Anxiety Grows as the U.S. Recovery Stalls

Anxiety Grows as the U.S. Recovery Stalls

Submitted by Jen Jones on Tue, 08/17/2010 - 11:43pm

Anxiety Grows as the U.S. Recovery Stalls

With joblessness on the rise, retail sales in a slump and the stock market on the skids this week, many experts are predicting more economic uneasiness with a coinciding side of protracted unemployment troubles.

According to a recent Los Angeles Times article, “The U.S. economy and stock market ended one of the grimmer weeks of the year, as disappointing retail sales figures released Friday combined with other dismal data to heighten fears that the nation's nascent recovery is stalling. The retail report, which came only days after the Federal Reserve announced a new effort to prop up the economy, fueled growing concern that the U.S. is in danger of falling into a double-dip recession.”

The report comes as Washington debates the need for (and fiscal possibility of) a second stimulus infusion in order to spur economic growth and avoid further state and local layoffs and cuts. But while lawmakers stall, so does the economy. And even though economists with Goldman Sachs Group Inc. said in a report that a double dip recession is unlikely, they “nevertheless pegged the chance of one at 25% to 30%, which it termed ‘unusually high.’ The retail-sales numbers aggravated those fears. Though the Commerce Department reported a 0.4% rise in sales in July, the improvement was due entirely to rising gasoline prices and pent-up demand for cars. Sales would have fallen 0.1% without those items.”

As the LA Times reports, small businesses are among many American laborers feeling the pinch of the tepid economy, especially in terms of retail sales in luxury items and services—from cosmetics stores to fitness centers.  "The government talks about helping businesses, but we're not seeing one benefit of anything they're doing, and neither are my friends and neighbors," said Maurice Stein, owner of a Burbank, California retailer called Cinema Secrets. "We knew that the economy was bad. We never expected this to go so long."

These sentiments about the economic malaise are echoed all across the country as well. Many individuals and small business owners—from Northern California to North Carolina—are facing layoffs or are already unemployed and drowning in debt, using dwindling federal benefits and credit cards just to get by.

So what can you do to make a new start as this recessionary climate continues onward?

If you’re like the majority of Americans, waiting on Washington to fix our financial woes is not an option. If you are already struggling financially and fear the further economic impacts of a widening recession, now may be the best time to make a guaranteed fresh start through bankruptcy. Discharging personal debt like credit card bills through bankruptcy is, in some cases, the only sure solution for so many Americans facing years without steady income or small business owners trying to hold to their hard-earned assets.

If this sounds like you and you’ve already found yourself in dire straits just as America faces what seems like one unending economic episode after another, knowing a qualified bankruptcy attorney is the first best step to help you regain control of your coffers, conquer creditors and get back on a better budgetary track—yielding all with the right kinds of support, information and insights at a low cost.  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 www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

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