Blog-download 011Or, The Coming of the Second Insolvency?

While cleaning up my drafts folder, I scrolled down to a post I made in February; Why Is It My Fault That I Don’t Have A Job?

Here I type, six months later, beginning my eighteenth month of unemployment. I have applied for positions at convenience stores and supermarkets. I even had the audacity to reapply for state unemployment knowing it would be rejected. It was, but not before being issued my special PIN to submit weekly job search reports.

So the month begins, the bank calls to remind us to pay the mortgage. I politely said I’d be glad to, only that I’ve been unemployed these long months, and if the bank wanted its money it would have to send a notice of foreclosure before the other bank would release my IRA money (lesson learned during the First Insolvency).

Simply put, the rules are not there to help the individual. That’s both the government rules and the bank rules. By being honest and responsible homeowners, we were able to pay our bills for a short time (about eight months). Our reward for the effort was a $6,000 tax penalty – that could have been used to pay bills for a few more months while I gallantly struggle to find employment.

Across the road, on the other side of the poverty line, another morass of forms to submit to qualify for assistance – or rather not qualify for. For the very same reason: having responsibly saved money for retirement. According to ‘the rules’, you have to be almost completely destitute before receiving state aid. This position will be achieved in short order, through the method of overcharges and fines for extended nonpayment of bills (ex. utilities). Even after canceling services, that last single bill’s penalties can explode through the 30-60-90 day reminders.

I have trouble seeing how large businesses or even the government are able to survive when they don’t pay their bills. Okay, the government doesn’t count – they just print more money or tax more people. Businesses declare bankruptcy or restructuring, and continue operating, often still at a loss. According to actuary tables, I still have some good working years left. Why are individuals not allowed some form of restructuring that doesn’t involve the liquidation of all assets?

Insolvent stickerPersonally, I don’t have any problem declaring bankruptcy. I saw a news show blurb saying that so many people are filing for it, it’s not the scourge it once was. I don’t have a problem with losing my house. Need to do some downsizing anyway (no, I don’t live in a McMansion, only know one person who does, and he definitely saved up for it).The Second Coming

In addition to my personal rant, the conflicting stories about the problems everyone seems to be having make no sense. Like this one, about the lowest level of home ownership in twenty years. That’s a generation. How in the hell does a country-government-industry justify this failure?

Amurika (latest educational revision) isn’t the only place where the confusion thrives. This article talks to the unemployed in England. The British have such a way with words. They’ve labelled it ‘poverty porn’. There’s other articles about the haves and have nots, but this one is about the have nots and the almost have nots.

In closing, one more link. Somebody’s got to get blamed, but why point at just the president? Anyone with an inkling of understanding of the problem (Adam Smith savants down to the kid at McD’s not able to get more than 20 hours per week) knows this mess can’t be the responsibility of only one person.

But that’s the only explanation being promoted to, we the people.