U.S. bankruptcy filings have reached the highest level since 2005, government data released on Tuesday show, as the economy slows and the unemployment rate hovers just below double digits.
There were 422,061 bankruptcy filings between April and June, according to the Administrative Office of the U.S. Courts, up 9 percent from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.
For the year ended June 30, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier.
But the economy is all better now – Obama and Co say so. The stimulus worked! Trust us!
I don’t know about anyone else, but it seems to me that rising bankruptcies indicate a worsening economic situation. It really is the last resort for people who simply cannot carry the debt load anymore – anyone filing bankruptcy now probably went through savings, 401ks, life style reductions…everything they could think of before taking this step. And here’s the really bad news – business bankruptcies have risen 9% over a year ago.
Much worse times are coming, fellow Americans – we can tough it out as poverty really isn’t the worst thing which can happen. But we do need to get rid of the Ruling Class clowns so that we can start rebuilding.