Earlier this year the Obama administration promised that there would be one million new jobs created for every percentage of the GDP growth. GDP has grown already because of President Obama’s stimulus spending but there is no new jobs created. Still, the administration seems to be pleased to take credit for 650,000 state and local positions after burning through roughtly $150 billion of stimulus. And this is a figure of jobs saved and not new jobs created.
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Besides the disappointing news by Obama Economic Advisors chief, Christina D. Romer, that the stimulus program is not working, once again the government let down America, specifically the small business owners. The American Small Business League published their statement, expressing their disappointment in the Obama administration regarding help towards small businesses.
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Last week my boyfriend and I were so irritated that all the channels on our cable TV is reporting that useless news about a boy, and his parent’s baloon. We were highly suspicious and wondering what on earth the media (or rather the US government) were trying to hide that they put so much effort in calling away our attention towards something as silly as the baloon case. We were almost certain that there had to be some more important news last week that the media, for some reason, wanted us to miss. We were right. There was SOMETHING!
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In many states, the real estate market has actually been showing life. However, industry watchers still fear that another wave of foreclosure is on the way. There are valid reasons for them to fear this: the continuous increase of unemployement rate, the falling home prices, the mortgage rates climbing back to 5%. These all are setting up the stage for even more delinquencies.
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No matter if economic analysts say that America is recovering, trends forecaster Gerald Celente says that the current economic rebound is only an artificial blip created by “phantom money printed out of thin air backed by nothing.” The American people is warned to prepare themselves for the greatest depression in history ever. This great depression will eventually hit other countries worldwide and mark the destruction of empire America. Devastating crop failures could be among the minor concerns only.
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As real-estate values dropped and the unemployment rate in the US soared, the Obama administration began introducing a stimulus program early this year that called the Making Homes Affordable program which is a so-called loan modifications in order to save the homes of millions of Americans. Through this program, lenders agree to adjust terms of the loan, lower the interest rate or extending the period of repayment. For borrowers who do not qualify for the stimulus program, mortgage companies provide their own programs.
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Imagine if in America new homebuyers have to answer questions on alcohol and cigarettes to qualify for a new mortgage loan. How would Americans respond? In the UK, home buyers may be faced questions regarding how much money they spend on alcohol and cigarettes each month as a requirement to obtain a new mortgage. This is due to the new rules to determine people’s reckless lending.
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The recent fiscal year just ended last Sept 30, 2009. Although this year’s deficit is slightly lower than previously forecast by the Congressional office and White House budget, US$1.4 trillion is still the largest shortfall relative to the size of the economy since 1945. The accumulation of annual deficits is near $12 trillion which is now the current US national debt. This number is projected to increase even more by about $9 trillion over the next decade.
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The Student Aid and Fiscal Responsibility Act, promising to reform student loans, is making its way through Congress. SAFRA would then eliminate Family Federal Education Program loans. If the bill passes, bank middlemen will lose their business because the federal government would lend money directly to students. This will save an estimated $87 billion in over 10 years on processing fees by the middlemen.
Unfortunately…
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If you have many kinds of debt, there is debt consolidation that provides payday loan consolidation and help you to pay off your credit card debt. As it is hard to deal with a large amount of credit card debt but using a consolidation loan can be your best option to eliminate debt. When you get this type of loan it can help you because it will take all of your existing credit card debt and create one easy to deal with loan.
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