UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

August 16, 2009

BANKRUPTCIES SURGE 34 PERCENT

Washington Post - Personal bankruptcy filings reached 1.25 million in the year ending June 30, up 34 percent from the year before, as Americans continued to grapple with debt, unemployment and devalued homes, according to figures by the Administrative Office of the U.S. Courts. . .

1 Comments:

Anonymous Anonymous said...

Under Dubya, the long-term National Debt went up about 5.6 TRILLION dollars (from about 5.8T to 11.4T).

This money went to pay for corporate wellfare and individual tax-breaks for millionaires, and even religiously inspired mercenary armies like Blackwater (now Xe).

Of course, the rest of the world saw that Dubya was being financially irresponsible and the U.S. dollar fell in value.
That, along with corporate greed and irresponsibility led to the trouble we're in.

"Job Creation" under Dubya meant phasing out high-paying jobs - sending them overseas, and creation of hamburger flippers at minimum wage.

Thus... personal bankruptcies.

Next it will be small businesses that will be affected. Businesses that depended upon fellow Americans income. Maybe not everyplace, like around Washington D.C.... they'll always be able to afford to have swank Bars and fancy stores.
But in lower income neighborhoods there will be large 'ripples' that will decimate the economy.

Naturally, this will go unnoticed.

Theoretically, we need to balance out trade imbalance. If we fail, more problems will continue.

Foreign countries take their economies seriously. And we merely lay-back and let the 'vultures' peck at our bones. Our corporations are vested in over-seas operations, and as a result our politicians are reluctant to 'stand-up', 'be a mench', and do what is right for our country. If we don't correct our trade imbalance, more companies like Cheney's Halliburton will just move to economically responsible (and solvent) countries.

They are Not patriotic.

-DaTheorist

August 17, 2009 12:32 PM  

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