It’s been two years since experts signaled the end of our recent Great Recession. But based on the most recent job report, it seems like only yesterday. In fact, according to last week’s surprisingly dismal government labor figures for June, a true recovery from the economic downturn of the late 2000s could be a long way off indeed.
A new article from The Huffington Post, in collaboration with Patch.com interprets the data, finding:
“Economists had anticipated the report would show about 120,000 private sector jobs added to the economy in June -- barely enough to keep pace with population growth. Instead, the gain was a paltry 18,000 net jobs, as the unemployment rate climbed from 9.1 percent to 9.2 percent. The report was so uniformly discouraging that it dislodged optimism that recent expansion in manufacturing and a modest rise in housing prices might presage the return of vigorous economic growth. Instead, negative sentiments that have hovered over the economy for more than three years intensified. ‘The signs of growth that we did have are deteriorating,’ said Heidi Shierholz, an economist at the Economic Policy Institute in Washington. ‘We are backsliding. The chances are that we go into another recession or we muddle along at technical growth, but actually making no improvements as far as Main Street goes. The chance of one of those things happening is extremely high.’”
For regular folks living all across the country, these facts and figures merely confirm what most of us already have a clear handle on: that the current economic recovery is anything but, and that unemployment and underemployment remain a continuing problem plaguing the nation. What the recent job reports do tell many is that the jobs they were hoping for in the years following the end of the economic downturn aren’t being generated anytime soon. The cause? A vicious cycle of high consumer debt, low spending and business fear. As HuffPost put it, “Employers have apparently become so accustomed to running companies with lean payrolls, that the practice has become entrenched in American business -- particularly amid data showing that consumers remain saturated with debt and unwilling to spend.
But there’s ultimately a solution for high consumer debt amid low employment: bankruptcy.
That may be the reason that consumer bankruptcies rose in June, as more people—whether unemployed or underemployed—sought the safe havens of bankruptcy, turning to options like Chapter 13 or Chapter 7 bankruptcies to make surviving through this stagnant period a bit more bearable. Chapter 7, otherwise known as a “liquidation bankruptcy, allowed these financially-affected folks to discharge mountains of unsecured debt, and begin again, on a level playing field, with fewer burdens to begin more healthy economic strategies. Others chose Chapter 13 to restructure their beleaguered budgets, beginning to repay some or all of their debt—albeit in a realistic and manageable way—while still holding on to major valuable assets like homes, cars, and various accounts.
So, now more than ever, getting to know a qualified bankruptcy attorney can be the first best step to help you conquer their creditors and face their financial fears, yielding the right kinds of support, information and insights—to get you out of your own Great Recession. The bankruptcy attorneys 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.