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      10-13-2010, 06:09 PM   #1
ChrisFastM3
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Only the facts! (the grim truth about the US economy)

#1*Ten years ago, the United States was ranked number one in average wealth per adult.* In 2010, the United States*has fallen to seventh.

#2*The United States once had the highest proportion of young adults with post-secondary degrees in the world.* Today, the U.S.*has fallen to 12th.

#3*In the*2009 “prosperity index” published by the Legatum Institute, the United States was ranked*as just the ninth most prosperous country in the world.* That was down five places from 2008.

#4*In 2001, the United States*ranked fourth in the world in per capita broadband Internet use.* Today*it ranks 15th.

#5*The economy of India*is projected to*become larger than*the U.S. economy*by the year 2050.

#6*One prominent economist*now says*that the Chinese economy*will be three times larger than the U.S. economy by the year 2040.

#7*According to a new study conducted by Thompson Reuters, China*could become the*global leader in patent filings*by next year.

#8*The United States has lost approximately*42,400 factories since 2001.* Approximately 75 percent of those factories*employed*at least*500 workers while they were still*in operation.

#9*The United States has lost*a*staggering 32 percent of*its manufacturing jobs since the year 2000.

#10*Manufacturing employment in the U.S. computer industry is actually lower in 2010*than it was in 1975.

#11*In 1959, manufacturing represented*28 percent*of all U.S. economic output.* In 2008, it represented only 11.5 percent.

#12*The television manufacturing industry began in the United States.* So how many televisions are manufactured in the United States today?* According to Princeton University economist Alan S. Blinder,*the grand total is zero.

#13*As of the end of 2009,*less than 12 million Americans worked in manufacturing.* The last time that less than 12 million Americans were employed in manufacturing was in 1941.

#14*Back in 1980, the United States imported approximately 37 percent of* the oil*that we*use.* Now we import*nearly 60 percent of the oil that we use.

#15*The U.S.*trade deficit is running about 40 or 50 billion dollars a month in 2010.* That means that by the end of the year approximately*half a*trillion dollars (or more) will have left the United States for good.

#16*Between*2000*and 2009, America’s trade deficit with China*increased nearly 300 percent.

#17*Today, the United States*spends*approximately*$3.90*on Chinese goods for every $1 that*China spends*on goods*from the United States.

#18*According to a new study conducted by the Economic Policy Institute, if the*U.S. trade deficit with China continues to*increase at its current rate, the U.S. economy*will*lose over half a million jobs this year alone.

#19*American 15-year-olds*do not even rank in the top half of all*advanced nations*when it comes to*math*or science literacy.

#20*Median household income in the*U.S. declined from $51,726 in 2008*to*$50,221 in 2009.* That was the second yearly decline in a row.

#21*The United States has*the*third worst poverty rate*among the advanced nations tracked by the Organization for Economic Cooperation and Development.

#22*Since the Federal Reserve was created in 1913, the U.S. dollar has lost*over 95 percent of its purchasing power.

#23*U.S. government spending*as a percentage of GDP is now up to*approximately 36 percent.

#24*The Congressional Budget Office is projecting that*U.S. government public debt will hit 716 percent of GDP*by the year 2080.

Discuss.....
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      10-13-2010, 10:00 PM   #2
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Quote:
Originally Posted by ChrisFastM3 View Post
#5*The economy of India*is projected to*become larger than*the U.S. economy*by the year 2050.

Definitely no surprise here. India is becoming a massive outsource giant that's difficult to compete with. It's cheap, efficient (albeit frustrating to deal with), and gets the job done. I can't think of any major company that doesn't outsource their tier 1 customer service to India. I'm pretty sure that even online tutoring services are coming out of India now.

It's funny how you need to pay a premium to get American support now. Dell does it, Apple does it (though they do it for support period), etc.

Quote:
#19*American 15-year-olds*do not even rank in the top half of all*advanced nations*when it comes to*math*or science literacy.
And it's sad, really. Our society does not emphasize the importance of math and science enough. People are considered "nerdy" if they like math or science, and too many teachers just simply teach the material without giving any real life examples (and most public schools aren't very good at it). I've heard too many times when people will say "BUT WHEN WILL I EVER NEED TO SOLVE FOR X! WHY THE HELL DO I CARE ABOUT A P-VALUE?!" It's because no one ever explains it.

Kids today expect things to be spoon fed to them. If it's too hard, they don't care, and they just call it useless if they don't get it. That is why so many people are rushing to get liberal arts degrees in college. If you go to college to get an English degree, you just wasted your time there.

The reality is, math and science are EVERYWHERE. They are the bases that run the world. It's what is allowing me to post this right now. It's what allows us to have the drugs that we have today to live longer. It's what allows us to know if the drugs are even safe or not. It's practically what freaking what runs our economy: time series analysis, anyone? Statistics is especially getting important. It is easily one of the most important upcoming job markets today. Data needs to be crunched, stuff needs to be analyzed, insurance premiums need to be calculated, stocks need to be forecasted, models must be created, and people need a way to make decisions (i.e. using statistical significance). These are just a few examples of ways that math is important: there are tons and tons of other applications of it.

