Contradicting experience and research, various mainstream media sources continue to perpetuate the illusion that we have a “solid economy,” that “the fundamentals are sound,” that “things are not that bad,” and that “we can be optimistic” about the economy. In lock-step with the mainstream media, political and economic leaders at the highest levels are also uttering irrational and self-serving things about the economy.
But everyone can see and feel in direct and concrete ways that conditions at all levels are rapidly worsening every week. Every person has experienced the dramatic rise in just food and fuel costs alone. Further, wages and salaries are not keeping up with inflation, and debt, inequality, and insecurity are growing everywhere. All spheres are affected.
No amount of anti-consciousness can conquer the harsh reality of today’s conditions of life. What is forcefully unfolding cannot be concealed by disinformation or propaganda. Living and working standards continue to fall everywhere while detached world leaders engage in diversionary charades and false debates about the meaning of this or that economic data or this or that trend so as to prevent people from fighting for their rights.
Below is part 12, the final part, of the series titled “Booming” Economy Leaves Millions Behind. Like the previous 11 parts, it provides dozens of new and updated facts (65) that further confirm that economic and social conditions continue to decline rapidly worldwide while the rich get even richer. Taken together, all 12 parts contain a total of 430 statistics from dozens of different sources covering April 2022—August 2022. Future articles will continue to document the destructive effects of the neoliberal antisocial offensive and point the way forward. There is an alternative to the obsolete status quo. No one is under any obligation to tolerate inhuman conditions. Links to the previous 11 parts can be found at the end of this article.
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U.S. Conditions
“Public perception of the economy is the lowest since 2008.”
“Food prices rise fastest rate since 1970s.”
“Egg prices in US jump 47% as food inflation hits highs not seen since 1979.”
“US natural gas prices spike to 14-year high.”
“Up 43% over last decade, water rates rising faster than other household utility bills.”
“More Americans are going hungry, and it costs more to feed them.”
“98 Million in US skipped treatment or cut back on essentials to pay for healthcare this year.”
“Workers are picking up extra jobs just to pay for gas and food. Prices are rising faster than wages, and more Americans than ever are working two full-time jobs simultaneously.”
“‘I can’t even afford groceries.’ HALF of U.S. food banks report growing numbers of households needing handouts — Biden’s plan to end hunger by 2030 comes unstuck as prices of eggs, butter and other basics soar. More than 38 million people in the U.S. do not get enough food to live an active, healthy life, the Department of Agriculture says.”
“Around half of older Americans can’t afford essential expenses: report.”
“As many as 125,000 active-duty service members and their families experience food insecurity in the United States.”
“The value of the federal minimum wage is at its lowest point in 66 years.”
“54 billion for Ukraine while in the U.S. millions suffer in poverty.”
“Two-thirds of low-wage firms that cut worker pay in 2021 spent billions on stock buybacks.”
“Jobless claims at 8-month high as layoffs edge higher.”
“Layoffs are in the works at half of companies, PwC survey shows.”
“Walmart lays off corporate employees [about 200] after slashing forecast.”
“Peloton to slash 780 jobs and hike prices in push to turn profit.”
“Amazon’s 100,000 job cuts reflect industry-wide adjustments to economic uncertainty.”
“Small business owner confidence hits new low, survey says.”
“Over $540M Liquidated as Bitcoin, Ethereum Plummet.”
A June 2022 report from The Institute for Policy Studies (IPS) found that, “The average gap between CEO and median worker pay in our sample jumped to 670-to1, up from 604-to-1 in 2020. Forty-nine firms had ratios above 1,000-to-1.” IPS examined compensation at 300 corporations.
“The labor force participation—the proportion of the population over the age of 16 in work or seeking work—is continuing to fall. It was 62.1 percent in July [2022], down from 62.4 percent in March [2022]. Before the onset of the pandemic, it was 63.4 percent.”
“Americans loaded up on $40 billion more in debt in June [2022], Fed says.”
“Credit-card debt is soaring. Accounts for about $890 billion of Americans’ staggering $16 trillion in household debt.”
“Data shows number of low-income audits could triple as IRS grows.”
“”We’re Witnessing A Housing Recession”: Existing Home Sales Crater 20% In July As Affordability Collapses.”
“Rising housing costs have made housing largely inaccessible and unaffordable to most Americans, but have acutely impacted communities of color and low- to moderate-income families over the past several decades.”
“Buying a home in America is now the LEAST affordable it’s been in 33 years as average mortgage payments rose to $1,944 in June compared to $1,297 in January due to higher rates and record home prices.”
