EconomicCrisis.US

US President Barack Obama acknowledged in a television broadcast Thursday that many Americans were still feeling the pain of a slow economic recovery, but insisted his policies were working.

“People still aren’t feeling (the recovery). Now, part of that is the fact that the unemployment rate is still high,” Obama said in a town hall meeting on CBS News that was recorded on Wednesday.

“We’ve got a lot more work to do — to get businesses to invest and to hire,” Obama said on the show, which was dedicated to the economy and recorded in Washington.
Read the rest of this entry »

Are the American people losing faith in the U.S. economy? The statistics that you are about to read might surprise you. Not everyone believes that the U.S. economy is dying (there are still millions out there that will swallow anything that the mainstream media tells them), but the reality is that there is a growing chunk of the population that has completely lost faith in our leaders and in our economic system. A brand new Gallup poll has found that the number of Americans that believe that we are in a “depression” is actually larger than the number of Americans that believe that the economy is “growing”. That is absolutely shocking because according to official government figures, the U.S. economy is growing right now and virtually nobody in the mainstream media or the government has used the term “depression” to describe the economic downturn that we went through recently. In fact, according to Gallup a total of 55% of the American people believe that we are either in a recession or a depression right now. This is clear evidence that the American people are losing faith in U.S. government economic statistics and instead they are basing their opinions on what they see in their own communities. Despite the pablum about an “economic recovery” constantly being spewed by Ben Bernanke and Barack Obama, faith in our economic system continues to decline. The truth is that the American people are not stupid. They can see what is happening to the economy.
Read the rest of this entry »

U.S. manufacturing, viewed as a lost cause by many Americans, has begun creating more jobs than it eliminates for the first time in more than a decade.

As the economy recovered and big companies began upgrading old factories or building new ones, the number of manufacturing jobs in the U.S. last year grew 1.2%, or 136,000, the first increase since 1997, government data show. That total will grow again this year, according to economists at IHS Global Insight and Moody’s Analytics.

Among others, major auto makers—both domestic and transplants—are hiring. Ford Motor Co. announced last week it planned to add 7,000 workers over the next two years.
Read the rest of this entry »

As the U.S. economy struggles to recover from a deep recession, the number of Americans filing for bankruptcy continues to rise dramatically.

In the federal government’s fiscal year 2010, which ended September 30, more than 1.5 million non-business bankruptcy filings were processed, according to data released Monday by the Administrative Office of the U.S. Courts. That’s up more than 14% from fiscal 2009, when about 1.3 million personal bankruptcies were filed.

“As the economy looks to climb out of the recent recession, businesses and consumers continue to file for bankruptcy to regain their financial footing,” Samuel Gerdano, director of the American Bankruptcy Institute, said in a statement. The ABI is a non-partisan private research group.
Read the rest of this entry »