As the US Unemployment Continues to Soar, Small Businesses Nationwide Are Filing Bankruptcy

As the US Unemployment Continues to Soar, Small Businesses Nationwide Are Filing Bankruptcy "I recently learned an intriguing fact about unemployment, namely that the number of Americans not in the labor force has increased threefold since the 1980s. Due to the improving economy, the mainstream media likes to boast that the number of Americans filing for bankruptcy has decreased over the past two years. The number of individuals filing for bankruptcy cannot be altered, and it has decreased, but this argument is false. Recently, it was reported that the US economy added 157,000 jobs in January, but if you look at the non-seasonally adjusted data, the number of employed Americans decreased by 1,446,000 between December and January. They will not mention this, but they enjoy discussing how the Dow surpassed 14,000 for the first time since 2007. To place things in proper perspective, consider 2007 when the economy was booming. At that time, over 146 million Americans were employed. Four years later, 141,6 million people are now employed, despite the fact that the population has increased steadily during this time period. There is no way to sugarcoat the true statistics, even if you apply lipstick to a pig.Even if we grant the media the benefit of the doubt and allow them to use the figures they are using, they are not disclosing the types of jobs that have been created. Before the election, one month showed an increase of 50,000 new employment, but it was not disclosed that 35,000 of these jobs were at a fast food chain with a nationwide hiring campaign. Although it may send someone back to work, the majority of these new jobs pay less than $10 per hour. The majority of Americans bear substantial consumer debt from the past and hope to avoid declaring bankruptcy if at all possible. The average American now owes more than $16,000 in credit card debt, and it is increasing. When interest is factored into this equation, it becomes clear that the majority of people are only making minimum payments and will never be able to pay off their debt. They have the option of filing for bankruptcy or kicking the can down the road in the hopes that favorable circumstances will enable them to pay off their debts. This, in my opinion, is naive and delusional. The economy is deteriorating, and some financial experts have even predicted that the future will make the Great Depression appear like the good old days.The government is systematically eliminating small enterprises across the nation. Government regulations and the cost of doing business make it nearly impossible to launch a new business today. This year, the cost of healthcare will increase for a group that is already on the verge of bankruptcy. According to a recent Gallup poll of small business owners, thirty percent of all small business owners refrain from hiring out of concern that they will fail within the next year. Banks are once again offering no-money-down mortgages and issuing credit cards to virtually anyone. This was the same cocktail that caused the financial crisis of 2007, but this debt bubble is larger, more dangerous, and about to explode. Since 2002, a graph on Zerohedge depicted how household expenditure had increased. Every country on the list experienced a steep increase until 2007 followed by a decline to the present. That is, with the exception of the United States, where we have witnessed a steady increase since 2002, followed by a minor decline in 2007 and a subsequent rise to pre-recession levels and beyond. People must recognize the obvious and cease listening to the evening news. If your financial situation is so dire that bankruptcy is an option, don't wait for the government to assist you out, because they won't. People must establish priorities and cease borrowing money to maintain an unsustainable lifestyle.
" - https://www.affordablecebu.com/