(Epic Economist)—This is not just a credit crisis. It’s the beginning of a downturn that will change our lives. The credit crunch is about to trigger a huge spike in bankruptcies in the United States, and millions of Americans are likely to lose their jobs as a result. That’s according to Goldman Sachs and other Wall Street banks that warned about the impact of the Federal Reserve’s disastrous policies this week.
Right now, the largest banks in America are extremely worried about rising loan delinquencies and defaults. That’s why they are borrowing less money from U.S. businesses and consumers. At such elevated interest rates, the probability companies and individuals will end up falling behind on their loan payments is really high, and so is the risk of banks facing even bigger financial losses.
They’re trying to preserve their integrity after the meltdown that shook the industry back in April, especially as more indicators point to increased turmoil in the next few months. By cutting lines of credit, these banks are trying to stop the bleeding before it gets worse. But on the other hand, they are setting the stage for an unprecedented spike in business bankruptcies as they cut an important lifeline for struggling companies. Since the pandemic, Main Street has been feeling the pinch of conditions that haven’t improved materially up until this point.
Data from the S&P Global shows that 2023 corporate bankruptcies are rising at an alarming rate. Researcher and economist Peter St Onge blamed the problem on one key facet: “It’s simple. Banks aren’t lending,” St Onge said. Just in the first half of 2023, the number of corporate bankruptcies in the U.S. shot up by 216%, the highest year-over-year increase since 2008. A UBS report also found that bankruptcies worth $10 million or more had a rolling average of about 8 per week.
Meanwhile, Bank of America is concerned about what will happen to the U.S. consumer as a result of these policies. In March, analysts warned that the Fed would push consumers to the “point of pain” in order to tame inflation. And now, according to Bank of America’s CEO, Brian Moynihan, that time has come.
During an interview with CNBC, Moynihan said the way consumers are acting is consistent with the behavior seen right before crises erupt. In a given year, Bank of America customers spend $4 trillion dollars — be it using a debit or credit card, writing a check, confirming a bank transfer, or taking cash out to spend. From 2021 to 2022 that spending went up by 10%, Moynihan revealed, and began dropping to 9% in the first quarter of 2023.
Today, many Americans say their household expenses are outstripping their incomes, leading them to save less for their future. Researchers found that about 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period.
The main question is what is going to happen to millions of Americans facing similar issues when the credit crisis chokes out numerous U.S. businesses and sparks widespread job losses? How will they afford basic necessities without a job and a line of credit? Who is going to help U.S. workers to get back on their feet? No matter where we look, the scenario seems completely devastating. The credit crisis will have far-reaching implications across our entire society, and unfortunately, the pain we felt so far is just the beginning.
Safeguarding Your American Dream: Discover the Power of America First Healthcare
In today’s economy, healthcare costs remain one of the biggest threats to financial stability and family security. Americans work hard to build a better life, yet rising medical expenses can quickly erode savings, force tough trade-offs, and even push families toward debt or bankruptcy. Medical bills continue to rank as the leading cause of personal bankruptcy in the United States, with millions facing underinsurance or unexpected out-of-pocket burdens that no one plans for. Many turn to government-run marketplace plans under the Affordable Care Act, hoping for relief, only to discover that what appears affordable on paper often delivers higher long-term costs, limited real protection, and coverage that may not align with personal values or family needs.
America First Healthcare stands out as a private insurance agency dedicated to helping conservatives and families secure better coverage and better rates through customized, values-aligned options. By conducting free insurance reviews, the agency uncovers hidden gaps in existing policies and connects clients with private alternatives that emphasize personal responsibility, small-government principles, and genuine affordability—often delivering up to 20% savings while providing stronger protection for the American Dream.
The allure of marketplace plans is easy to understand: open enrollment periods, premium tax credits for many households, and the promise of “comprehensive” benefits mandated by law. Yet recent data reveals a different reality, especially after the expiration of enhanced premium subsidies at the end of 2025. Enrollment for 2026 dropped by more than one million people compared to the prior year, with many shifting to lower-tier bronze plans to keep monthly premiums manageable.
These plans feature significantly higher deductibles—averaging around $7,500 nationally—and greater cost-sharing requirements. Families who once paid modest amounts after subsidies now face average premium increases of $65 or more per month, even as they accept plans that leave them responsible for thousands in upfront costs before meaningful coverage kicks in.
