Rep. Paul Ryan who heads the Budget Committee faces of with Federal Reserve Chairman Ben Bernanke over rising inflation. The Republican representative from Wisconsin is challenging the decision of the Federal Reserve to purchase 600 billion dollars in Treasury Bonds, citing that it could drive a rapid increase in inflation which is already affecting a drastic rise in the price of oil and food. The bond purchase is intended to stimulate economic growth but could cause inflation rates to skyrocket.
Although the economy is beginning to recover, the unemployment rate is still at high rate of 9 percent. During healthy economic times the unemployment rate is generally 5 percent. The Federal Reserve anticipates the economy will not fully recover for several more years, meanwhile the federal deficit continues to grow. Republican fear the bond purchases will drive inflation higher further challenging the already struggling American consumer.
The rise in cost of basic necessities has created an American consumer burdened with mountains of debt that can only be overcome with the guidance of a bankruptcy attorney. In lean times workers see little rise in their wages and turn to credit cards and loans to supplement their ability to provide basic needs. Credit Card debt and interest on loans can add up very quickly and can be hard to conquer without the assistance of a bankruptcy lawyer. Thousands of Americans risk the chance that they will be able to make enough money to pay off their debts, but many cannot and need bankruptcy attorneys.
