This week, the Gallup poll came out stating that 65% of Americans believe that 2013 will be a year of economic difficulty. On the other side of the coin, only 33% thought the 2013 would be a year of economic prosperity. This has been a question that's been asked for many years coming into the New Year. The number of Americans that believe that economic difficulties are in the near future has not been this high since the early 1980s. Looking at this shows a more distressed view of the US economy than the media has been portraying. In a recent study it showed that the average American is only three weeks away from filing bankruptcy. This is because debt ratios now are so high and the majority of the middle class is robbing Peter to pay Paul while living paycheck to paycheck. Americans thought the worst was behind them after the real estate bubble burst in 2007. Bad decisions by the government have made the pain the consumer has felt for years to come. Instead of bailing out all the banks, they should have let them file bankruptcy like every average American would have to. Instead, they threw it on the backs of American taxpayer and obligated them to trillions of dollars of debt.
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As the economy continues to spiral downward, the mainstream media continues to sugarcoat what is really going on. Recently it was reported that there were over 5 million homes in the US on the verge of foreclosure. The report broke down the statistics as, more than 60 days past due on mortgage payments, in default and a foreclosure has been started. While the media has been reporting a rise in home sales, new housing starts and a low inventory of homes on the market, it's obvious, that banks have not been pursuing these foreclosures aggressively. When that starts, we will once again see another decline in the real estate market.
There were some other questions that Gallup also asked in the poll and here are the results. First of all, 68% of Americans believe that 2013 will be a year of rising crime rates. Next, 57% of Americans believe that 2013 will be a year in which American power will decline in the world. And lastly, 82% of Americans believe that 2013 will be a year in which taxes in the United States will rise. When the media tries to sell the public that things are getting better, according to these polls I don't think anyone believes it. Nowadays, the only people getting raises and great benefits are government employees. Just about every sector of the economy is cutting back except for them.
As politicians and the media continue to stand on their soapbox shouting recovery is just around the corner, most Americans know the truth. People need to wake up and take control of their destiny and not continue to go further in debt just to kick the can down the road. The writing is on the wall and no matter what anyone says people need to be honest with themselves and consider filing bankruptcy if necessary. The Fed has the ability to print their way out of debt, at least for now. The only hope the average American has is to use the power of the US court system and file bankruptcy to stop the craziness. Most people's debt is unsecured and could be eliminated by filing Chapter 7 bankruptcy. Many individuals leave the Chapter 7 being debt free from credit card debt and personal loans. This is a pretty powerful statement in today's economy. When the debts get overwhelming it is time to talk to a bankruptcy attorney about filing. Most of the time, a bankruptcy attorney will give a free consultation and evaluate the individual's personal financial situation.
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