With New Unemployment Numbers Will More Americans Be Your bankruptcy filing
During the last Ten years our government continues to be releasing just the information they believe we have to hear. Actually, this really is happening across the board from wars to unemployment. Today, the unemployment rate was launched, and imagine that, it went down the day after the president spoke in the DNC. Is that this a coincidence or conspiracy? When examining the number of 8.1% unemployed, you have to look at the other day to obtain a true reading. What this number doesn't show us is the those who are no longer receiving unemployment insurance and also have still not found a job. The White House revels if this number drops, but are they really telling the truth? The numbers they're releasing appear to be the real numbers, it is simply that they're holding back some important facts to inform the entire 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 which was used back then, it might be over 16%. So, to my point after looking at the facts, are many Americans likely to be filing for bankruptcy in the near future because of this economic data?
Digging just a little deeper we know that bankruptcy filing rates are down for 2012. This year, the united states reached a peak of just one.7 million Americans needed to declare bankruptcy to get rid of their debt. Many optimists believe situations are getting better. Everything has gotten better only temporarily due to large influxes of cash in to the system from QE1, QE2 and also the twist. But now that the economy is beginning to slow drastically, the Fed is now rooted within the concept of QE3 into the wind. I don't know why they play these games and not simply come out and say it. Obviously, the first three didn't work or we would maintain 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 federal government employee pensions which are yet to be paid.
The center class has become diminishing as this seems to be the brand new normal. Most of the good manufacturing jobs have left the country not to return. All that remains is substandard employment to provide someone enough money to make do. The median household income for the US has dropped $6000 a year during the last 10 years and as the cost-of-living continues to rise people are using a tough time balancing the budget and therefore are having to think about the choice of your bankruptcy filing. 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 when compared with Ten years ago. They further reported that 61% of Americans were considered middle-class in 1971 which number has dropped to 51% today. According to the Fed the average net worth of yankee families has declined from $126,400 in $2007 to $77,300 in 2010.
After doing all of my research, In my opinion that many Americans are taking advantage of the QE program that allowed creditors to push money in to the economy. The issue with this particular is, Americans in general are now further in debt compared to what they were 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 filing bankruptcy because they have no alternative choice. A recent study demonstrated that the average household is three weeks from your bankruptcy filing. Although this statement sounds vague, it basically implies that this group of people are only able to sustain themselves with 3 weeks of money put aside. It's time that Americans awaken and take this disorder seriously. For the ones that are living paycheck to paycheck, you're ready to consult a personal bankruptcy attorney about their options. Declaring bankruptcy might not be within the cards at this time, but it sure might be later on.