Is another great depression on our door step? With a lack of jobs nation wide, the cost of living continuing to spiral upwards, homes for sale are not moving- the market for real estate is still a bust and most family’s debt is out of control.
Even the Fed chairman is backing up what would be a good consumer watch dog if only policy followed his words- “long-term deficit reduction , is necessary. But he emphasized that future economic health could be jeopardized if hiring and growth are not strengthened now. “Fiscal policymakers should not … disregard the fragility of the current economic recovery,” he said.
Is another recession near? It seems pretty clear with consumer spending at an all time low, a battle over raising the debt ceiling, add that to Europe’s debt crisis, which has spooked the stock markets and unnerved consumers how could we not have long-term consequences, we are spinning out of control.
The Panic of 1907 was the last and most severe of the bank panics that plagued the National Banking Era of the United States. Severe panics also happened in 1873, 1884, 1890, and 1893, although numerous other smaller financial crises cropped up from time to time. Bank panics were characterized by the widespread appearance of bank runs, attempts by depositors to simultaneously withdraw their deposits from the banking system. Because banks did not (and still do not) keep a 100% reserve against deposits, it paid to be near the front of the line of depositors demanding their money when a panic blew up. Does anyone see a pattern here? Our nation’s debt is at an all time high, inflation keeps rising, and people are jobless and broke, when should we start to panic?
Since Obama signed off on raising the federal debt ceiling the media has stirred up great concern not only among average Americans worried whether their Social Security checks would arrive in the mail, but is also reflected in global markets worldwide as money did not so much as vanish but was confiscated from the pockets of people who had invested their lifelong savings in the stock market causing weak economic reports which have caused drastic fluctuations.
One of the best ways to prepare for today’s turmoil is to get an education. Today, it’s very difficult to get a good job unless you have education, and good jobs make it easier to earn enough to save money and prepare for the future. With employment at an all time low your education will put you above many others when considered for a job.
So what is a person to do? It might sound too easy, but in truth one must “trust thyself”, in other words be self reliant. With an economy unbalanced and little control over government policy the average consumer must gain some control within their homes. #1 Get out of debt, #2 Get a good amount of food storage for those rainy days, #3 Keep your education up to date so you can keep a good job, #4 Trust yourself, only you know what’s best for you and your family.
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