For those of us who are hoping that the economy in the United States will turn around in the coming years, you will be in for a nasty shock. Many believe that based on recent financial reports, mostly involving unemployment claims being higher than normal for the third month in a row, we still have economic woes coming.
Three to Five More Years of an Economic Slump
2008 is the most commonly accepted start point to the current economic woes, although many could make a certain case the ball got rolling slightly earlier. Regardless of that point, it has been nearly five years since the economy has started to falter.
We could be in for a decade of dismay to come.
Unemployment claims seem to be a rather frustrating thing. There have been many who have struggled to find gainful employment ever since the bottom dropped out in 2008. Some have had temporary jobs during the annual holiday jobs boost, but it has been only temporary. Others have not even that luck, with many Americans having unemployment benefits that have since long ran out.
Consumer spending is rather down due to people preferring to save their money, in case things get worst. Inflation being at the highest point with no end in sight has made many less inclined to spend.
The bottom has not been reached yet. We will not be out of the woods yet. And it may be even longer than three to five years.
The Stock Market remains steady as usual but it will only take some negative news to rather destabilize that particular metric. As our economic woes in the United States and the rest of the world continue to roll on, the poor get poorer and the middle class is on the point of extinction.
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