Location: Western Hemisphere
Posted on: 30-09-10 15:49:31
http://ca.news.yahoo.com/s/yahoocanada/100929/canada/is_the_united_states_becoming_a_third_world_nation
Interesting read (quite long). Copied from Macleans.ca on yahoo.ca website
Select EXCERPTS below....
Welcome to the ground level of America's economic crisis. The U.S. unemployment rate is 9.5 per cent. One in 10 homeowners are behind on their mortgage payments. Home sales are at record lows. While the economy has been growing for several quarters, the growth is anemic - only 1.6 per cent in the second quarter of this year - and producing few new jobs.
Cincinnati, Ohio, is cutting back on trash collection and snow removal and flling fewer potholes.
The city of Dallas is not picking up litter in public parks. Flint, Mich., laid off 23 of 88 firefighters and closed two fire stations. In some places it's almost literally the dark ages: the city of Shelton in Washington state decided to follow the example of numerous other localities and last week turned off 114 of its 860 street lights.
On education, the United States has been falling behind, in everything from science and engineering to basic literacy. The U.S. once had the world's highest proportion of young adults with post-secondary degrees; now it ranks 12th, according to the College Board, an association of education institutions. (Canada is now number one.) In 2001, the U.S. ranked fourth in the world in per capita broadband Internet use; it now ranks 15th out of 30 nations,
Meanwhile, prolonged rates of high unemployment are taking a toll on families today, and will for years to come. Studies have shown that the longer a person is unemployed, the more difficult it is to find a job - partly because skills deteriorate, and partly because employers become suspicious of why someone hasn't worked for a year. "The United States is expanding its underclass of a whole group of individuals who will become less employable, less integrated, more subject to criminal and other deviant behaviour - and probably become part of the larger problem of structural poverty in America as well
It is now well understood that for years Americans lived beyond their means on borrowed money.
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Dimple2001
Quote:
Originally posted by dimple2001
On education, the United States ... ranks 12th, according to the College Board, an association of education institutions. (Canada is now number one.)
This is Interesting ...
But CDs, this thread is lil different... it is not Canada V/S India ... you can treat this as a Canada V/S USA
Have Fun
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Mumbai Maazi Ladki ...
This is a well known fact for the last few years.
The Republicans have written this off as it is written by Arianna Huffington who is a known democratic supporter.
BUT.......................................
the consequences are also being felt in Canada.
The high paying jobs of $25 per hour are all disappearing and it is being replaced by $12 to $14 per hour.
Well educated graduates from universities from Waterloo, Carelton, McMaster are all working at $15 per hour and also carrying a OSAP debt of atleast of $50,000.
The older age persons are rising and this will definitely on your and mine CPP, Social Pension and healthcare.
Quebec wanted to introduce $25 health care fee per visit to the Doctor on the patient and was defeated recently.
May be down the road the subsidised health care will be reduced and it'll be more towards user paying for the services.
I personally see the impact on a broad range of jobs, salaries and also towards job security in Canada.
We will feel the full impact in of this in another 2 to 5 years.
Some of my friends who bought fancy half a million dollars homes in Brampton are currently cutting down on expenses as their hours at work are being cut.
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Sunny Leone a true Canadian DESI now back in India !.
Quote:
Originally posted by Vandematram
The high paying jobs of $25 per hour are all disappearing and it is being replaced by $12 to $14 per hour.
This has been happening for ages, graduates with a degree in history or sociology will have a tough time finding a high paying job.
As for other fields like business, engineering and IT, it's a matter of supply and demand, there are just too many children of visible minorities entering these fields.
Most jobs in trades or health care pay way above $25/hr after 3-5 years experience.
USA was always a hype, but very few understood. Desis never got the point or were in denial. Unemployment rate is more than 12% but uncle sam refuses to accept. Bankrupcies are hitting high. Very few jobs are created. This is the real America.
Fannie Mae and Freddie Mac are scrambling to unload nearly 150,000 foreclosed homes. And that means 2004-esque deals — like requiring as little as 3% down.
Sounds like another disaster.
http://financiallyfit.yahoo.com/finance/article-110858-6830-2-tips-on-buying-a-home-at-a-100000-discount?ywaad=ad0035&nc
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
If anyone interested in reading some boring material but arguably basic principle of any economy then can read some more of following in detail.
Predictable long-term pattern changes in national income. Traditional business cycles undergo four stages: expansion, prosperity, contraction, and recession. After a recessionary phase, the expansionary phase can start again. The phases of the business cycle are characterized by changing employment, industrial productivity, and interest rates. Some economists believe that stock price trends precede business cycle stages.
Read more: http://www.investorwords.com/1641/economic_cycle.html#ixzz116rHCuaJ
Wages are less productivity is more in US exactly opposie in India/China. India/China already enjoying expansion and prosperity phase and very well heading towards contraction. Whereas for US this could be the time. Once in a decade opportunity!
So chouce is yours! invest in US now or in India.
