by Michael Snyder, The Economic Collapse Blog:

During the summer, many of the experts repeatedly assured us that the U.S. economy would be able to avoid a recession, but now reality is setting in.  Credit conditions continue to tighten, home sales are falling, credit card losses are exploding, stores are closing all over the country, and the number of bankruptcies is rising to very alarming levels.  Meanwhile, the cost of living continues to become more and more suffocating.  If you have a gut feeling that very hard times are on the horizon, you are definitely not alone.  As you will see below, a staggering 71 percent of all Americans currently believe that America is on the wrong track, and our economy is one of the biggest reasons why they feel this way.  The following are 10 numbers which prove that the U.S. economy has hit a major pivot point…