The State of the Empire

Zero Hedge and the Economic Collapse websites have posted 24 statistics that they say indicate the United States has officially entered the "Late Roman Empire" phase of its civilization. Along with Coto Reports, these websites claim that it is not too late to reverse course and turn things around. But this will take urgent action. They all say that the situation will accelerate until there is nothing left of America's once greatness. I've argued during the length of this blog that there needs to be a paradigm shift in our economic system away from a petroleum based, consumer economy. But our political system probably means that this can not be done until a crisis is upon us and even then we saw the Oil Embargo against the United States never changed our habits or our system. I'm not sure that Americans really want to deal with these troublesome facts.

1. Ten years ago, the United States was ranked number one in average wealth per adult. This was noted in every CIA Yearbook. 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 12.

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's down five places in a year.

4. In 2001, the United States ranked fourth in the world in per capita broadband Internet use. Today we are ranked 15th. That is why I have been a big fan of Barack Obama's plan to extend internet in rural towns. But this initiative has been filibustered by the GOP.

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

6. The Chinese economy will be three times larger than the U.S. economy by the year 2040. I doubt this.

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% of those factories employed at least 500 workers while they were in operation.

9. The United States has lost a staggering 32% of its manufacturing jobs since the year 2000!

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

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

12. Television manufacturing began in the United States. Today, according to Alan Binder, none are made in the U.S.

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 mnanufacturing was in 1941.

14. In 1980, we imported approximately 37 percent of the oil we use. Today,we import 60%.

15. The U.S. trade deficit is running about $40-50 billion a month. That means by the end of the year half a trillion dollars will have left the U.S. for good.

16. Between 2000 and 2009, America's trade deficit with China increased nearly 300%.

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 at its current rate, the U.S. 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 United States declined from $51,726 in 2008 to $50,221 in 2009. That was the second yearly decline in a row. Preliminary figures show that this year American household income will dip below $50,000.

21. The United States has the third worst poverty rate among the advanced nations tracked by the Organization of Ecionomic Cooperation and Development.

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

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

24. The CBO is projecting the U.S. government public debt will hit 716 percent of GDP by the year 2080. Of course, if literally nothing is done.

But we are number 1 in the world in number of adults incarcerated. And number 1 in the world, in fact the entire world, in national security spending. And we are 49th in the world in terms of life expectancy for male and females. I expect the number to drop even further in the next decade.

Have a Happy Day!