The whole world is on fire financially and the US is not immune from the problem. It seems the government has a spending problem and not a debt problem. The United States is quickly burning through its budget to quickly run into the debt ceiling once again. In fact, when Congress would not agree on raising the debt ceiling in October 2013, the government shut down for almost a month. What Congress did after much political pressure was just kick the can down the road to readdress it in 2014. Immediately after the re-opening of the government, it was interesting to see how the Government continued to spend even though it was closed down. It was reported that they spent $600 billion during that time they were closed and it was just added to the debt that would be pushed down the road. Right now, if it wasn't for their ability to print money, the US would be filing bankruptcy in some international court if they could. Shadow Stats reported that the true deficit was $6.8 trillion in 2013 alone. This is now what they are reporting that the US government is on the verge of a bankruptcy filing because of their spending addiction.
When Congress amended the bankruptcy code back in 2005, they added a pre-bankruptcy credit counseling course and a post bankruptcy financial management course. Instead of having people filing bankruptcy take these courses, maybe it should be a prerequisite for running for office. My grandfather used to always say, "When you're pointing the finger at someone there or three pointing back at you." Politicians are always pointing the blame at everyone else as they continue to make backroom deals to benefit their political career. As the financial crisis continues, many Americans are struggling to make ends meet. Even though the number of those filing bankruptcy has declined in the last year, many experts are thinking that this is the calm before the storm. If a kid is going to school, they should consider being a bankruptcy attorney as that is the only trade that looks to be recession proof in the future. That might be the only way they can keep themselves out of bankruptcy and pay off the expensive student loans. Not to change the subject, but student loan debt is also another bubble that is on the verge of bursting. But student loan debt has now surpassed the $1 trillion mark and is continuing to grow. Since the loans are guaranteed and nobody can walk away from them not even in a bankruptcy filing, they are very easy for students to over educate themselves. What follows is a life of slavery to their student loans.
Not only the federal government and states, but local municipalities are also facing bankruptcy filing as pension obligations are coming due. It's like the whole world went crazy over the last 20 years and promised employees something they could never fulfill. In what world does a person receive 90% of their pay and retire at 50 years old? Only in America. It's really no surprise that cities in California are starting to file bankruptcy for these mistakes they made. This debt crisis is running through the entire fabric of the American culture. The idea of being debt free and saving has become so passé. Our impatient culture refuses to wait for anything. Why would you wait when you can buy it now and pay for it later?
The author is a professional that formed FilingBankruptcyPros.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy attorney.
Article Source: http://EzineArticles.com/?expert=Lisa_Michelle_Jones
Article Source: http://EzineArticles.com/8240159
When Congress amended the bankruptcy code back in 2005, they added a pre-bankruptcy credit counseling course and a post bankruptcy financial management course. Instead of having people filing bankruptcy take these courses, maybe it should be a prerequisite for running for office. My grandfather used to always say, "When you're pointing the finger at someone there or three pointing back at you." Politicians are always pointing the blame at everyone else as they continue to make backroom deals to benefit their political career. As the financial crisis continues, many Americans are struggling to make ends meet. Even though the number of those filing bankruptcy has declined in the last year, many experts are thinking that this is the calm before the storm. If a kid is going to school, they should consider being a bankruptcy attorney as that is the only trade that looks to be recession proof in the future. That might be the only way they can keep themselves out of bankruptcy and pay off the expensive student loans. Not to change the subject, but student loan debt is also another bubble that is on the verge of bursting. But student loan debt has now surpassed the $1 trillion mark and is continuing to grow. Since the loans are guaranteed and nobody can walk away from them not even in a bankruptcy filing, they are very easy for students to over educate themselves. What follows is a life of slavery to their student loans.
Not only the federal government and states, but local municipalities are also facing bankruptcy filing as pension obligations are coming due. It's like the whole world went crazy over the last 20 years and promised employees something they could never fulfill. In what world does a person receive 90% of their pay and retire at 50 years old? Only in America. It's really no surprise that cities in California are starting to file bankruptcy for these mistakes they made. This debt crisis is running through the entire fabric of the American culture. The idea of being debt free and saving has become so passé. Our impatient culture refuses to wait for anything. Why would you wait when you can buy it now and pay for it later?
The author is a professional that formed FilingBankruptcyPros.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy attorney.
Article Source: http://EzineArticles.com/?expert=Lisa_Michelle_Jones
Article Source: http://EzineArticles.com/8240159
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