Over the last few years, the United States has seen a record number of Americans filing bankruptcy to escape unmanageable debt. Back at the end of June in 2010, the US saw a record number of 1.6 million bankruptcy filings nationwide. Although, the numbers for 2011, 1.53 million in 2012 1.3 million, many people are wondering what the heck is going on. Last Friday, the Commerce Department releases the unemployment numbers and it appears to be on the rise again up to 8.3% nationwide. Many experts are disputing the numbers being released stating that the data being released has been modified to fit an election-year agenda. In reality, the numbers are much worse. The data released by shadow stats shows an entire different picture showing the GDP at -1% and unemployment closer to 14%. What's scary is, this does not even include independent contractors that are not eligible for unemployment insurance. This group is not even recorded so there is no way of knowing how bad it really is.
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The next few years will show what direction this economy is going. Many economists are predicting a huge rise in inflation due to the printing or digitizing of money by the Fed. You can't just print money and push down the economy with no repercussions. That is economics 101. The method they're using is trying to create a soft landing for the economy. When I grew up I was never taught spend my way out of debt, but was told to cut back on my expenses and pay my debt down slowly. The US government continues to expand and spend money like drunken sailors. In fact, this is the only industry, if you want to call it that, that has expanded since the recession has begun. Keynesian economics has failed time and time again. Look at the Soviet Union and Europe and they had to learn the hard way that expanding government and shrinking the private sector doesn't work. Building roads to create jobs cost more than the taxes the government gets in return. What happens is the government begins to eat itself up. For anyone that is a naysayer, tell them to take a look at Greece.
With the economy in the tank, real estate prices are continuing to decline nationwide and many Americans are now facing foreclosure and filing bankruptcy. With a large number of negative amortization ARM's out there ready to adjust, many are expecting a large number of foreclosures in the next few years followed up by the same group having to file for bankruptcy to eliminate the liability of the foreclosure. The bottom line is, we are in a mess. As Americans, we need to stand up and face this problem head-on. For the individuals struggling to pay their credit card debts, they should consider consulting a bankruptcy attorney about filing Chapter 7 bankruptcy. There is nothing to be ashamed of. Millions of Americans are searching for a lifeboat for this same situation. Now's the time for people to not bury their head in the sand, but to look for solutions including filing bankruptcy, if need be.
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