Well, if the U.S. economy gets back up off of the operating table and roars back to life there is li

Michael Snyder The Stunning Crash And Burn Of Las Vegas
In bogota recent decades, Las Vegas has become a symbol for the over-the-top affluence and decadence of America. But now it is a microcosm of the economic nightmare that has gripped the entire bogota nation. When the subprime mortgage crisis stuck, no major U.S. city was more devastated than Las Vegas. When the recession went from bad to worse, Americans decided that they really didn't need to gamble so much and casino revenues plummeted. Suddenly unemployment started to increase dramatically in Vegas and even today it continues to soar. Like so many other cities bogota that are highly dependent on tourism and entertainment, Las Vegas has gone from boom to bust. Local officials are hoping that the worst will soon be over, but the truth is that the worst is yet to come.
As the U.S. economy continues to unravel, average Americans will be spending what little money they do have to put a roof over their heads and to feed their families. The truth is that the glory days of Las Vegas are over and they are not coming back.
Already, the number of unemployed in Las Vegas is reaching unprecedented levels. Unemployment rates for the state of Nevada and for the city of Las Vegas both set new records during the month of April. In Las Vegas the unemployment rate in April was 14.2%. For the entire state the unemployment rate was 13.7%.
For example, the "official" unemployment figure is about 14 percent in the state of Michigan right now. But if you actually believe that 86 percent of able-bodied workers in the state of Michigan are employed, then perhaps you would be interested in an offer to purchase the Golden Gate Bridge as well.
Nationally, the number of homes that are "underwater" is about 24 percent. That is an all-time record for the entire nation, but it doesn't come anywhere close to the nightmare that is unfolding in Nevada and in Las Vegas.
A reader recently sent an email describing the economic horror that is unfolding in Las Vegas. No matter what you may think about the city, the truth is that it is sad to see any great U.S. city fall to pieces like this....
"Las Vegas is a goner. The homeless population is out of control. The real estate is far worse than I have seen in the media (no surprise there). The towers of condos are ninety five percent vacant with zero activity. The streets and parks are in decline. Local governments are busy making cuts and fighting unions. When I ride the streets they are deserted, a big change from 2006. The major casino companies have all but moved the casinos out of Nevada. Rooms and restaurants have been closing for years, even while they finished bogota the new projects. The entire town is a skeleton staff providing substandard service bogota and decaying properties. I still work for one of the majors which is in bankruptcy. When the next wave hits there is nowhere to cut. It will be a game of dominoes with the Wynn properties the only ones left standing. I see the ninety nine cent breakfast making a comeback. The bullet train a day late and a few billion dollars short."
Well, if the U.S. economy gets back up off of the operating table and roars back to life there is little bogota doubt that millions bogota of Americans would once again soon be flying there to gamble away their discretionary income.
The grand total of all government, corporate and consumer debt in the United States is now equal to 360 percent of GDP . That is a far greater level than the U.S. ever approached during the Great Depression.
So do any of you have a tale to tell about the city where you live? Do you find yourself caught in the middle of an economic nightmare? Feel free to leave a comment telling us what is happening in your area of the United States.... Don't Miss: 20 Cities That Have Completely Missed The Recovery
More from Michael Snyder: Who Is Behind The Oil War, And How Low Will The Price Of Crude Go In 2015? The American People Are Utterly Clueless About What Is Going To Happen As We Enter 2015 The 2.6 Billion Dollar Welfare Payment That The U.S. Government Gives To Wal-Mart
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