As things heat up in the waning days of summer, the job growth cooled down in August, with the U.S. economy picking up [read my lips:] no new jobs in August as the unemployment rate stayed steady at 9.1 percent. These figures from the Bureau of Labor Statistics reported on Friday now stand as the most clear and present symbol yet of a stalled economic recovery that has the words “double-dip recession” written all over it.
According to a new report from The Huffington Post, Wells Fargo economist John Silvia doesn’t believe the United States is currently in a recession now, but he “wouldn't be surprised if the economy enters into a recession in the near future. Signs of a slow growth economy -- GDP growth of around 1 percent, falling housing prices, weak manufacturing, stagnant high unemployment -- mean the U.S. economy is volatile and vulnerable.
As Silvia put it, "We're treading water, going sideways, you can call it whatever you want; this report says we are not gathering momentum…We're going to be very sensitive to any kind of shocks going forward. Looking forward to some of the big events coming in the fall: a new congressional committee or another potential shock from Europe, yeah we could easily get into another dip."
This predicted double-dip is just one symptom of extended unemployment and stagnant or even diminishing job growth. But these continual employment woes also hurt people who have been lucky enough to find work. According to economic experts, high unemployment creates an absence of any pressure on wage growth, and hurting your ability to get a raise or even make an honest day’s wage. Without the disposable income, Americans cannot spend, thereby impeding our consumer-driven economy from growing fast enough to create extra jobs.
The result? A vicious cycle of paltry job creation, falling consumer confidence, and tanking economic growth.
And, in the end the most important lesson may be that Americans are currently failing to recover at a slower pace than once worse thought, and that optimism for a slow but steady economic recovery may be completely unfounded. Add to these exacerbating factors our of control national debt, Congress’s preoccupation with dealing with it without further stimulus, and up-and-down fuel costs, and many are predicting there may be even tougher economic times just around the corner.
As a result, millions of Americans aren’t waiting for a magic budgetary bullet to save them, but rather are taking their financial futures in their own hands by furthering their education, shoring up their expenses, and, in some cases, taking on second and third jobs, where and if they exist.
But what if you’re already unemployed; or drowning in debt; or both? What can you do to make a new start before the recessionary weather returns?
If you are already struggling financially and fear the further fiscal impacts of a economic double-dip, now is the time to take on your financial woes and take back your fiscal freedoms by making a fresh start through bankruptcy. Discharging personal debt through bankruptcy now is, in some cases, the only solution for so many Americans—especially unemployed persons facing years without steady income—to keep their personal lives financially afloat and creditors at bay.
If this sounds like you and you’ve already found yourself in dire straits just as America faces a lingering economic malaise, knowing a qualified bankruptcy attorney is the first best step to help you regain your post-recessionary power. 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 1-888-234-4181, 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.