Americans are Digging Deep During a One-and-a-Half Dip Recession Skip to main content

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Americans are Digging Deep During a One-and-a-Half Dip Recession


Have you heard from many experts and economists that the country’s headed for a double-dip recession—a second downturn that results from recent limits on economic stimulus? Well, take heart…we’re apparently only in a “one-and-a-half dip” recession.

That’s right.  According to Robert Reich, Former Secretary of Labor, we’re in a one-and-a-half dip recession, with the worst is yet to come and politicians and other people in power should take note. With retail spending on a downturn, home sales in the dumps, and the average work week in decline, Reich argues the only thing that’s actually piling up in this economic climate is unsold goods, fallow homes and default loans.

As Reich writes, “The 1.5 dip recession should be causing alarm bells to ring all over official Washington. It should cause deficit hawks to stop squawking about future debt, blue-dog Democrats to stop acting like Republicans, and mainstream Democrats to get some backbone.

The 1.5 dip recession should cause the president to demand a large-scale national jobs program including a new WPA that gets millions of Americans back to work even if government has to pay their wages directly. Included would be zero-interest loans to strapped states and locales, so they didn't have to cut vital services and raise taxes. They could repay when the economy picked up and revenues came in. The national jobs program would also include a one-year payroll tax holiday on the first $20,000 of income.”

Reich argues the recent job benefits extension is only a Band-Aid on a bigger unemployment issue. Instead he encourages the Obama administration to focus on an enhanced jobs bill that can help get Americans back to work  and get consumer confidence back on track.  As he put it, “Jobless benefits are humane but they alone don't get jobs back.”

In anticipation of what Reichs predicts may be tougher economic times just around the corner, many aren’t waiting for government action but rather are taking their own financial futures in their own hands by furthering their education, shoring up their expenses, and, in some cases, taking on second and third jobs, where and if they exist.

But what if you’re already unemployed; or drowning in debt; or both? What can you do to make a new start before the recessionary weather returns?

If you are already struggling financially and fear the further economic impacts of a double-dip recession, now is the time to take on your financial woes and take back your fiscal freedoms by making a fresh start through bankruptcy. Discharging personal debt through bankruptcy now is, in some cases, the only solution for so many Americans—especially unemployed persons facing years without steady income—to keep their personal lives financially afloat and creditors at bay. In short, what policy makers can’t do for you, you can do for yourself.

If this sounds like you and you’ve already found yourself in dire straits just as America faces another economic downturn, knowing a qualified bankruptcy attorney is the first best step to help you regain your power, conquer creditors and face your financial fears, yielding—all with the right kinds of support, information and insights—at a low cost— for a viable and secure future.  The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-919-646-2654, or during the off hours, you can make your own appointment right online at Simply click on the yellow “FREE Consultation Now” button.

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