Now that the election is past us and we now know that Obama has four more years, what will happen to the economy? A large number of American small business owners were counting on a new president to try to shake up this economy and turn things around. Instead, the US is facing Obamacare and higher taxes making many Americans feel that filing bankruptcy for them might be right around the corner. Unemployment has now been at close to 8% for four years now and it seems the only jobs out there are in the big box stores and fast food industry. How does the government believe that they can turn the economy around with minimum-wage jobs for individuals that have run out of unemployment insurance? Sounds to me like the foreclosure numbers and bankruptcy filing numbers are a short time away from going on the uptick again.
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The last year, many Americans were hoping for large changes in government this last election to boost economy and get them out of debt. Instead, the Fed ramped up the printing presses and started printing more money for the Federal Reserve member banks. The reason the economy has gotten a little boost is because the credit market has freed up a little cash for ailing Americans. It's getting close to the time where Americans will not be able to borrow anymore and will have to start paying the piper.
Many economists are predicting hyperinflation to start coming into the economy before year end. It seems like the US is heading for a Weimar Republic moment and Americans should start considering filing bankruptcy before the process is taken away from us. If commodity prices continue to rise more and more Americans will be unable to make ends meet. This means another run of people losing their homes to foreclosure because they have to choose between eating and making their house payment. Right now, the average American has over $16,000 in credit card debt and this is increasing. With high unemployment rates and a decrease in average pay nationwide, a cocktail for disaster is being created.
Home prices have now semi-stabilized and many areas are seeing a little bounce in home sales. There are still a large number of homes in foreclosure nationwide that have to go through the system before we can truly see a bottom. The next six months will be crucial to see which way the economy is going. Most experts are predicting the stock market and the economy to continue downward with no real good news in sight. For people that are struggling right now, it's time that they consult a bankruptcy attorney and discuss their financial situation. A Bankruptcy attorney will be able to evaluate the situation and give their input on what should be done. With everything escalating, it's best to be pro active with financial matters and not take anything for granted. It's time for Americans spend more time praying and get back to the values in which this country was created.
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