No, You're Not Crazy
ThinkProgress gives ten reasons why the economic pain many Americans are feeling is NOT in their heads, as John McCain's economic advisor Phil Gramm says:
HOUSING FORECLOSURES INCREASING: As a result of the subprime lending crisis, "housing foreclosures nationwide were up 50% in June compared with the same month in 2007." In California alone, foreclosures have reached an average of 500 per day.HOMELESSNESS INCREASING: The number of homeless over the age of 50 are "steadily increasing."
HEALTHCARE COSTS RISING: According to a report by the Government Accountability Office, "health-care costs are growing much faster than the economy." Costs are rising so significantly, some Americans are delaying retirement.
GAS PRICES RISING: The national average gas price is $4.09, up 33% from this time last year. Gas prices are now expected to hit "$4.25 by the fall and then stay at more than $4 a gallon until the end of 2009."
JOB LOSSES INCREASING: In the first six months of this year, a total of 438,000 jobs have been lost, bringing unemployment to 5.5%. The CEO of Bank of America commented, if unemployment continues to rise, "all bets are off."
FOOD COSTS RISING: "U.S. food prices rose 4 percent in 2007″ making it the fastest rise in 17 years and, as a result, food stamps have considerably less buying power.
HEATING AND ELECTRICITY COSTS RISING: Heating oil costs across the north are expected to be "up 60 percent from last year" and utilities across the country are "raising power prices up to 29%."
REAL WAGES DECLINING: "Slower wage growth and faster inflation has led to falling real hourly and weekly earnings for most workers."
LEISURE SPENDING DECLINING: As a result of the rising cost of living, Americans are "tightening their belts and thinking twice about spending extra bucks on entertainment and leisure products."
VALUE OF DOLLAR DECLINING: The dollar "has been declining steadily for six years against other major currencies, undercutting its role as the leading international banking currency."
Feel better? I dind't think so.
