Now that 2013 is here and America has been spared from plunging off the fiscal cliff at the cost of $4 trillion over the next 10 years many expert economists are coming out with their predictions for the New Year. Over the years it's been popular for people to come up with New Year's resolutions of how they are going to improve their lives over the coming year. The economy has gotten so bad many people would like to go back to work for their New Year's resolution, if at all possible. Let's face it, the economy stinks and doesn't seem to be getting any better, that is, if you listen to economists that will tell you the truth. People need to stop listening to the mainstream media that tells only part of the truth and slants it in favor of the government. Except for those that work for the government or have a contract with the government knows that things are getting better and many more will be filing for bankruptcy in the next few years because of it. The majority of Americans are having a tough time making ends meet and as inflation starts to kick in this year we will see many people failing and having to file bankruptcy.
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After the real estate bubble burst in 2007 many politicians came out and spoke strongly for change that would not allow the banks to get in this situation again. Their talk was nothing more than talk as is another false bubble of debt fueled prosperity is all ready been created. Initially, while banks were getting bailed out by the American people, these same lending institutions cut back on lending to Americans to eliminate any liability that would damage their balance sheets. When their financial house got back in order and the Fed started up the printing presses with all the quantitative easing, thanks once again started lending to the American consumer. Now, American consumer debt has surpassed $2.75 trillion and is on a tear to break $3 trillion. If the banks start tightening down on consumer credit, the US will see many people filing for bankruptcy because their credit has become a source of income to survive on. The majority of Americans are now living beyond their means and spending more than they have coming in. To truly turn the economy around would take a lot of financial pain. There is no other way around it and QE4 is the only gun I make it worse.
Here are a few things that many experts are predicting for 2013.
Republicans and Democrats will continue to fight over raising debt ceiling. In reality, what does it matter they are just printing money out of thin air. The dollar is becoming worthless as his monetary policy continues. While nobody sees it, the new revenue by Congress is fighting over will end up coming out the pockets of the middle class. This is the largest pool to draw from and it seems inevitable. Many are waiting for the credit rating of the US government to be downgraded once again this year. Many people will hear about the currency war going on globally. The media needs to have a reason to blame someone for the coming inflation. Some are expecting many countries globally to move away from using the US dollar as the world's reserve currency. No matter what number the media continues to put out, the unemployment rate will continue to rise in the percentage of working age Americans that still have a job will fall below 58% by the end of 2013. Commodity and food prices will rise drastically as inflation starts to heat up from all the quantitative easing. The corporate world will push GMO food as a way to curb food costs. The GDP of the US will drop below 20% for the first time in modern history. At its high, the US GDP was 31.8% back in 2001.
With all this bad economic news many Americans will have no other choice but filing for bankruptcy to eliminate their debt. Recently, banks have made it possible for severely financially strapped individuals to continue leveraging themselves to kick the can down the road. At some point in time, this will no longer work and the only option will be a bankruptcy filing. For the individuals that see the writing on the walls, they need to consider speaking with a bankruptcy attorney so they can protect as much property as possible. Some people resort to borrowing from their 401(k) to continue hanging their creditors. These folks really need to sit down and have a bankruptcy attorney explain what can be protected by bankruptcy exemption laws before it's all gone.
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