A picture is worth a thousand words and here are eleven illustrations why the US economy is in freefall despite what mainstream commentators might say to the contrary. Bear in mind that this does not include the health of the US banks and the financial system in a broader context. There are many more such illustrations that can be found at the Federal Reserve Economic Data website listed below.
Motor Vehicle Loans
Labour Force Participation
Median Family Income
Home Ownership Rates
Health Care Costs
Employee Salaries as a % of GDP
All Sectors: Debt Securities and Loans
Great set of graphs depicting an extremely serious situation. There's no doubt about it, when we go into town it looks like ghost town. Streets, stores and parking lots are nearly empty except the Social Services Department's parking lot which, despite its size, is always overflowing.