As the long depression that started many years ago deepens, it can be seen that there is no letup in deteriorating economic and social conditions at home and abroad. The so-called “death spiral” continues worldwide. Many new records are being set, sometimes every week or every day. Instability, chaos, and anarchy are becoming more entrenched and everyone is being pressured to fend for themselves like animals. People feel like no one has their back.
It is no surprise that as multiple crises deepen simultaneously around the world, the ruling elite are increasingly viewed as utterly incompetent. There is no public authority worthy of the name that is providing people with security, stability, and prosperity.
Links to the first eight parts in this series can be found at the end of this article. Forty facts, some updated and some new, are provided below.
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U.S. Conditions
“Record-high 50% of Americans rate U.S. moral values as ‘Poor’.”
“Self-care shortage: Americans feel relaxed for just 40 minutes a day.”
“The Federal Reserve hiked [interest] rates by 75 basis points [on June 15, 2022] — its largest increase since 1994.”
“Weekly jobless claims hit 229,000, the highest level since January [2022].”
“Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher.”
“Property prices PLUNGE by up to 20% across parts of US as buyers shun the market amid ‘Bidenflation’ and spiking interest rates.”
“Homebuilder sentiment tumbles back below pre-COVID levels.”
“Real estate firms Compass and Redfin announce layoffs as housing market slows.”
“Inflation has 67% of people dipping into their savings to pay for necessities, new survey reveals.”
“US producer prices soar 10.8% in May as energy costs spike.”
“Gas prices reach record high for 18th consecutive day.”
“Domestic flight prices increased 47% since January [2022].”
“US retail sales unexpectedly tumble in May [2022].”
“Small business optimism drops to record low.”
“Creeping back: US bankruptcy filings on the up.”
“Coinbase to lay off 18% of staff amid crypto meltdown.”
“Ford recalls nearly 3 million vehicles over rollaway concerns.”
“More people are avoiding the news, and trusting it less, report says.”
International Conditions
“Poor countries forced to cut public spending to pay debts, campaigners say.”
“Property values fall across US, Europe on bite from inflation.”
“Double blow to Europe’s gas supplies sparks price surge.”
“A majority of Scots are worried by lack of low-rent housing.”
“Bank of England hikes rates for the fifth time in a row as inflation soars.”
“Canadian businesses bankruptcies surge — and some fear this is just the beginning.”
“Global nuclear arsenal set to grow for first time in decades.”
“Bulgarian restauranteurs: Increasing VAT on wine and beer dooms restaurants to bankruptcy.”
“100,000 Turkish doctors strike amid growing global movement of health care workers.”
“Child type 2 diabetes referrals in England and Wales jump 50% amid obesity crisis.”
“Belgium hit by increasing levels of obesity.”
“Middle East and North Africa: addressing highest rates of youth unemployment in the world.”
“4.1 million Kenyans facing starvation due to drought.”
“Nearly one million Chadians are in acute food insecurity.”
“Africa’s middle class struggles to keep pace with rising inflation.”
“Gaza: Over half of Palestinian children have contemplated suicide, report finds.”
“Fears growing over who will pay for Lebanon’s bankruptcy.”
“Brazil raises key rate by 50 points, signals more to come.”
“Agrarian unions warn of a serious food crisis in Peru exacerbated by corruption. In March 2022, Peru’s inflation is the highest in the last 26 years.”
“As Sri Lanka’s crisis worsens, rising numbers flee by sea.”
“Philippine debt balloons to new record-high P12.76T as of end-April [2022].”
“Thailand’s inflation could reach 5.9% – the highest for 24 years.”
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The only way to extricate society out of the all-sided crisis it is mired in is by depriving the rich of their ability to deprive everyone of their rights. There is no way to move forward without organizing ourselves to restrict the power of the rich to destroy the natural and social environment. A change in the aim and direction of the economy is not going to come from the financial oligarchy. Working people and their allies must organize themselves to affirm the right to decide all the affairs of society.
Part one (April 10, 2022); Part two (April 25, 2022); Part three (May 10, 2022); Part four (May 16, 2022); Part five (May 22, 2022); Part six (May 30, 2022); Part seven (June 6, 2022); Part eight (June 13, 2022).
This content originally appeared on Dissident Voice and was authored by Shawgi Tell.
Shawgi Tell | Radio Free (2022-06-17T19:05:11+00:00) “Booming” Economy Leaves Millions Behind: Part Nine. Retrieved from https://www.radiofree.org/2022/06/17/booming-economy-leaves-millions-behind-part-nine/
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