Looking Into My Crystal Ball There Is a Mass Bankruptcy Filing Nearing for the US
"Despite the fact that many Americans continue to view the world through rose-colored spectacles, many are finally waking up to the new normal. The reality is that the economy stinks, and it's growing worse. Numerous Americans are still unemployed or underemployed and have not returned to their high-paying job. Even worse, the majority of these well-paying positions will never return and are being replaced by minimum wage retail jobs at big-box stores. Not because things have improved, but because those positions have been shipped overseas and eliminated. The only people earning decent money are government employees and bankers, as the auto industry and virtually every other industry that hasn't moved overseas is still in the doldrums on the mainland.The federal government continues to expand and spend our money recklessly, despite the fact that the majority of middle-class Americans are on the verge of bankruptcy. As Americans, we take pride in paying our debts and doing the right thing, and the credit industry relies on this behavior. The banks have been bailed out with trillions of dollars and continue to seize the homes of Americans who have fallen on bad times through foreclosure. The problem-causers receive the gold mine, while the rest of us receive the shaft.As quantitative easing persists, the rich become richer, the poor become poorer, and the middle class vanishes. This Fed policy has never succeeded in the past, nor will it succeed now. There is nothing more to it than the notion that you must spend your way out of debt. It is time for individuals to stop feeling bad about the possibility of filing for bankruptcy and seize the bull by the horns. Chapter 7 bankruptcy eliminates all unsecured debts, leaving the individual debt-free or nearly so, depending on whether or not they retain any secured property. The stigma associated with bankruptcy is no longer prevalent, as the majority of Americans know someone who has recently filed for bankruptcy. For those who qualify, the burdens and tension of all their debt will be lifted, never to be seen again. The entire process is relatively straightforward. As federal regulations continue to change on a weekly basis, individuals should be proactive in all financial matters and leave no stone untouched. Who knows if bankruptcy will be outlawed in the future, given the number of bank representatives in Washington, D.C.Over the past decade, bank regulations have been marketed to the American public as safeguards for citizens' financial well-being. As more regulations are implemented, it appears that the United States is approaching a Cyprus moment. With current government expenditure, they could tax the American people 100% of their wages and it would not even be enough to cover the interest on the government's debt. Therefore, Americans must be proactive, even if that means declaring bankruptcy.
" - https://www.affordablecebu.com/
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"Looking Into My Crystal Ball There Is a Mass Bankruptcy Filing Nearing for the US"
was written by Mary
under the Finance / Wealth
category. It has been read 138
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comments. The article was created on 31 May 2023
and updated on 31 May 2023