2012 Economic Numbers Show Bankruptcy Filing Is Close for Many

2012 Economic Numbers Show Bankruptcy Filing Is Close for Many """Now that Christmas has passed and New Year's Day is just around the corner, we can take a look back at 2012 and, with any luck, get a sense of what 2013 holds for the economy."" No one predicted the outcome of the presidential election in 2012, and a whirlwind of economic data indicated no improvement for the US economy in 2012. According to the statistics, a large number of Americans should be filing for bankruptcy, but instead they are incurring more debt. The mainstream media continue to praise the president's accomplishments and the Federal Reserve's efforts to revive the economy. People have already forgotten about the president's involvement in """"fast and furious"", the truth be told. Let us not ignore the Benghazi scandal and the Libyan takeover as we work towards deploying troops in Syria. The media is still only discussing the president's Hawaiian vacation and what movie stars are wearing after a busy year. They should be discussing the impact that the issuance of billions of dollars with QE3 in September and QE4 in December could have on the American economy. Main Street appears to be of no concern to those who print and inject $85 billion per month into the economy through quantitative easing. The Weimar Republic is a prime example of what occurs when this economic policy is implemented.

Congress, the Federal Reserve, and the President believe that minor adjustments to the economy will solve it. The reality is that the majority of Americans are on the verge of filing for bankruptcy, and if it weren't for credit cards with available balances, they would have already done so. The end of the year should be spent reminiscing about the past with family and friends. Hopefully, individuals can learn from their errors and alter their course when things are not proceeding as planned. Recently, it was reported that the number of bankruptcies has decreased to 1.3 million, and the media used this information to inform Americans that the calamitous economy is over. Intriguingly, the number of Americans filing for bankruptcy is decreasing while their debt-to-income ratios are rising. The majority of people are oblivious to the fact that banks are once again generating a consumer debt bubble larger than 2007's. Last month, the US consumer debt surpassed $2.75 trillion, but I did not hear about this on the news. It seems fairly obvious to me that banks have increased their lending to consumers, and that this is the reason why individuals can continue to avoid declaring bankruptcy and kick the can down the road.

Here are a few facts that reveal the harsh truth about 2012, should anyone be interested.

In 2008, 31 million Americans received food stamps; just four years later, 47.7 million Americans received food stamps. That is a 50% increase, and matters do not appear to be getting better.

In addition, a recent study found that 55 percent of all Americans have received some form of federal funding.

Since 2007, there has been a 57% increase in the number of public school pupils who are homeless, reaching over one million.

In the last four years, the median household income has decreased by $4000, as evidenced by the 2012 data. What happened to the economic recovery that the media has been discussing?

In September 2009, at the height of the recession, it was reported that 58.7 percent of Americans were employed. Three years later, at the end of November 2012, I was surprised to discover that only 58.7% of Americans were employed. What happened to the unemployment statistics they've been reporting that indicate a significant improvement?

In 2000, manufacturing facilities in the United States employed more than 17 million Americans. Due to the relocation of manufacturing overseas, this number is now less than 12 million.

The United States' share of the global gross domestic product has decreased from 31.8% in 2001 to 21.1% in 2011. This number is likely much lower than what is currently available for 2012.

As Americans continue to attempt optimism, they must confront the ugly reality about their personal financial circumstances. Those who are incurring more debt should consult with a bankruptcy attorney to determine if filing for bankruptcy is in their future. It does not appear prudent to continue living paycheck to paycheck when bankruptcy is an option. At the very least, a bankruptcy attorney will enlighten a person about the path they are taking and, ideally, prevent them from making fatal financial mistakes.""

" - https://www.affordablecebu.com/