The recent rise in the cost of energy and food prices means Americans will be shelling out more money for their basic necessities. According to CNN.com, US citizens will be spending 20 billion more dollars and a staggering 50 billion more on food this year. Even though the inflation rate is lowering in comparison to 2008 figures, this is still bed news for Americans who are still seeing a decline in their wages. This will contribute to the sluggish growth of the economy which is actually doing better than 12 percent inflation rate experienced in 2008.
The weak real estate market combined with little growth in payroll wages will put a strain on American consumers. With the one in seven American workers unemployed the rising cost of food and energy is not a promising prospect especially those facing foreclosure or bankruptcy, it seems bankruptcy lawyers will be in high demand. The rising price of food commodities probably won’t hit the consumers for several months.
If you are already feeling the crunch of inflation and having trouble with debt bankruptcy attorneys can be a great help. Many American’s daily feel the crunch of the rising cost of goods and use credit to extend them through lean times leading to situations where only bankruptcy lawyers can help. The rising cost of food has led to more people using food stamps to close the gap in income and the ability to meet their needs for groceries.
