At a time when a full-fledged recovery remains a distant prospect for many average Americans and their beleaguered budgets, the outlook is also pretty grim for the overall American economy itself.
As millions of men and women flood unemployment lines awaiting word of jobs that may never return, and with few signs that the federal government nor the nation's central bank will make any further efforts to stimulate our flagging financial state, according to government estimates released Friday, the United States economy grew at a slower pace this spring than even previously thought.
A report on these estimates by The Huffington Post, says, “the news is grim for anyone looking for signs that the recovery has taken hold, and that hiring and expansion are on the way once more... The new figures arrive at a time when investors and analysts are increasingly weighing the possibility of a double-dip recession, following weeks of uncertainty in the stock market and anxiety over political gridlock in Washington.”
This grim report is coupled with more news reflecting high unemployment, dismal consumer confidence and a paltry housing market—all of which have been working in concert to stall the nation’s financial growth in the two years following the official end of the economic recession, and remain unchanged in recent months. These pressing concerns are further paired with an unflagging focus on the government's long-term plan to address the federal deficit—concerns that have led to little Congressional stimulus to stem the tide of more depressing economic impacts.
The Federal Reserve itself has also failed to be a harbinger of optimistic fiscal news. As a HuffPost writes, “Friday's report arrived the same morning that Ben Bernanke, chairman of the Federal Reserve, delivered a closely watched address in Jackson Hole, Wyo., in which he said that the U.S. would eventually see "a return to growth rates and employment levels" consistent with economic growth. Bernanke's comments were on par with other forecasts the Federal Reserve has made this year, and with a broad consensus among economists that the U.S. will continue to experience slow growth without actually falling into a recession. Despite noting that "it may take some time" for growth to accelerate, Bernanke gave little indication that the Federal Reserve will undertake any new programs to promote economic expansion.”
But add to these continual economic setbacks more extra-economic disruptions, like earthquakes in Japan, hurricanes hitting New York, or unrest in the Middle East, and Bernanke’s forecasted “slow growth,” could quickly turn into another round of recessionary circumstances putting all Americans at risk for more of the same…or worse.
For example, a 2011 double-dip recession could mean you’re forced to look at other options when considering how to get by, whether to save your home, sell your home, or simply keep a roof over your head, whatever the cost. If you’re already feeling the pinch, imagine what they’ll be like in the wake of months or years of slow-to-no financial growth in housing, job or stock markets. As a result, now may be the best time to reconsider your options to diminish debt and start saving for a “rainy decade.”
If you too have been affected by the 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.