Will the Sequester Cuts Force Many Americans Into Filing Bankruptcy?

Will the Sequester Cuts Force Many Americans Into Filing Bankruptcy? "A few months ago, the president urged Congress to increase taxes in order to avoid sequestration. The entitlement generation appears to be protesting the 2.4% reduction in federal expenditure. Currently, the United States has a deficit far greater than the $85 billion in sequester cutbacks. In 2012, the deficit exceeded one trillion dollars, with a T. Many Americans have become desensitized to the enormity of a trillion dollars because the government spends so much. The United States is on the verge of declaring insolvency, and most Americans could care less that the Federal Reserve is printing money to buy us more time. Congress is so irrelevant. Congresswoman Maxine Waters stated at the time that 178 million people would lose their jobs if Congress did nothing to halt the sequester. Not even that many individuals are employed in the United States. It is nonsense, just as when the bank bailout bill was introduced in 2008 and Nancy Pelosi stated that 500 million people would lose their jobs if the measure was not passed. I last counted 325 million Americans residing in the United States.All of this clamor is nothing more than scare tactics, and allowing the president to raise taxes on the middle class would cause more harm than reducing the size of a handful of government agencies. As the economy begins to fail, this national crisis is nothing more than an attempt to place responsibility on the Republican Congress. The government's expenditure of $85 billion will have no effect on the outcome. While politicians should set an example by not spending money like drunken mariners, Americans have adopted the same irresponsible behavior. As a result of quantitative easing, banks are now issuing credit cards to everyone, and when that card is maxed out, they simply issue another. People who should file for bankruptcy are using credit cards to escape debt. In the 1970s, before the age of technology, individuals had multiple checking accounts so that they could write a check to the other account and use the funds to pay bills from the second account. To continue the fraud, the individual would use a second account to write checks to the first account. Since it used to take a week for checks to clear, it took the bank a while to determine what was going on. This practice was known as kiting, and it is identical to what the majority of Americans do with credit card debt and personal loans. It is equivalent to plundering Peter to pay Paul. In all aspects of the financial world, they should file for bankruptcy, but the institutions are allowing them to become further encumbered by debt.There appears to be no limit to the government's release of entitlement programs that are overwhelming the system. As of the most recent count, 48 million Americans currently receive food assistance. I believe that raising taxes would be much more detrimental to the economy than the sequester cutbacks. Today, an article was published stating that consumer expenditure in the United States increased in January while incomes fell by the most in twenty years. The Commerce Department reported that income decreased by 3.6%, resulting in the lowest savings rate since November 2007. Someone must accept responsibility for their actions, even if it means declaring bankruptcy and starting over. The United States and a significant percentage of its citizens are bankrupt, but no one is willing to endure the pain. All of this will end in the foreseeable future, as these economic policies are nothing but smoke and mirrors. History is repeating itself, and the United States is not exempt from experiencing the same outcomes.
" - https://www.affordablecebu.com/