In his address to Congress, Bernanke gives his assessment of the economic future. The chairman warns that rising commodity and oil prices may impact the slow growth of the economy. Bernanke also expressed concern over the future or unemployment in the wake of rising inflation and prices. He also defended his policy of quantitative easing which has helped the economy grow but expires later this year. The fear of many is that when the quantitative easing expires the economy will be thrown back into a recession.
He also stated that until more jobs are created the economy won’t be completely stable. Those who apply for unemployment are continuing to remain high at 9 percent. Unemployed individuals don’t have enough money to meet many of their basic needs and possible have to declare bankruptcy with the assistance of bankruptcy attorneys. Although unemployment benefits help people with their finances it is often not enough to allow people money to spend. Consumer spending accounts for two-thirds of the gross domestic product.
Persons, who are unemployed or have seen no increase in their incomes, often turn to credit and loans to supplement their needs. Rising interest rates make paying off debtors very difficult; these individuals rely on bankruptcy lawyers to eliminate their debt. Facing financial troubles can be very disheartening for so many Americans who struggle to survive in these distressed economic times. When pushed people must hire bankruptcy attorneys to lighten their monetary weight.
