Bankruptcy filings hit 13-year highs as inflation continues raging

The Biden economy has been nothing short of a disaster for Americans. The cost of basic living has become almost unaffordable for people, and the Administration seems hellbent on keeping the status quo. But those struggles do not stop with the basic taxpayer. Businesses have been hit just as hard, especially after the COVID lockdowns.

Almost four years of anti-American business policies have crippled many across the country to the point of bankruptcy, and that trend has now hit new highs, or lows, depending on how you want to say it. Bankruptcy filings year-to-date have now reached the highest level in 13 years, according to reports from Standard & Poor's.

Economist EJ Antoni says this is all the result of Bidenflation, and a borderline crippled economy he has created.

"Businesses are in the same boat as people...they are finding that even though they are getting move revenue, their costs have increased even faster, so profits are down, to the point many are declaring bankruptcy," he says.

The report says that 75 new corporate bankruptcies were filed in June, which is up form an already high 2023. They also reported 346 filings int he first half of this year, the most in any 6-month period in the last dozen years. 223 of them were reorganizations, and 123 were liquidations in which all company assets were to be sold off to repay creditors.

In short: businesses cannot cut it in today's economic climate. The big box retailers can, of course. But the days of the good old mom and pop stores are all but over.

"Although we have seen a surge in business applications...that is at an all-time high...the number who are actually successful, and able to open, is far below pre-pandemic levels," he says. "It is clear those businesses are not coming back."

From 2010 to 2023, around 51 percent of bankruptcy filings hopes to emerge from the process. But that number has dwindled amid sky high prices and costs. It has been a quick change, and not a mere coincidence. Before Biden took over, small business confidence rode at all-time highs from 2017 to the start of 2020. No shocker, that was during Donald Trump's presidency.

Since announcing her candidacy, Kamala Harris has made it crystal clear she plans to keep pushing the nonsense agenda Biden has pushed for four years, which would mean another four years of this if she wins.

A Trump win would surely see some of the economic issues fixed. After all, America is essentially a corporation, and who better to handle it than a top-notch CEO like Trump. But we might already be too far gone for him to make a huge impact.

"There is so much damage done to the underlying fundamentals to the economy...it will take a considerable amount of time to get back on our feet, and get back to growth," he says. "It is not impossible, but it is all the more reason why you need a businessman in the White House right now."

Antoni adds that this needs to be a major focus because if our economy is strong, then we present strength to the globe both financially and militarily.