Submitted by Jen Jones on Sat, 08/28/2010 - 10:17am
Deciding to file bankruptcy requires that you take an honest assessment of your financial situation.
Now if our government would just approach our economy the same way.
News this week about an economic recovery that probably never was and a perpetuating recession are putting into a harsh perspective just how much time, energy and tax-payer money has been dumped into a financial revitalization effort that looks to have not just stalled, but pulled us backward.
What this shows is that perhaps Washington was simply too quick to react, moving forward with grandiose visions of another New Deal before they really knew what the deal was. From mortgage modification efforts to cash for old cars to homebuyer tax credits, nothing has done what it promised to do. People are still losing their homes and filing bankruptcy in record numbers.
In the interest of objectivity, the economy is growing, but at a rate that by historic standards typically characterizes an economy without any real strength behind it. And given what efforts have already been implemented, the numbers should invoke positivity and hope. Look around. Seeing any of that?
In an article on MSNBC.com, economist David Rosenberg said, “The fact that there has been no sustained response to all these efforts by the government to turn things around is testament to the view that this is not actually a traditional recession at all."
Instead, the economy has responded in fits and starts, with each one creating an ever-deepening valley. Jobs are scarce, loans are very hard to get and people remain frustrated.
Making things worse is an upcoming mid-term election that will pit parties—and economic strategies—against one another that will be sure to only mask the severity of the country’s financial condition behind election rhetoric. People want to be elected, so things will be said and stats will be hurled around like carnival game slogans. In short, we won’t know who is telling the truth and the odds are very good the result will be the same regardless of which booth gets our money.
Strolling the country’s midway striving to detect the slightest pitch of sincerity within the din of disreputable discourse is a collection of the foreclosed, bankrupt and out of work being offered prizes of fixed mortgages, nicer credit card companies and gainful employment. To the surprise of only a few, the prizes are breaking before they can be put on the mantle.
The arguments as to why this recession is not improving are deep and thick, mired in hard-to-discern cable news arguments and a national media that only further divides the argument. The housing crisis, for example, is much worse than many thought. Others believe its the lack of employment. Maybe it’s the lack of credit available to growing companies. Who really knows?
According to the Fed (Federal Reserve) America’s total household asset value, which is home value, retirement funds available, savings and the like, has decreased by $11.4 trillion since 2007. Basically, that’s a complicated way of saying people have way less money than they did a few years ago.
So where does that leave you? Well, on an island for starters. That is, it’s time to do what is needed for you and your family. If you have a job, do whatever it takes to hang on to it. And don't give another dime to the credit card companies. Consult a bankruptcy attorney today and find out how a properly planned bankruptcy can put you back in charge. Call today: In North Carolina, +1-919-646-2654
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