Unemployment rates decreased by 36,000 claims last week but the jobless rate remains frustratingly high with 9.7 million people receiving state and federal unemployment benefits. Reports haven’t been promising for the development of new jobs. According to Federal Reserve Chairman Ben Bernencke the unemployment rate is likely to stay high for a while because businesses are unwilling to put extra stain on their payroll budgets. Even though the stock market experienced an eight day gain in stock prices, Cisco’s reported losses caused the streak to come to an end.
Obama’s plan to further stimulate economic growth relies on free trade agreements with South Korea and the purchase of 6oo billion dollars’ worth of treasury bonds. His hopes are these will encourage investments and stimulate job growth. Bernencke says it will take several years for the unemployment rate to see significant reductions which isn’t good news for those facing bankruptcy or foreclosure. Looks like bankruptcy lawyers have job security
The inflation rates could rise due to the higher prices in commodities further putting financial strain on an already tapped out American consumer. As people lose their jobs and the prices of necessities like food and gas get higher, many individuals and families rely on credit to supplement their monetary woes and need bankruptcy attorneys to dig them out of debt. It is very tempting to use credit cards and loans to assist an empty wallet during lean economic times but when could be potential trouble that only a bankruptcy attorney is equipped to deal with.
