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A 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 isn’t at its best. But are you aware just

how bad it is? Today’s federal debt is about $17,018,821,810,000, according to

usgovernmentdebt.us. But it’s 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?