Will the US Government Face a Bankruptcy Filing?
"The global economy is on fire, and the United States is not an exception. The government appears to have an expenditure problem, not a debt problem. The United States is rapidly depleting its budget and will soon reach the debt ceiling again. In October 2013, when Congress could not agree to raise the debt ceiling, the government shut down for nearly a month. Congress, in response to considerable political pressure, simply pushed the problem into 2014, where it will be reexamined. Immediately following the government's reopening, it was fascinating to observe how the government continued to spend despite being closed. During the period they were closed, they reportedly spent $600 billion, which was added to the debt that would be carried forward. Currently, if it were not for their ability to print money, the United States would be declaring bankruptcy in an international court. Shadow Stats reported that the true deficit for 2013 was $6.8 trillion. They are now reporting that the US government is on the precipice of filing for bankruptcy due to their spending addiction.Congress added a pre-bankruptcy credit counseling course and a post-bankruptcy financial management course when it amended the bankruptcy code in 2005. Rather than requiring bankruptcy filers to attend these courses, perhaps they should be a prerequisite for running for office. My grandfather always said, ""There are three fingers pointing back at you when you point the finger at someone."" As they continue to make backroom deals to advance their political careers, politicians are constantly shifting the responsibility onto others. As the financial crisis persists, many Americans struggle to satisfy their basic needs. Even though the number of bankruptcy filings has decreased over the past year, many experts believe that this is merely the calm before the tempest. If a child is planning to attend school, they should consider becoming a bankruptcy attorney, as this is the only profession that appears to be recession-proof in the foreseeable future. This may be the only method for them to avoid bankruptcy and repay their expensive student loans. Also on the verge of exploding is the bubble of student loan debt. However, student loan debt has now surpassed $1 trillion and continues to rise. Since the loans are guaranteed and no one can walk away from them, not even in the event of bankruptcy, it is very simple for students to overeducate themselves. The consequence is a life of servitude to their student loans.As pension obligations become due, not only the federal government and states but also local municipalities face the possibility of filing for bankruptcy. It's as if the entire world went insane over the past two decades and made impossible promises to employees. In what universe does a person receive 90 percent of their salary and retire at age 50? Unique to America. It should come as no surprise that cities in California are beginning to declare bankruptcy due to their errors. This debt crisis permeates the entire cultural fabric of the United States. The concept of being debt-free and conserving is so dated. Our culture is unwilling to wait for anything. Why would you wait if you can purchase something now and pay for it later?
" - https://www.affordablecebu.com/
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"Will the US Government Face a Bankruptcy Filing?"
was written by Mary
under the Finance / Wealth
category. It has been read 99
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comments. The article was created on 31 May 2023
and updated on 31 May 2023