How Europe’s Debt Crisis May Affect Utah’s Economy and Bankruptcy Rates

Debt Plagues Government Just Like Individuals

First it was Greece, now Ireland.  Soon it will be Portugal and Spain and then Italy.  Europe is drowning in debt and the European debt crisis is taking its toll on the global economy.  Ireland is likely to take a bailout from the European Union (via the European Central Bank) and the International Monetary Fund, and like the bailouts in the United States, this bailout will not be accomplished by an infusion of capital but by inflating the supply of Euros.

It will soon be discovered that bailouts simply do not work.  The debt load is too high for most governments, including the United States and trying to inflate our way out of debt will not work.  The European debt crisis is another indication of the problems the global economy is facing.

Government Debt Means Higher Individual Bankruptcies

All of this debt in Europe and the United States will lead to more individual bankruptcies because the only two ways that government knows how to address high debt, inflating the money supply and raising taxes, will worsen the economy.  At this point central banks are inflating the money supply but higher taxes are sure to follow and both actions will further the economic woes.

Interconnected Economies

What happens in Europe will certainly affect the United States and Utah in particular.  With the type of imprudent monetary and governmental policies occurring on both sides of the Atlantic there is no real positive signs of improvement.  Jobs will continue to decrease in the United States, the manufacturing sector will continue to move offshore, the housing market will worse, and as a result more individuals and families will face hard times and be forced to file for bankruptcy protection.

Salcido Law Firm Can Protect You From Excessive Debt

At Salcido Law Firm we cannot change the choices of our imprudent central bank and government and we cannot control what happens in Europe, but we can protect you from the consequences of terrible government policy.  Bankruptcy is a means of ridding yourself of excessive debt and starting fresh.  Call the Utah bankruptcy lawyers at the law firm of Salcido Law Firm today at 801.413.1753 to find out how a bankruptcy may protect you and your family from the economic problems which are destined to become worse.