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Friday, August 29, 2008

August News Factoids

"97% of the music business in America is foreign-owned."
== Thom Hartmann (7/2008)

"The American Society of Civil Engineers estimates the we're going to have to spend $1.6 trillion over the next five years to rebuild our infrastructure."
== Janet Kavinosky, U.S. Chamber of Commerce

The local energy company here in New Mexico reported in the July billing that the per-therm cost of natural gas increased 63 percent from last July.

"Twenty-five percent of all bottled water sold in the U.S. is transported from overseas, and that transportation uses 50 million barrels of oil [annually]."
== The Santa Fe Reporter

U.S. Jobless Rate Rises to 4-year High of 5.7 Percent
== Bureau of Labor Statistics, 1 August 2008

The U.S. has lost 458,000 jobs since January First.
== Time Magazine, July 2008

Between 2001 and 2007, the trade deficit caused the loss or displacement of 2.3 million jobs in all 50 states and the District of Columbia, including 366,000 last year.
== Economic Policy Institute, 1 Aug 2008

Billionaire investor Warren Buffett said in August that the economy continues to be in a recession, by his definition, and will continue to be for at least several more months. He's confident the nation will be doing better five years from now, but the economy could be worse five months from now.

"Overall U.S. credit card debt grew by 435 percent from 2002 to year-end 2007, from $211 billion to approximately $915 billion."
==Danny Schechter

6% of U.S. homeowners are behind on their mortgage payments.
== Time Magazine, July 2008

The Dow Jones Industrial Average is down 11% and the S&P 500 is down 10.5% since January First.
== Time Magazine, July 2008

Consumer prices rose at double the expected rate ... jumping 0.8 percent in July ... inflation rising at fastest rate in 17 years
== news headlines 8/2008

Wholesale prices rose at fastest pace since 1981
== news headline 8/2008
"The Labor Department reported that wholesale prices shot up 1.2 percent in July ... more than twice the 0.5 percent gain that economists expected."

Congress is raising the U.S. National Debt ceiling to $10.615 trillion. The U.S. economy also carries the burden of the subprime mortgage meltdow, with Federal agencies Fannie Mae & Freddie Mac separately owing or guaranteeing $5.2 trillion. Plus at least $3 trillion in off-the-books spending (nothing is allocated for the cost of bringing troops home from the Middle East, the infrastructure is collapsing, etc.), and more than a trillion dollars each year in interest must be paid on the Republican National Debt (basically extortion money paid to the corporatist Oligarchy).

That adds up to almost $20 trillion of debt foisted on the American taxpayer by the Republican policies of 'cut taxes on the rich' and 'spend & borrow'. Comparing the country's debt to the current U.S. economy measured at $14 trillion per year, the U.S. is clearly bankrupt.

Copyright 2008 by G.E. Nordell, all rights reserved

1 comment :

vickiroxx said...

Thank you for posting all of this. It certainly doesn't make the front page of the news. I didn't know you moved. Thanks for sending this to me. Sending lots of love. Vicki