I can hear the snickers in the back of the auditorium already. Those of you who would consider it nearly impossible for this great land to tumble back into depression. To that, though, I pose but one question. How much debt was your grandfather or great grandfather carrying at the time the stock market lost 15 billion dollars in one day?
Sidenote: That is 15 billion dollars in their time which would be more like trillions today.
The answer for most would be minimal. There were no student loans and outrageous car loans to deal with. Now consider the follow:
“One in six prime-age guys has no job; it’s kind of worse than it was in the depression in 1940,” – says Nicholas Eberstadt, an economic and demographic researcher at American Enterprise Institute
Michael Snyder from The Economic Collapse Blog reported these five chilling facts on April 20th
- The number of Americans that are living in concentrated areas of high poverty has doubled since the year 2000.
- In 2007, about one out of every eight children in America was on food stamps. Today, that number is one out of every five.
- 46 million Americans use food banks each year, and lines start forming at some U.S. food banks as early as 6:30 in the morning because people want to get something before the food supplies run out.
- The number of homeless children in the U.S. has increased by 60 percent over the past six years.
- According to Poverty USA, 1.6 million American children slept in a homeless shelter or some other form of emergency housing last year.