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2010 At A Financial Glance

{ Posted on Dec 31 2010 by Marcus Alston }

A lot happened in 2010 in the United States from a financial perspective.  Health care reform was passed, unemployment remained high, the housing market stayed in a funk, new credit card regulations were passed, etc.

Here are a few highlights which provides a financial brief look back at 2010:

1.         In the United States, unemployment is at 9.8%.  17% of the workforce either could not find employment or was surviving on part-time jobs.

2.         The housing market remained very sluggish despite historically low interest rates.

3.         The nation experienced a foreclosure crisis.

4.         The disparity between the rich and non-rich increased.  The super rich lost relatively less during the financial crisis compared to the remainder of the population.  In 2007, the top 1% had a share of 34.6% of the nation’s wealth.  This increased to 37.1% by 2009.  Figures for 2010 are not official, but it is expected to grow even more.

5.         The US government took several steps to help consumers, college students, and shareholders in 2010 by passing important legislation.

6.         Bush Tax cuts and unemployment benefits were extended in 2010 for 2011.

7.         3 Major Stock Indexes end up in Double Digits. The Dow Jones industrial average ended at 11,578 for 2010, up 11% from its close of 2009. The S&P 500 finished at 1,258, up 13% for the year, and the Nasdaq rose 17% to end at 2,653.

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