And the fact is, the gap between high- and low-income groups is the widest it has been in 100 years and the share of U.S. consumers who call themselves middle class has never been lower.But those aren’t the only signs the economy isn’t all that it’s cracked up be. In fact, there are five unmistakable signs the U.S. Economy is teetering on the brink.
1. The homeownership rate continues to plummet.
According to the Census Bureau, the share of Americans who own their homes was 64.4% in the third quarter. That marked the lowest level of homeownership since the first quarter of 1995. Meanwhile, the share of first-time buyers was just 29% in September, compared to 40% historically… so much for the “American Dream.”
3. The labor force participate rate has collapsed.
The percentage of people in the work force has dropped to 62.7%, matching the February 1978 lows. A remarkable 92.6 million people are not in the labor force.
4. The typical household is now worth 36% less.
According the Russell Sage Foundation, the inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, posting a 36% percent decline. It’s little wonder 40% of Americans reported that their families were “just getting by” or struggling to do so.
Full article: 5 Sure Signs the U.S. Economy is Finished (Money Morning)