While a majority of economists and other financial experts firmly believe we are experiencing a modest economic recovery, a new poll reveals that a large, vocal minority of Americans feel that the economy will never fully recover from the effects of the recent “Great Recession.”
A New York Times/CBS News poll found that 39 percent of people responding believe “the current economic downturn is part of a long-term permanent decline and the economy will never fully recover.” The survey is one of many revealing overall distress with the current state of the American economic picture. Back in June, a CNN poll found that nearly half of Americans believe another Great Depression is either “very likely” or “somewhat likely.”
According to a recent article by The Huffington Post, there are even more signs that a lot of the nation’s folks are feeling financially fraught. “A striking chart from the University of Michigan showed a steep decline in the number of consumers who expected their family income to rise within the next 12 months. Another survey, conducted by the company BIG Research, found similar results -- in that poll, 89 percent of respondents said they don’t expect to receive a salary increase in the next year.”
If you include yourself in these figures of those facing deepening income issues, with no apparent end in sight, you may feel like there are fewer and fewer options to fund your own economic upturn. In turn, it may truly feel like the tough economic times of the late 2000s were but the beginning stages of a broader, permanent decline, marked by unemployment, underemployment and overall workplace dissatisfaction.
According to HuffPost, it’s true that many Americans are having trouble digging out of a psychological depression about their dwindling finances even as they attempt to dig out of debt. “Much has been written since the start of the economic crisis about the dangers of fatalism. Earlier this week, in an essay for Time, Zachary Karabell argued that “the American optimism deficit” could prove ‘self-fulfilling.’”
The unpromising realities of the “new economy” could therefore mean you’re forcing yourself to look at other options when considering how to get by, whether to keep a roof over your head, pay the bills, get credit, deal with medical bills, or whatever the cost. If you’re feeling the pecuniary pinch like so many people around you, things are likely to be bad for a while. As a result, now may be the best time to reconsider your choices when it comes to diminishing debt and saving for a “rainy day turned decade.”
A personal bankruptcy can provide the very solution to your underemployment woes. A Chapter 7 bankruptcy can erase unsecured debt like credit cards or medical costs, while a Chapter 13 plan can help you keep those things you have fallen behind on, like your home or car. These options can take the financial weight off of families like your own struggling to make ends meet in an environment where few Americans are feeling particularly financially safe and sound.
If you too have been affected by the lingering economic crisis, knowing a qualified bankruptcy attorney can help, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future beyond “the dip.” The bankruptcy professionals at the Law Offices of John T. Orcutt offer a totally FREE debt consultation. Just call toll free to 1-888-234-4181, or make an appointment online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.