(GoRealNewsNow.com) – Exposing the failures of the Biden administration’s economic policies, corporate bankruptcies in the United States have surged to a 14-year high.
This devastating blow to American businesses comes as no surprise to conservatives who have long warned about the dangers of unchecked government spending and reckless fiscal policies.
According to S&P Global Market Intelligence reports, 694 companies sought bankruptcy protection in 2024, the highest number since 2010.
This alarming trend surpasses even the records set during the COVID-19 recession, highlighting the severe economic mismanagement under the current administration.
FirstFT: US corporate bankruptcies hit 14-year high https://t.co/wihqOu6cpQ
— FT Economics (@fteconomics) January 7, 2025
The surge in bankruptcies can be directly attributed to the Democrats’ orchestrated triad of economic disasters: stricter credit requirements, skyrocketing interest rates, and a significant drop in consumer spending.
Among the casualties of this economic meltdown are iconic American brands such as Rite Aid, Bed Bath & Beyond, Party City, and WeWork.
Once pillars of the American economy, these companies have been forced to file for bankruptcy protection, leaving thousands of hardworking Americans jobless and uncertain about their future.
The Biden administration’s reckless spending and inflationary policies have not only crippled businesses but have also hit American families hard.
As the cost of goods and services continues to rise, families are forced to tighten their belts, leading to a decrease in consumer spending that further exacerbates the economic crisis.
Gregory Daco, chief economist at EY, noted that the persistent cost of goods and services continues to weigh on consumer demand, with families at the lower end of the income spectrum feeling the most pressure.
Even more concerning is the rise of “zombie companies”—businesses that cannot even cover the interest payments on their debt.
Nearly 10% of publicly traded companies in the world’s 20 largest economies now fall into this category, a clear sign of the dire economic straits Americans find themselves in under Democratic leadership.
Moreover, experts predict even more bankruptcies on the horizon. With a large amount of corporate debt coming due and refinancing challenges looming, the economic outlook under the current administration remains bleak.
It is clear that the Biden administration’s economic policies have failed. The surge in corporate bankruptcies is just another symptom of a larger problem – a government that prioritizes woke agendas and reckless spending over the financial well-being of its citizens.
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