For Joe Average, It’s Impossible to “Get By” in the U.S.
April 13th, 2010Don’t miss this one.
Via: ZeroHedge:
While the market cheers on the fantastic job “growth” of March 2010, the more astute of us are concerned with a growing tide of personal bankruptcies. March 2010 saw 158,000 bankruptcy filings. David Rosenberg of Gluskin-Sheff notes that this is an astounding 6,900 filings per day.
This latest filing is up 19% from March 2009’s number which occurred at the absolute nadir of the economic decline, when everyone thought the world was ending. It’s also up 35% from last month’s (February 2010) number.
Given the significance of this, I thought today we’d spend some time delving into numbers for the “median” American’s experience in the US today. Regrettably, much of the data is not up to date so we’ve got to go by 2008 numbers.
Look at the dormitory rates at the University of California. These are for 10 month, not 12 month periods. The rates are higher than the mortgage in the example.
http://www.housing.berkeley.edu/livingatcal/rates.html