Now that we're heading full steam ahead into 2013, we should try to look into our crystal ball and see what the economy has in store for the US. There are two opposite trains of thought. One is that of the mainstream media that continues to tell everyone that the economy is no longer in a recession and soon prosperity will return to the US. On the opposite side of the coin is the truth where many economists are predicting hyperinflation and many people having to file bankruptcy as unemployment continues to rise. The media recently reported that unemployment had dropped to 7.7%. When we look at the real numbers, that number is actually over 14% and on the rise. Just because people have stopped looking for work doesn't mean they are no longer unemployed. There is a term used by the Department of Commerce that is a "discouraged worker". This came in to play back in the 1990s when they had to come up with a solution for rising unemployment numbers. They decided to no longer report on someone that was unemployed and still looking for work after one year. If they no longer get unemployment insurance, according to the government, they must be employed. When the media starts clanging the symbols saying the number of Americans filing bankruptcy is declining, they should look at the reason for the decline and not just the number. One of the reasons for the decline in Americans filing for bankruptcy is because the Banks are once again lending more loosely. It's easier for someone to float a loan and kick their financial can down the road.
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If I were to look into my crystal ball and guess what is to come in 2013, there are 10 things that I predict will happen.
Many nations will move away from using the US dollar as a reserve currency of the world. Recently, there was a conference of the BRICK nations (Brazil, Russia, India, China, Korea) where they discussed trading under their own basket of currencies and no longer using the US dollar.
The true unemployment rate will continue to rise and many more Americans will be forced into taking minimum-wage jobs to put food on their table.
The cost of commodities, like food, housing, electricity and gas will go through the roof. In California, AB32 (carbon tax or global warming bill) was passed to tax Californians on anything that produces carbon dioxide. Prices of everything are expected to increase drastically in 2013. Many people will flee the state to avoid the excessive taxation and no longer being able to afford to live there.
The Federal Reserve will continue to print a minimum of $85 billion a month to infinity and beyond. This is crazy, it didn't work for the Weimar Republic and it won't work for the US.
The US share of the global GDP will decline to below 20% for the first time in the last 100 years. In 2001, the US share was 31.8% of the global GDP.
The White House will try to ban guns and overturn the Second Amendment by executive order.
The number of Americans receiving food stamps will surpass 50 million, setting another record.
The number of Americans losing their homes to foreclosure will once again increase. Currently, there are over 5 million homes in the US in some stage of foreclosure, whether it be behind a minimum of two payments, in default, or already in the process of foreclosure.
The deterioration of the US infrastructure will continue as the government doesn't have the money to spend to update our frail roads, bridges, sewers and power grids.
In 2012, 1.3 million Americans used bankruptcy filing to eliminate their debt. Although this number is down from the record number of 2010, many experts are predicting that 2013 will see a large increase in the number of Americans filing bankruptcy once again.
Of course, I don't have a crystal ball but most of these predictions seem to be on the obvious side as it doesn't take a rocket scientist to predict the future of the US because of the path is currently taking. Congress continues to argue about the debt problems we are facing, but just about everyone refuses to take a serious look at the spending problem. Many Americans are on the verge of losing everything and being forced to file bankruptcy. Most people are three paychecks away from bankruptcy and if it wasn't for their credit cards they would've already hired a bankruptcy attorney. Americans should heed the warnings even if it means consulting a bankruptcy attorney and filing for bankruptcy. This country is beyond worrying about what others think of you. People should take control of their financial future and get back on the path to becoming debt free.
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