Posted on 07/09/2023 7:45:12 AM PDT by Kaiser8408a
The US has passed the 32 trillion mark in national debt, and is going much, much higher. More like 32 tons on the back of taxpayers. When we add unfunded liabilities like Social Security, Medicare and Medicaid, the tab soars to $224.5 TRILLION.
New data show that a growing number of U.S. firms are collapsing under the weight of higher interest rates as corporate bankruptcies reached their highest first-half levels since 2010.
In the first six months of 2023, there were 340 corporate bankruptcies, topping every other comparable span in 13 years, according to S&P Global Market Intelligence. This is up 93 percent from the same time a year ago and higher than in 2020, when there was a spike during the early days of the coronavirus pandemic.
There were 54 recorded corporate bankruptcy filings in June, unchanged from the 54 bankruptcies in May. Last month, some of the most notable companies to submit filings were Lordstown Motors, Rockport Co., Instant Brands Acquisition Holdings, and iMedia Brands.
“Lordstown Motors Corp. filed for bankruptcy June 27, with plans to restructure its business and seek a buyer, according to a company release. The electric vehicle manufacturer’s assets include its Endurance pickup truck and related resources,” S&P noted in the July 6 report.
Since the Federal Reserve launched the Bank Term Funding Program (BTFP) following the Silicon Valley Bank collapse in March, financial institutions have kept tapping into these emergency lending facilities. After hitting a record high at above $103 billion at the end of June, it remains elevated at $102 billion.
32.5 trillion in debt and $192 trillion in unfunded liabilities which means a total of $224.5 total debt + liabilities.
This is Bidenomics. Spend trillions, borrow trillions, promise entitlements. Rinse, repeat.
(Excerpt) Read more at confoundedinterest.net ...
Thanks, so that would lead to.... banks going under?
“New data show that a growing number of U.S. firms are collapsing under the weight of higher interest rates...”
All caused by Biden’s doucheness with the energy industry and corporate wokery. F’ em.
If they stay here eventually they will be made citizens.
They will get benefits. Amnesty is always a possibility and it will happen eventually, even many republicans have touted the idea.
Presto.... with citizenship comes benefits
Uniparty oligarchs rule the US.
It why, beginning in 2016, I stopped voting in congressional elections.
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