that watched Ronald Reagan and Jimmy Carter debate back in 1980.
There will likely be quite a few questions about the economy, and without a doubt this is an area where Trump and Clinton have some very sharp differences. The mainstream media would have us believe that the U.S. economy is in pretty good shape, and if that was true that would seem to favor Clinton.
The following are important facts about the economy that every American NEEDS to know for the Trump-Clinton debate tonight.
When Barack Obama entered the White House, the U.S. government was 10.6 trillion dollars in debt. Today, the U.S. government is 19.5 trillion dollars in debt, and Obama still has several months to go until the end of his second term. That means that an average of more than 1.1 trillion dollars will be added to the national debt during his presidency. We are stealing a tremendous amount of consumption from the future to make the economy look much, much better than it otherwise would be, and we are systematically destroying the future in the process.
As Obama prepares to leave office, the rate at which we are adding to the national debt is actually increasing. During the fiscal year that is just ending, the U.S. government has added another 1.36 trillion dollars to the national debt.
It isn’t just the federal government that is on a massive debt binge. Total U.S. corporate debt has nearly doubled since the end of 2007.
Default rates on U.S. corporate debt are the highest that they have been since the last financial crisis.
Corporate profits have fallen for five quarters in a row, and it is being projected that it will be six in a row once the final numbers for the third quarter come in.
During the month of August, commercial bankruptcy filings were up 29 percent compared to the same period a year ago.
The rate of new business formation in the United States dropped dramatically during the last recession and has hovered at that new lower level ever since.
The Wall Street Journal says that this is the weakest “economic recovery” since 1949.
Barack Obama is on track to be the only president in all of U.S. history to never have a single year when the U.S. economy grew by at least 3 percent.
In August, the Cass Freight Index dipped to the lowest level that we have seen for that month since 2010. What this means is that the total amount of stuff being shipped around the country by air, by rail and by truck is really dropping, and this is a clear sign that real economic activity is slowing down in a major way.
The percentage of Americans with a full-time job has been sitting at about 48 percent since 2010. You have to go back to 1983 to find a time when full-time employment in this country was so low.
The labor force participation rate peaked back in 1997 and has been steadily falling ever since.
The “inactivity rate” for men in their prime working years is actually higher today than it was during the last recession.
The United States has lost more than five million manufacturing jobs since the year 2000 even though our population has become much larger over that time frame.
If you can believe it, the total number of government employees now outnumbers the total number of manufacturing employees in the United States by almost 10 million.
One study found that median incomes have fallen in more than 80 percent of the major metropolitan areas in this country since the year 2000.
According to the Social Security Administration, 51 percent of all American workers make less than $30,000 a year.
The rate of homeownership in the U.S. has fallen every single year while Barack Obama has been in the White House.
Approximately one out of every five young adults are currently living with their parents.
The auto loan debt bubble recently surpassed the one trillion dollar mark for the first time ever.
Auto loan delinquencies are at the highest level that we have seen since the last recession.
In 1971, 61 percent of all Americans were considered to be “middle class,” but now middle class Americans have actually become a minority in this nation.
One recent survey discovered that 62 percent of all Americans have less than $1,000 in savings.
According to the Federal Reserve, 47 percent of all Americans could not even pay an unexpected $400 emergency room bill without borrowing the money from somewhere or selling something.
The number of New Yorkers sleeping in homeless shelters just set a brand new record high, and the number of families permanently living in homeless shelters is up a whopping 60 percent over the past five years.
7 Out of 10 Americans Agree That Economy is Rigged Against Them
A recently published Marketplace-Edison Research poll found that a full 71 percent of respondents agree that the U.S. economy is rigged, affirming the popular rhetoric of the current presidential campaign season.
The majority opinion held firm across ethnicity, class, age, and gender differences. A whopping 83 percent of African Americans polled agreed that the economy is rigged, and 80 percent of people ages 18-24 also held that opinion.
The poll, which has been tracking rising economic anxiety, discovered that most Americans agree that the economy was better for their parents’ generation, and believe that the economy will be worse for the next generation.
Perhaps the perception of a rigged economy is because people are working harder for increasingly less financial security. The poll found that nearly one-quarter of respondents hadn’t taken a single vacation for over five years, while nearly 50 percent also confirmed fearing that they might lose their job within the next 12 months.
Moreover, 71 percent said they were afraid of an unexpected medical bill and 53 percent feared being unable to make a mortgage payment. Of renters, 60 percent fear being unable to pay rent.
Nearly one-third told the pollsters that they are losing sleep over their financial situation.
Meanwhile, the poll fond that Wall Street and banks are viewed in an unfavorable light: nearly 60 percent agreed that Wall Street does more to hurt than help the majority of Americans, and 56 percent agreed that the U.S. government should break up banks deemed “too big to fail.”
A majority of 54 percent also felt that the decline in U.S. manufacturing jobs was a result of so-called “free trade” deals, rather than “natural changes in the economy,” as the poll put it.
The poll’s questions were familiar to many of those following this year’s presidential election, as presidential hopeful Bernie Sanders made the phrase “rigged economy” and his critique of trade deals into touchstones of his campaign (see here and here.) Following the success of Sanders’ outsider campaign, current front-runners Donald Trump and Hillary Clinton have both co-opted Sanders’ language in an attempt to woo his supporters.
“It’s not just the political system that’s rigged, it’s the whole economy,” Trump said during a speech last month, while Clinton told a crowd, “to build an economy that works for everyone, not just those at the top, we have got to go big and we have got to go bold”.
Yet their rhetoric appears to be falling flat: the Marketplace-Edison Research poll found a plurality of the respondents are also “not satisfied at all” with the two top presidential contenders.
Pundits have drawn connections between “a deep frustration on the part of working-class voters with economic globalization schemes”, as John Nichols put it, and the recent Brexit vote — provoking some to wonder if a similar shock may eventually strike the U.S. establishment, if today’s economic woes go unheeded.
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