Closed

ClosedA Few Of The Many Businesses That Have Had To Close In Manhattan

ByRomy Negrin

In a busy street, there is space for a new restaurant where a previous one may have failed. Where Kessie and Co. once was a business, there is now an empty space with For Rent signs.

Behind these cars, an empty store front.

Where two stores right next to each other have gone out of business.

Many people are aware that the American economy isnt at its best. But are you aware just how bad it is? Todays federal debt is about $17,018,821,810,000, according to usgovernmentdebt.us. But its not going to stop there. The U.S. National Debt Clock website predicts that by 2017, if the debt keeps increasing at its current rate, it will be about $22 trillion. And according to The Blaze, BlackRock Investment Institute did a study that shows that a normal ratio of household debt to personal income is 154%. Also, the unemployment rate is high. Though not at its highest ever, according to the Bureau of Labor Statistics the unemployment rate as of April is 7.5%. Additionally, from the Bureau of Labor Statistics, the number of self-employed Americans has gone from 16.6 million in December of 2006 to 14.5 million. And according to The Blaze, 77% of all U.S. small businesses are not planning to hire more workers. This means that more people who are unemployed will stay unemployed for longer, and according to the same website, the average time for a worker to stay unemployed is over 40 weeks. Given these facts, the American economy is not in the most ideal state, and it may continue to get worse.HOW BAD IS IT?