BIDENOMICS: Bankruptcies SPIKE over what they were last year

The news is out this morning that bankruptcies for the month of August spiked this year over what they were last year, indicating that more people are feeling the pain of Joe Biden’s economy.

Here’s the news:

Here’s more from Market Watch:

Consumer bankruptcies steadily increased during August in another sign that financial distress is increasing for many people.

Americans filed more than 39,000 bankruptcy cases last month, an 18% increase from the same point last year, according to new data from Epiq Bankruptcy, a bankruptcy data-analytics firm.

There were more than 41,600 new bankruptcy cases filed last month, including businesses filing for bankruptcy in order to manage their debts. That’s also up approximately 18% from last August, Epiq’s data showed.

It’s the 13th straight month when the number of bankruptcies recorded a year-over-year rise.

Bankruptcy cases plunged during the pandemic. It usually takes several years of struggling with debt and a serious life event — like potential eviction or medical issues — for many consumers to file for bankruptcy, experts say.

“The continued year-over-year increases indicate the anticipated growth of bankruptcy filings is becoming a reality,” said Gregg Morin, Epiq Bankruptcy’s vice president of business development and revenue.

More great news for Biden’s economy. Clearly Bidenomics is working:

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