In a modern, global economy where making purchasing decisions is as simple as getting cheap insurance quotes online, the financial state of affairs for the last several years has proven difficult for most. Yet, before the mess of the last financial crisis has even begun to pick up the pieces, the economy threatens to buckle once again. So is it time to panic that we’re on the verge of another financial meltdown?
According to the U.S. Bureau of Labor Statistics, projected employment will only increase 10.1% by 2018. This is not enough to keep up with the current rate of population growth, much less make a dent in the unemployment numbers that remain stubbornly stagnant at over 9%.
Although business growth has remained relatively steady since the first financial meltdown of the early 2000’s, there is no insurance that the productivity or profitability of the more stable industries is sustainable. To top it off, most of the problems that contributed to the previous financial crisis have still not been addressed.
The Federal Reserve has tapped out its arsenal of quantitative easing efforts in attempts to secure the economy, all of which have made little or no impact on the overall economic state. Congress seems either unable or unwilling to promote additional legislative measures that might provide some insurance that at least someone is attempting to find answers.
On the global scene, financial experts express widespread concern that the European Union could soon be in default, weighted down by some of it’s more economically problematic members. China’s resistance to control the inflation and deflation of their currency could become nothing more than a flimsy house of cards, due to collapse at a moment’s notice. Unrest continues in the Middle East, where imposition of democracy has done little to improve the economy of the region.
All signs point to yes – it is probably time to start panicking.
Some analysts however, suggest that the impact of the coming financial crisis will be much less severe than the first. In theory, if we have already hit rock-bottom, there isn’t a lot of room for things to get significantly worse than they already are. Others suggest that the next crisis will be so merciless it will put the history of the Great Depression to shame.
The real question is, when we research cheap insurance quotes online are we providing an economic cause or an effect? In a consumer-driven, global economy, consumer activity is a good tell-tale sign of the financial health of a nation. Perhaps our disposable, cheap-product society has restricted the flow of goods and services to an unsustainable point. Or, it could be that we’re simply seeing the fall-out result of years of economic neglect.
Whichever scenario is to blame, it is clear that now is the time to fasten our personal financial seatbelts, pull out the insurance paperwork, and brace for impact.