The price of stocks fell on Tuesday amid reports that retail sales were weaker than anticipated. This isn’t promising news for President Obama’s new federal budget, which is only solvent in an environment where the economy is growing. In order for The President’s budget to succeed, growth in the economy must exceed the expert’s projections, and the news of retail sales falls below expected gains. Consumers contribute over 70 percent to economic strength in the US along with investment and job growth.
Some analysts believe the rising prices of raw materials and commodities are to blame for the sluggish retail sales. The higher prices of materials are being passed down to the already financially strapped consumers who rely on other means to provide their rudimentary needs, like credit cards and small loans. Without a rise in wages, the debt incurred by consumers makes the assistance of a bankruptcy attorney vital.
In addition to the rising cost of oil and food, consumers will also see an increase in the price of clothing. The cost of cotton has doubled and in the coming year clothing prices will see a jump of at least 10 percent. Clothing will now be added to the list of economic burdens consumers face further pushing people into unconquerable debt that may only be relived through a bankruptcy lawyer. If the rising costs of necessities drive more consumers into debt relief is available with guidance from a bankruptcy attorney.