“Homebuyer Competition Falls to Lowest Level Since Early Months of Pandemic.”
“Americans born between 1981 and 1996, the most educated and most diverse generation in U.S. history, were once considered harbingers of economic progress and promise. But now, even well into their careers, most of them lag behind the financial and familial strides of previous generations.”
Nearly 75% of New York City (NYC) schools will experience big funding cuts in the coming weeks (Fall 2022). The NYC school system is the largest public school system in the country with about 1.1 million students and roughly 80,000 teachers.
“When kids go back to school this fall, pandemic-era free lunch will be gone. Debt incurred by US families who can’t pay lunch fees runs up $262 million a year.”
“‘Never seen it this bad’: America faces catastrophic teacher shortage.”
“A spate of horrific attacks in New York has people fearful of returning to work.”
“Starbucks must rehire 7 Memphis employees who supported a union, a judge says.”
International Conditions
“Low growth, high inflation: World faces increasingly challenging global environment.”
“There is a global debt crisis coming – and it won’t stop at Sri Lanka.”
“Growing recessionary trends in major economies.”
“IMF warns of ‘gloomy outlook’ for global economy, slashing growth estimates.”
“‘Grotesque greed’: UN chief Guterres slams oil and gas companies.”
“Shipping firm Maersk, a barometer for global trade, warns of weak demand and warehouses filling up.”
“The U.S. was the worst-performing of the major Group of Seven economies in the second quarter, the latest data show.”
“A winter energy reckoning looms for the west.”
“Railway workers in France go on strike [July 2022] demanding higher wages.”
“UK economy shrinks in 2nd quarter [2022], sharpening recession fear.”
“UK inflation rate rises to 40-year high of 10.1%.”
“UK is facing Dickens-style poverty, ex-PM warns.”
“Silent crisis of soaring excess deaths gripping Britain is only tip of the iceberg.”
“Millions will join breadline in recession-hit UK, NIESR warn.”
“UK energy bills to hit £4,200 in January [2023].”
“Bank of England launches biggest interest rate hike in 27 years, predicts lengthy recession.”
“Germany must cut gas use by 20% to avoid winter rationing, regulator says.”
“Norway’s central bank hikes rates by 50 basis points in bid to tackle surging inflation.”
“Turkey shocks markets with rate cut despite inflation near 80%.”
“Saudi Aramco profit surges 90% in second quarter amid energy price boom.”
“Tunisia: Unemployed graduates demand the Authority finds solution to their unemployment.”
“Zambia is a desperately hungry poor country.”
“More than 1,200 people are detained indefinitely in Australia with no criminal conviction.”
“New Zealand’s central bank raised interest rates on 17 August – a seventh hike in row. And it signaled that further increases will follow.”
“Japan wants young people to drink more alcohol.”
“Soaring unemployment in Myanmar follows junta rollback of labor rights.”
“Argentina hikes rate to 69.5% as inflation surges to 30-year high.”
“Bank of Mexico raises interest rates to record 8.5 percent.”
“Chile economy on brink of recession amid rampant inflation.”
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Collectively, the statistics in this 12-part series portray a deteriorating situation worldwide. People can’t seem to catch a break. The top-down assault on their rights is relentless and will continue next year and the year after. The ruling elite are unable and unwilling to solve any problems but they have many plans for arrangements that keep the majority of people marginalized and disempowered. New laws and acts like the Inflation Reduction Act (IRA), for example, will funnel billions of dollars to the rich, but do very little to improve living and working standards for ordinary people. The IRA will not solve inflation. And previous top-down fiscal and monetary policies, far from solving any problems, have only exacerbated already-high levels of income, wealth, and political inequality. They have not improved conditions.
Relying on the rich and their politicians will not advance the interests of working people and the general interests of society one iota. It will not give rise to a human-centered economy. It will not bring about security, stability, prosperity, and peace for all. Only the people themselves have an objective interest in opening the path of progress to society and must rely on themselves to do so. Constantly begging the politicians of the rich for a few crumbs here and there is the old way of doing things. It doesn’t work. It is time to build a new world where the people occupy center-stage and conduct all the affairs of society on a conscious human basis.
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); Part nine (June 17, 2022); Part ten (June 27, 2022); Part eleven (July 10, 2022).
This content originally appeared on Dissident Voice and was authored by Shawgi Tell.
Shawgi Tell | Radio Free (2022-08-21T05:45:17+00:00) “Booming” Economy Leaves Millions Behind: Part 12. Retrieved from https://www.radiofree.org/2022/08/21/booming-economy-leaves-millions-behind-part-12/
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