More than half of all workers have experienced a spell of unemployment, taken a cut in pay or hours or been forced to go part-time. The typical unemployed worker has been jobless for nearly six months. Collapsing share and house prices have destroyed a fifth of the wealth of the average household. Nearly six in ten Americans have cancelled or cut back on holidays. About a fifth say their mortgages are underwater. One in four of those between 18 and 29 have moved back in with their parents.
If I had posted that quote as a prophecy for 2010, I would have been laughed at.
Yet here we are now.
That quote is from a PDF [PDF link] called Something Has To Give.
And this is still only the very, very beginning.
Things are going to become breathtakingly bad up ahead.