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News Link • Economy - Economics USA

GDP Growth: The Civic Duty of Every US Consumer

•, By Bill Bonner

No panic on Wall Street — yet. Gold still over $1,600.

But watch out. Our hunch is that when people come to their senses…they will run for the exits.

Europe’s shifting from austerity to “growth”…which really means more debt.

America’s growth is phony — with fewer jobs today than when the ’08 recession began.

More people are below the poverty line. More people on food stamps. And more people so broke they can’t even go broke. CNN Money reports:

This year, hundreds of thousands of Americans are expected to be too broke to file for bankruptcy.

The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.

As a result, anywhere between 200,000 and one million consumers are estimated to be unable to afford that steep cost this year.

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