| Update on the Predicted U.S. Recession for 2008 |
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There have been many predictions regarding the U.S. economy. The latest news is that the U.S. is heading towards a recession that some experts compare more to the one in 1991-1992 than to the less severe from 2001. Many factors that influence the economy are directly related to consumers, such as employment and housing, but at the same time, consumers influence the economy through their spending power. There’s fear that consumers and businesses spending will reduce dramatically, unemployment levels will be higher, and the housing and credit market will worsen. Foreign investors may reduce or even stop investing in the dollar as well as other U.S. assets. Oil prices could also increase. President Bush responded to this economic threat by proposing a series of short-term tax cuts. He stated that his proposed plan would increase “tax breaks for businesses and individuals worth at least 1% of the nation’s GDP”. 2008 seems to be a year where recession will dominate the economy. We, as consumers, can only prepare ourselves for a difficult economic year and wait to see if President Bush’s proposal is approved and if so, what impact will it have on the economy. It's probably a good idea to think about taking care of your debt before the economy worsens. Debt negotiation is an effective program that helps reduce your debt. U.S. Financial Management can help you. Call them for a free, no obligation consultation at 1.800.738.5351 or visit them at www.usfmgroup.com
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