The US Debt Bubble Is on the Verge of Bursting Causing Bankruptcy for Many
"At the end of 2012, there was much discussion about the fiscal precipice and the consequences of failing to raise the debt ceiling in order to keep the federal government operational. No one mentioned the quantity of debt the United States has incurred and continues to incur. Currently, the US budget deficit is $1 trillion per year. The bizarre truth is that very few people discuss cutting spending. They are more concerned with having sufficient funds to fund all entitlement programs and their corporate America allies. No one seems concerned about the fact that the United States' debt is currently 103% of GDP. Main Street, America is on the verge of mass bankruptcy, and these buffoons keep claiming they are saving the middle class while outsourcing employment and shuttering small businesses. Currently, unemployment insurance, food stamps, and other welfare programs are the only things keeping middle America out of destitution. It's not that these individuals lack initiative; rather, they lack opportunities to act. The majority of occupations created over the past four years pay less than $10 per hour and are classified as low-income jobs. That is insufficient to maintain a household and put food on the table.In actuality, the number of Americans receiving food stamps has increased by 11,000 per day over the past four years, despite the fact that the media continues to report a rosy economic outlook. In just four years, the number of Americans receiving food assistance has increased from 32 million to over 47 million. The current unemployment rate in the United States, excluding discouraged workers, stands at 7.8% and appears to be the new norm. The entire economy is stagnant, yet the federal government continues to spend recklessly at the expense of taxpayers. Tax increases are the only means by which the current administration is able to increase federal revenues. It has been demonstrated historically that increasing taxes reduces overall revenue and harms small enterprises. 90% of all employment growth over the past three decades has originated from small enterprises, not corporate America. The majority of Americans live paycheck to paycheck and are scarcely delaying the inevitable. Since 2010, numerous experts have debated the reasons for the decline in the number of Americans filing for bankruptcy, and their answers are astounding. Most people believe that Americans are incurring more debt, using credit cards and personal loans to pay off old debts. Due to the Fed's quantitative easing, banks have once again begun lending without scruples to individuals who cannot afford it. In 2010, a record 1,6 million Americans filed for bankruptcy for a variety of reasons. Approximately at the same time, banks began to reduce lending restrictions and resume lending.Americans have a history of fulfilling their obligations, including paying their debts. While this is admirable, it does not always make logic. Your homes will not be worth millions of dollars in the foreseeable future, nor will the automobile industry recover. People must cease attempting to deceive themselves. The average American income-to-debt ratio has risen to 154 percent and is increasing. People who are buried under a mountain of government-style debt and living month-to-month in the red should contemplate declaring bankruptcy and returning to the debt-free lifestyle that people 40 years ago sought. A life of robbing Peter to pay Paul in order to live like a rock celebrity can only end in disaster.
" - https://www.affordablecebu.com/
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"The US Debt Bubble Is on the Verge of Bursting Causing Bankruptcy for Many"
was written by Mary
under the Finance / Wealth
category. It has been read 147
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comments. The article was created on 31 May 2023
and updated on 31 May 2023