High deductibles create a dangerous barrier to care. Studies show that people in such plans are less likely to seek timely treatment for chronic conditions, attend preventive screenings, or fill necessary prescriptions. A seemingly minor illness or injury can balloon into major expenses when patients delay care until problems worsen. For a family of four, a single hospitalization, cancer diagnosis, or unexpected surgery can easily exceed the deductible, triggering coinsurance and out-of-pocket maximums that still leave substantial bills. One recent analysis noted that some proposed changes could push family deductibles toward $31,000 in future years, further exposing households to financial risk.
Beyond the numbers, marketplace plans often carry structural limitations. Coverage for certain critical services may include waiting periods or narrower networks that restrict access to preferred doctors and specialists. Preventive care is required to be covered without cost-sharing, but everything else—lab work, imaging, specialist visits, or ongoing treatment—typically waits until the deductible is met. This reactive model contrasts sharply with the proactive, holistic approach many families prefer, especially those focused on wellness, early intervention, and maintaining health to enjoy life rather than merely reacting to illness.
Values alignment represents another growing concern. Government-influenced plans operate within a framework shaped by federal mandates and political priorities that may not reflect conservative principles of limited government, personal freedom, and ethical stewardship. Families who want to direct their healthcare dollars toward providers and benefits that honor traditional values sometimes find marketplace options feel misaligned, forcing a compromise between affordability and conviction.
Private alternatives, by contrast, offer year-round flexibility without the restrictions of open enrollment windows. Independent agents can shop across a wider range of carriers to design plans tailored to specific family needs—whether that means lower deductibles for frequent medical users, broader provider networks, or add-ons that support wellness and preventive services from day one. Clients frequently report more stable premiums that do not automatically escalate each year, along with genuine cost savings once the full picture of deductibles, copays, and coverage depth is considered.
Take the experience of real families who made the switch. Amanda C. shared that her new plan felt “way better” than what she had through the marketplace. Johnny Y. noted his previous coverage kept increasing annually until he found a more stable private option. Sofia S. expressed delight with her plan and began recommending it to others. These stories echo a common theme: when families move beyond one-size-fits-all government marketplaces, they often discover customized protection that better safeguards both health and finances.
Founder Jordan Sarmiento’s own journey underscores the stakes. In 2021, a six-day hospitalization generated a $95,000 bill. Under a well-structured private “Conservative Care Coverage” plan, his out-of-pocket responsibility would have been just $500. That stark difference illustrates how thoughtful planning and private options can prevent a medical event from becoming a financial catastrophe.
Practical steps exist for anyone questioning their current coverage. Start with a no-obligation review of your existing policy to identify gaps—high deductibles, limited critical-care benefits, or escalating premiums. Compare total projected costs (premiums plus potential out-of-pocket expenses) rather than monthly premiums alone. Consider family health history, anticipated needs, and lifestyle priorities. Private agencies can present side-by-side options that include stronger wellness incentives, broader access, and plans built on shared values of self-reliance and freedom.
In an era when healthcare inflation continues to outpace general cost-of-living increases, relying solely on marketplace solutions carries growing risk. Families who proactively explore private alternatives frequently achieve meaningful savings while gaining peace of mind that their coverage truly works when needed most.
America First Healthcare makes this exploration straightforward through its free review process. Families and individuals receive personalized guidance to close coverage holes, reduce unnecessary expenses, and secure plans that align with conservative principles—protecting wallets, health, and the American Dream without government overreach. Many who complete a review discover they can enjoy better benefits for less, often saving up to 20% while gaining the customization and stability that marketplace plans struggle to deliver.
Ultimately, protecting your family’s future requires looking beyond the marketing of “affordable” government options. By understanding the long-term costs hidden in high deductibles, shifting coverage tiers, and values mismatches, Americans can make empowered choices. Private, values-driven insurance offers a smarter path—one that rewards diligence, supports wellness, and delivers real security. For those ready to move beyond the limitations of traditional marketplace plans, a simple review can reveal options designed to serve families, not bureaucracies. The American Dream thrives when individuals and families retain control over their healthcare decisions, and thoughtful private coverage plays a vital role in making that possible.