US EditionUnder Biden, Bankruptcies Are Rising for the First Time in over 13 Years
- The number of personal bankruptcy cases in the US increased by 18% year-over-year in August 2023, reaching over 39,000 filings. This surge follows a previous record low in bankruptcies in 2021 and 2022, indicating a concerning trend.
- Rising interest rates and falling real wages are putting increasing financial strain on Americans, leading to a rise in bankruptcies. Due to reduced purchasing power under the current administration, many individuals are relying on credit cards to make ends meet between paychecks. This has contributed to the ballooning household debt, which surpassed $17 trillion in the second quarter of 2023.
- The pandemic resulted in a suspension of creditors' property rights and ultimately placed a heavy financial burden on taxpayers. Numerous government programs aimed at providing relief led to the accumulation of large bills that are now being shouldered by the American public.
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Bankruptcies surging under Joe Biden's economy
By Will Kessler Daily Caller News Foundation Bankruptcies are rising for the first time in years as more Americans feel the pressure of declining economic conditions without the reprieve of President Joe Biden’s COVID-19 pandemic-era aid programs. Americans filed more than 39,000 personal bankruptcy cases in August 2023, up 18% year-over-year, with bankruptcies beginning to spike after reaching record lows in 2021 and 2022, with the number of fi…
·Medford, United States
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