Over the last 10 years our government has been releasing only the information that they believe we need to hear. In fact, this is happening across the board from wars to unemployment. Today, the unemployment rate was released, and imagine that, it went down the day after the president spoke at the DNC. Is this a coincidence or conspiracy? When looking at the number of 8.1% unemployed, you need to look at the other day to get a true reading. What this number doesn't show us is the people who are no longer receiving unemployment insurance and have still not found a job. The White House revels when this number drops, but are they really telling the truth? The numbers they are releasing appear to be the real numbers, it's just that they're holding back some important facts to tell the whole story. Looking at the statistics, instead of 8.1% it should really read 11.2% but who's counting. If we went back to when Jimmy Carter was president and use the formula that was used back then, it would be over 16%. So, back to my point after looking at the facts, are many Americans going to be filing for bankruptcy in the near future because of this economic data?
Bankruptcy Attorney, San Bernardino Bankruptcy Lawyer, Phoenix Bankruptcy Attorney,
Digging a little deeper we know that bankruptcy filing rates are down for 2012. In 2010, the US reached a peak of 1.7 million Americans had to file bankruptcy to eliminate their debt. Many optimists believe things are getting better. Things have gotten better but only temporarily due to large influxes of cash into the system from QE1, QE2 and the twist. But now that the economy is starting to slow drastically, the Fed is now rooted in the idea of QE3 into the wind. I don't know why they play these games and not just come out and say it. Obviously, the first three did not work or we would be in a recovery stage. Last week, the United States surpassed $16 trillion in government debt. This doesn't include the unfunded liabilities of Social Security, Obamacare, and all of the government employee pensions that are yet to be paid.
The middle class is now diminishing as this seems to be the new normal. Most of the good manufacturing jobs have left the country never to return. All that is left is substandard employment to give someone enough money to get by. The median household income for the US has dropped $6000 a year over the last 10 years and as the cost-of-living continues to rise people are having a tough time making ends meet and are having to consider the option of filing for bankruptcy. The Pew Research Center recently did a survey that found out that 85% of middle-class Americans are finding it harder to maintain that standard of living compared to 10 years ago. They further reported that 61% of all Americans were considered middle-class back in 1971 and that number has dropped to 51% today. According to the Federal Reserve the average net worth of American families has declined from $126,400 in $2007 to $77,300 in 2010.
After doing all of my research, I believe that most Americans are benefiting from the QE program that allowed creditors to push money into the economy. The problem with this is, Americans as a whole are now further in debt than they were back in 2007. People are living paycheck to paycheck by robbing Peter to pay Paul. Once the credit market tightens up, all bets will be off and many Americans will be filing bankruptcy because they have no other choice. A recent study showed that the average family is three weeks away from filing for bankruptcy. While this statement sounds vague, it basically means that this group of people can only sustain themselves with three weeks of money set aside. It's time that Americans wake up and take this matter seriously. For the ones that are living paycheck to paycheck, it's time to consult a bankruptcy attorney about their options. Filing bankruptcy might not be in the cards at this time, but it sure might be in the future.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Attorney Corona
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment