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Predicting Protracted Hard Times

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It makes grim reading. Millions of households have few, if any, savings. The net worth of nearly one-third is "zero or less than zero." 

Poverty is rising exponentially. America's middle class is disappearing. Over "41% of all working age Americans are not working."

Labor force participation declined dramatically because jobs aren't available. Once unemployed longer-term, workers become non-persons. They're no longer counted in BLS employment surveys.

One-fourth of working Americans earns sub-poverty wages. America has the highest percentage of workers earning low pay than any other industrialized economy.

Costs are rising dramatically. Earnings haven't kept pace. Total US consumer debt rose 1,700% since 1971. Student loan indebtedness exceeds a trillion dollars. Millions of Americans can't afford to retire.

At the same time, homeless shelters and food banks can't keep up. Demand is growing at a time Washington, states, cities, and smaller communities provide less and plan more cuts.

Bad as things are now, they're getting worse. When public need keeps growing exponentially, government officials turn a blind eye. Where this ends, who knows. Expect much tougher times ahead.

Washington's duopoly doesn't care. Obama scorns human need. Romney matches him blow for blow. Both represent money controlled America. They serve its aristocracy.

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