Posted on 05/05/2017 4:59:12 PM PDT by Vendome
In 2006, there were 617,660 bankruptcy filings, according to the agency that compiles data from federal courts across the United States.
The vast majority of the 2007 filings -- 822,590 of them -- involved individuals.
Year Chap 7 Chap 11 Total
2007 28,322 822,590 850,912
2006 19,695 597,965 617,660
2005 39,201 2,039,214 2,078,415
2004 34,317 1,563,145 1,597,462
2003 35,037 1,625,208 1,660,245
* Data from Administrative Office of the U.S. Courts
(Excerpt) Read more at mobile.reuters.com ...
time Magazine in a post below attributes ObamaCare with a reduction in the number of bankruptcies.
They are lyin out their patooty holes
So? It’s 10 year old news. And any increase had more to do with the housing bubble and weak economy.
What? No, no, No...
Do not use observation, facts and reason....
That’s for adults...
Better than jumping to conclusions....that could lead to a broken leg...
So, the article is supposed to be interpreted as a slap at George Bush and praise for Obama rescuing the economy?
Somewhere in there, they passed laws making it harder to declare BR. The further we get away from God and His laws, the less chance there’ll be for poor people to get free of overwhelming debt.
From the chart, looks like the passage of Obamacare caused a huge spike in bankruptcies . . . .
That is funny.
I was looking at it and trying to find a corollary
As I posted elsewhere, what is needed in this analysis is a control group. Luckily (or unluckily for the citizenry of the Bay State), we have such a beast: the great state of Romneycare.
First, look at this graph:
Clearly, Mass. personal bankruptcies (Chapter 13) started falling after 2010. So did that for the US as a whole per Time. However, on a percentage basis, over the two-year time series presented, the eyeballed 20%+ decline in bankruptcies is in line with what you see in Time's chart. That is, personal bankruptcies in Mass, where they have Romneycare, fell in line with the US as a whole. Thus, it's hard to argue that that two year decline came from Obamacare.
Let's go a little further. Based on this study, the Mass avg decline in personal bankruptcies during the 2012-2014 period was greater than that for the nation as a whole. If Obamacare REALLY was helpful, I would expect a greater fall in bankruptcies nationally vs just in Mass.
But the REALLY BIG NEWS has been out there for a while. This issue of The American Journal of Medecine features an article entitled "Medical Bankruptcy in Massachusetts: Has Health Reform Made a Difference?" In short, NO. "Massachusetts' health reform has not decreased the number of medical bankruptcies, although the medical bankruptcy rate in the state was lower than the national rate both before and after the reform."
Finally, let's assume that Obamacare actually DID lessen the blow of medical costs such that people who would have had to file for medical cost-induced bankruptcy declined. In economics, we call this a transfer of wealth, and it would stand to reason that other consumers, at the margin, could have been pushed into bankruptcy due to tax increases or other negative Obamacare-related externalities.
Should we, as a society, be happy that Leviathan lifted some people out of the jaws of bankruptcy, only to drive others into bankruptcy due to Obamacare taxes etc? THAT is the argument that should be pushed into the faces of the people at Time.
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