The National Inflation Association release of its 2010 U.S. Inflation Report.

Posted on June 18, 2010
Filed Under General |

http://inflation.us/2010inflationreport.pdf

This should be a “must read” for anyone with a brain. Here are a few snippets from this report:

“The official U.S. national debt has just surpassed $13 trillion. This does not include the debts of Fannie Mae and Freddie Mac, which are now backed by the Federal Government. Once you include Fannie/Freddie’s debts of $6.3 trillion, our real national debt is now $19.3 trillion. The U.S. also has $60 trillion in unfunded liabilities for Social Security, Medicare and Medicaid, which bring our total obligations to $79.3 trillion or about 5 1/2 times our gross domestic product (GDP) of $14.6 trillion.”

“Total U.S. tax receipts in 2009 were only $2.105 trillion, less than the $2.112 trillion Americans received from the government last year in the form of transfer payments for Social Security, unemployment compensation, welfare, and other entitlement programs.”

“Today, the average American’s net worth (adjusted for real inflation) is down to year 1970 levels. In terms of income, average hourly earnings in the U.S. is now at a record nominal high of $18.99; but adjusted for real inflation, hourly earnings is now about half of what it was in the early 1970s.”

“If you also include long-term discouraged workers who haven’t looked for a job in over one year, 21.7% of Americans are now unemployed.”

“After the U.S. government interfered in the free market with bailouts and artificial stimulus bills, the savings rate plummeted in half to 3.1% in March of 2010. 43% of Americans now have less than $10,000 saved for retirement.”

“During the years 1912-1913 in Weimar Germany before hyperinflation occurred, the average household spent 30.2% of their monthly expenditures
on rent. By the third quarter of 1923, rents fell to just 0.2% of the average household’s monthly expenditures.”

“No matter how inflation is created, it always transfers wealth from the unprepared middle class to already rich bankers.”

Clayton

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