Last edited by fdsasdasdf; 10-13-2010 at 10:13 PM.
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      10-14-2010, 08:31 AM   #3
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-#22*Since the Federal Reserve was created in 1913, the U.S. dollar has lost*over 95 percent of its purchasing power.

So true; classic Marc Faber line. The dollar is getting destroyed...as most market participants appear to be pricing in QE2, just another way for the Fed to destroy the value of the dollar, and keep this complete farce of a market going. In terms of an analogy, think of it in this context....its like pumping good blood into a dead body.

#24*The Congressional Budget Office is projecting that*U.S. government public debt will hit 716 percent of GDP*by the year 2080.

I would take any forecast or estimate made by CBO with a grain of salt. Aside from the myriad of bullshit fed to us each any every day via CNBC, FOX, and the rest of our wonderful media outlets, I'd fancy to speculate that number will not even be close to reality. Remember, when they report debt/GDP ratio..they do not include the bankrupt GSE's (fannie and freddie) as well as the massive amount of unfunded liabilities (pensions...etc). I guess that debt will just disappear then.......



Quote:
Originally Posted by Zell View Post
Definitely no surprise here. India is becoming a massive outsource giant that's difficult to compete with. It's cheap, efficient (albeit frustrating to deal with), and gets the job done. I can't think of any major company that doesn't outsource their tier 1 customer service to India. I'm pretty sure that even online tutoring services are coming out of India now.

It's funny how you need to pay a premium to get American support now. Dell does it, Apple does it (though they do it for support period), etc.



And it's sad, really. Our society does not emphasize the importance of math and science enough. People are considered "nerdy" if they like math or science, and too many teachers just simply teach the material without giving any real life examples (and most public schools aren't very good at it). I've heard too many times when people will say "BUT WHEN WILL I EVER NEED TO SOLVE FOR X! WHY THE HELL DO I CARE ABOUT A P-VALUE?!" It's because no one ever explains it.

Kids today expect things to be spoon fed to them. If it's too hard, they don't care, and they just call it useless if they don't get it. That is why so many people are rushing to get liberal arts degrees in college. If you go to college to get an English degree, you just wasted your time there.

The reality is, math and science are EVERYWHERE. They are the bases that run the world. It's what is allowing me to post this right now. It's what allows us to have the drugs that we have today to live longer. It's what allows us to know if the drugs are even safe or not. It's practically what freaking what runs our economy: time series analysis, anyone? Statistics is especially getting important. It is easily one of the most important upcoming job markets today. Data needs to be crunched, stuff needs to be analyzed, insurance premiums need to be calculated, stocks need to be forecasted, models must be created, and people need a way to make decisions (i.e. using statistical significance). These are just a few examples of ways that math is important: there are tons and tons of other applications of it.
Great post......couldn't agree with you more. Its funny, the average person knows who Britney Spears and Lady Gaga are, they know who won Dancing with the Stars, and what Snooki is doing Friday night.......but ask them about who the Fed Chairman is, what the Federal Reserve does, what drives GDP, what happens when the Fed increases the money supply, what are the implications of a "near-zero" interest rate environment, ask them about mathematics and sciences.......more often than not, you'll get a blank stare in return. It really is a shame.
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      10-14-2010, 04:36 PM   #4
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This is also why so many people got caught with their home loans down around their ankles. People, if you make $X per month, and your mortgage is $Y, and X < Y, you will lose your house.


"But, but the loan officer TOLD me I could make it" B.S.!!!!!!
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      10-14-2010, 06:03 PM   #5
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Quote:
Originally Posted by UncleWede View Post
This is also why so many people got caught with their home loans down around their ankles. People, if you make $X per month, and your mortgage is $Y, and X < Y, you will lose your house.


"But, but the loan officer TOLD me I could make it" B.S.!!!!!!
The loan officer was also feeding bad data to actuaries that set mortgage rates based upon the expected loss. If the actuaries are getting "Hey! Only x people will default," then they're going to calculate how to make a profit under the assumption that only x/y people will default.

If they calculated their expected losses to be a certain amount, then they can easily calculate how much to charge on interest per loan in order to make a profit. If they would break even by having only x people default on their loans, but the loan officers fed bad data saying that only those x people would default and the reality is that at least x+1 people default, then the bank is in the negatives for losses. To compensate, each additional loss increases the interest rate, causing more people to default, further driving up interest rates, etc. Rinse and repeat until the interest rate goes to the maximum legal level. Then, since they sold securities backed by those loans to further make a profit, someone didn't get paid. Which means someone causes a fuss and sues because someone didn't get their money.

And here we are now.

Yay cutting corners!
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      10-15-2010, 08:44 AM   #6
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Very grim facts, but facts nonetheless.

If we keep sending jobs overseas and become less reliant on our own capabilities as a nation, the USA won't exist in the next 100 years (at least not with the same standards of living as we have now).
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