As the mainstream media continues to talk about the economy, there is no denying the fact that cash income for the middle-class American family is a thing of the past. The news continues to talk about how the real estate market is recovering, and fewer Americans are declaring bankruptcy, and hence recovery. It’s nothing more than a bunch of bullshit. All you need to do is ask your friends, family and neighbors how they are doing financially, and everyone will complain about the increase in taxes and food costs at the grocery store. It doesn’t even raise gas prices. The government would like you to believe that gas prices are rising and falling depending on what is happening in the Middle East.
This is only part of the equation, and the truth is that gas prices are rising, the dollar – in price. Every week it’s something new, sequestration, a fiscal break or some financial catastrophe, if they hadn’t intervened and fixed it by rescuing a bunch of their donors, the economy would have collapsed. Most economists have said it would be better to allow big banks to collapse back in 2008, and we will already see some recovery for the middle class. A list of billionaires was published today, and when I reviewed it, I found something interesting. The rich are getting richer through this economic crisis. Many of them increased net wealth by as much as 50%. Just look at your bank statement and see how much interest they give you. Maybe it’s almost nothing, but they make billions by cutting and manipulating markets.
A recent study says the average American has three weeks to file for bankruptcy. Some find it hard to believe, but in reality it is close to the truth. The truth is that most Americans live from paycheck to paycheck, and thanks to rising payroll taxes, gas prices and food prices, those salaries are costing less and less. Most American families have come to the point where they don’t have a one-time income for food and entertainment because it’s unnecessary.
I have collected some signs that show that the middle class has run out of money and it is on the verge of bankruptcy.
- This week, the Subway restaurant reported that the recent tax increase has significantly affected their business. They estimate a 2% drop in sales since the tax increase earlier in the year. Metro is not the only restaurant struggling, many other major chains are complaining about the downturn.
- An article came out last week stating that many of America’s largest retailers will close hundreds of stores in 2013. The list includes Sears, Best Buy, JC Penney, Office Depot, Barnes & Noble, GameStop and OfficeMax. The economy must be worse than expected for these giant retailers to start cutting fat.
- According to the Federal Reserve System of New York, debt on student loans has tripled in the last 10 years. This has resulted in most young people not having cash income to exit because they are drowning in student loan arrears. Currently, the debt on student loans has exceeded 1 trillion.
- A study published today found that 24% of all Americans have more credit card debt than bank money. It’s nothing more than a cocktail for those individuals who end up filing for bankruptcy as the only alternative. Today, credit card debt is one of the main reasons that push people to bankruptcy.
- Over the past four years, the average income in the United States has declined by $ 4,000. In addition to the U.S. Census Bureau, the middle class notes that the middle class accounts for a smaller share of total U.S. income than ever before in history.
As long as the Dow continues to set new records, the media sing happy days again, Americans need to look honestly at their personal situation. They need to keep the reality and they need to talk about bankruptcy. They should contact your bankruptcy attorney and discuss your situation. The media, as responsible for paying these people’s bills, should wake up and take responsibility for their personal situation before it’s too late.