US bankruptcy filings surge in first half of 2023

https://www.foxbusiness.com/economy/us-bankruptcy-filings-surge-first-half-2023

HYPERLINK above has full article

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The firm reported commercial Chapter 11 "reorganization" bankruptcies surged 68%, with filings for small businesses climbing by 55%. Chapter 13 filings that allow individuals to repay a portion of their debts jumped by 23% in the first half of the year..............

This trend points to the economic trials businesses are facing right now, which are impacted by rising interest rates, inflation, and increased borrowing costs, to name a few."...........

consumer credit card debt is at historically high levels as individuals and families struggle to pay for the higher cost of necessary household goods and services. She told FOX Business "some are facing foreclosure on their homes because the cost of refinancing is prohibitive due to rising interest rates."

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Folks/businesses on the railroad tracks can only outrun the train for so long before it runs over them. It all began with unwarranted lockdowns. Then, free govt money followed by the attack on fossil fuel that began in Jan 2021.
The fossil fuel war triggered the inflation that we still see. Folks relied upon credit to try and wait out the hyper-inflation but time has run out. This isn't pretty and was predicted. Govt intervention never works out well for anyone except govt hacks

 

But the free money in 2020 was ok?

 

It must hurt you so much that the economy is doing great.

 

uh huh, look around

 

did you even read my comments? Or, does support of all things Democrat only allow you to focus on the fossil-fuel war started in Jan 2021?

 

I read your comments, but i don't care what you have to say.

 

there are none so blind as he who will not see

 

Clearly.

 

You mean during the mandated close downs?

Yes.

If government is going to tell you that your disallowed from operating your business at no fault of your own they should offset the losses.

 

The economy is not doing great for most people.

 

It is.

 

By only the metrics you want to pay attention to in order to serve your political agenda.

The OP shows that business bankruptcies are exploding, and you ignore that to make the claim "things are great"! People's savings are dwindling, costs are still through the roof.

Are these metrics not indicators of the economy?

 

yea commercial real estate is going to crash. Good. Maybe we can turn those high rises into housing.

 

My daughter works in loan part of the real estate business that processes loans. It's been a rough patch that has seen interest rates just about bring the sale of existing homes to a stand still. Like she explained to me, she hates the place she lives in at present but with a 2 1/2 % loan she won't sell it because it would cost her over 6 1/2 % to buy new. Even if she was willing to pay 6 1/2 % there is not a big supply of houses to choose from and what is available has been inflated so high by inflation that it has priced her out of the market. The other evil has been the adjustable-rate mortgages. Great when interest rates were low but a killer when they have to fork out hundreds more on their mortgages. As usual the rich can keep on living as nothing is happening, but the middle class now find themselves losing wealth and those who were in the lower tier of home ownership precariously close to poverty.

 

Americans are accumulating credit card debt due to this great Biden economy.

 

And who will be able to afford those? Maybe we can put illegals in them paid for by broke cities?

 

They won't be worth much when people are working remote.

I think the main reason companies are resisting remote work now is that they fear a crash of commercial real estate, but they can't put it off forever.

 

There is a change happening. Businesses are going to fail because the models are changing.

Just wait until AI get's going for real. Everything is going to change.

Everyone will be demanding UBI and free stuff.

 

Lol…ah, the irony.

 

Many people are now working remote. With communication technology today most business do not require their workers to be physically working out of an office. Owners of commercial property are not going to sell cheap or rent cheap after paying premium dollar. My guess is they will sell it to rich Chinese. Your dream of turning the property into Section 8 public housing is not going to happen.

 

So long as Biden keeps promising free stuff people will demand more for their vote. It's already happening.

 

Why would rich Chinese make a terrible investment in commercial real estate?

 

Biden is irrelevant to these large scale trends. It transcends politics. Keep focusing on the small things.

 

Ok so Republicans give free money that’s ok, but when a Democrat, nope, no good? Hell of an option you got there.

 

He only thinks it's ok to gives money to businesses and business owners.

If the money goes to working people, it's bad.