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From his lucrative perch atop Wall Street, Gramm may not be able to see the suffering of most Americans. And McCain’s own life of luxury may have clouded his understanding. So here’s a reminder of 10 real examples of how Americans are hurting in the current economy:
HOUSING FORECLOSURES INCREASING: As a result of the subprime lending crisis, “housing foreclosures nationwide were up 50% in June compared with the same month in 2007.” In California alone, foreclosures have reached an average of 500 per day.
HOMELESSNESS INCREASING: The number of homeless over the age of 50 are “steadily increasing.”
GAS PRICES RISING: The national average gas price is $4.09, up 33% from this time last year. Gas prices are now expected to hit “$4.25 by the fall and then stay at more than $4 a gallon until the end of 2009.”
JOB LOSSES INCREASING: In the first six months of this year, a total of 438,000 jobs have been lost, bringing unemployment to 5.5%. The CEO of Bank of America commented, if unemployment continues to rise, “all bets are off.”
FOOD COSTS RISING:
A Miami federal judge today authorized the IRS to issue a summons to Zurich-based UBS for the information. Earlier last month, former UBS private banker Bradley Birkenfeld pleaded guilty to conspiracy and said the bank helped wealthy U.S. citizens conceal $20 billion in assets and evade income tax.