How Congress’ Election Year Fears Could Affect Your Wallet

Submitted by Jen Jones on Thu, 08/12/2010 - 4:04pm

How Congress’ Election Year Fears Could Affect Your Wallet

Political satirist P.J. O'Rourke once said, "Politicians are interested in people. Not that this is always a virtue. Fleas are interested in dogs." This quote could be said to ring true today as ever, since not yet a week after the Obama Administration pushed for more economic stimulus spending meant to benefit “the people,” Congress refuses to act, distracted by election-year anxiety about the deficit. According to this weekend’s The Washington Post, “Congress has delivered only about a quarter of the $266 billion in "temporary recovery measures" the president sought in his February budget request and ignored much of the rest. There is unlikely to be another ‘recovery’ check for Social Security recipients. Come December, Obama's "Making Work Pay" tax credit -- the signature initiative he regularly touts as a tax cut for 95 percent of Americans -- will probably be gone.” Now, economists are warning that Congress’ election year deficit fears could plunge the nation into a second Recession. Yes. That’s right. Another one of those. Specifically, while Congress is focused on as exploding federal budget deficit, it is thought that if Capital Hill doesn’t act—instead spending more on the economy—America may face another lengthy period of astronomical unemployment and, what’s worse, subsequent recessionary status. One continuing strike against a vote in favor of stimulus spending in this election year is the fact that Americans appear on-board with some forms of fiscal conservatism. In fact, polls reveal most folks don’t believe the President’s first go at a stimulus package worked and continue to vacillate on whether job spending or paying down deficits is the greater priority. Despite this, The Washington Post reports, “Administration officials are forging ahead, theorizing that voters would be even angrier if Washington skipped the additional spending and unemployment began to climb again. The White House is also trying to do a better job of selling the original $862 billion stimulus package, enacted last year, which has gotten high marks from many economists. ‘This is an environment in which there's a great deal of jaundice about government and government spending," White House senior adviser David Axelrod. ‘But it's foolhardy to suggest that we should walk away from the things we need to do to continue recovery efforts as a way to deal with our fiscal problem.’” Regardless of how you feel about the current politics of federal spending, Axelrod’s words ring true when considering ways to perpetuate your own personal financial bailout. In times of staggering unemployment, rising medical costs, and a crippled housing market full of underwater mortgages, it is more important that ever to do the things you need to do to continue your own economic recovery efforts and deal with your personal fiscal problems. One way millions of Americans are moving forward with their own efforts to stimulate savings, security and a better financial future is through bankruptcy. No longer the forbidden fruit of the financial recovery world, bankruptcy has helped many an American avoid creditor hassles, foreclosures, eviction, loss of a vehicle or tools of a trade, and even divorce—all beginning with the acknowledgement that you need a long-term solution to your lingering financial woes. So, are you one of the many beleaguered individuals attempting to take things into your own hands to address financial woes and take back their fiscal freedoms? Consider making a fresh start through bankruptcy. Knowing a qualified bankruptcy attorney can help any Recession-weary debtor to conquer their creditors and face their financial fears, yielding the right kinds of support, information and insights—at a low cost— to start anyone on their way to a more 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 www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

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