The US economy is tanking. Here’s some data to press the point.
…faster than a…uh…ok who can give me a good and humorous analogy?
Every single working day in the month of December 2008:
- 190 U.S. companies filed for Chapter 7 or Chapter 11 bankruptcy protection
- 4,950 Individuals filed for bankruptcy protection
- 3,100 Homes went into foreclosure
- 26,190 Jobs were lost and 25,035 workers filed for unemployment insurance
- For the year 2008, the $6.9 trillion in lost stock market value among 110 million households represents a per household loss of $62,727. The $6 trillion in lost residential real estate property value nationally in 2008 adds $54,545 per household for a total of $117,272 in lost household asset value in 2008, exceeding by 27% the national household median net worth in 2007 of $86,000. (Losses were concentrated in the middle quintiles aka “the middle class.”)
Sweet titty-fucking Cheezus…