AgnaOlmos216
With New Unemployment Numbers Will More Americans Be Filing for Bankruptcy
Over the last 10 years our government continues to be releasing just the information that they believe we have to hear. In fact, this really is happening across the board from wars to unemployment. Today, the unemployment rate was released, and imagine that, it transpired the day after obama 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 is unseen us is the people who are no longer receiving unemployment insurance and have still not found a job. The White House revels if this number drops, but they are they being truthful? The numbers they are releasing appear to be the actual numbers, it's just they are holding back some important facts to inform the whole story. Looking at the statistics, instead of 8.1% it ought to 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 in those days, it might be over 16%. So, back to my point after looking at the facts, are many Americans going to be filing for bankruptcy soon due to this economic data?
Digging a little deeper we know that bankruptcy filing rates are down for 2012. In 2010, the united states reached a peak of 1.7 million Americans had to file bankruptcy to get rid of their debt. Many optimists believe things are getting better. Things have gotten better only temporarily due to large influxes of money in to the system from QE1, QE2 and the twist. But now the economy is starting to slow drastically, the Fed has become rooted within the concept of QE3 into the wind. I don't know why they play these games and not just emerge and say it. Obviously, the first three did not work or we would be in a recovery stage. A week ago, america surpassed $16 trillion in government debt. It doesn't include the unfunded liabilities of Social Security, Obamacare, and all of the federal government employee pensions that are not yet been paid.
The middle class has become diminishing as this seems to be the new normal. The majority of the good manufacturing jobs have left the country not to return. Everything remains is substandard employment to provide someone enough money to make do. The median household income for that US has dropped $6000 annually over the last 10 years and because the cost-of-living keeps rising people are using a hard time balancing the budget and are having to consider the choice of your bankruptcy filing. The Pew Research Center recently did a survey that learned that 85% of middle-class Americans have found it harder to maintain that standard of living compared to 10 years ago. They further reported that 61% of Americans were considered middle-class back in 1971 and that number has dropped to 51% today. According to the Fed the typical net worth of American families has declined from $126,400 in $2007 to $77,300 this year.
After doing all of my research, In my opinion that many Americans are benefiting from the QE program that allowed creditors to push money in to the economy. The problem with this is, Americans as a whole are actually further indebted compared to what they were back in 2007. Individuals are living paycheck to paycheck by robbing Peter to pay for Paul. Once the credit market tightens up, all bets is going to be off and many Americans is going to be declaring bankruptcy simply because they have no alternative choice. A recent study demonstrated that the average household is three weeks away from your bankruptcy filing. Although this statement sounds vague, it basically means that this group can only sustain themselves with 3 weeks of money set aside. It's time that Americans awaken and take this matter seriously. For the ones which are living payday to payday, it's time to consult a bankruptcy attorney regarding their options. Declaring bankruptcy might not be in the cards at this time, but it sure might be in the future.
