What will happen with the rising prices and low wages, will the country go into bankruptcy?

Question

What will be the end result of rising gas and bills? The food bills are rising and wages are still staying the same ofr being reduced. I cant get a loan now and I have good credit and good income, when will this all end?

Answer 1

This is just part of a cyclical economic trend. It will take a few years to sort out but the country will make it through this just like every other decade.

Loans will loosen up soon. Incomes are rising just slowly. Hang in there.  

Answer 2

The country will never go bankrupt.  They will just print more money until it's worthless.  It's called inflation, and will continue until the gov stops spending beyond our means.

Answer 3

It will end as soon as the oil crisis ends and also we need to keep our budged under control and buy less things we used to. It is the only way, I think

Answer 4

Many people are earning very good wages, 100k and have not lived beyond their means.  No charge card debt, no car loans and such.

Yes we have to stop frivolous spending and pay more for some items but that always been the way.  Seems like a 10 year cycle.  Guess it is the financial world just correcting itself and reminding people to save for a rainy day.