closed a few of the many businesses that have had to close in manhattan by romy negrin
TRANSCRIPT
Closed
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?