Charting U.S.Personal Bankruptcy Filings
The Economist reports on the rising rate of personal bankruptcy filings since sweeping new laws were enacted back in 2005, right around the time the housing bubble was fully inflated.
One could argue that this is yet another case of U.S. government policy “pulling demand forward”, that is, demand on the part of U.S. consumers to more easily wiggle out of debts that they owe. At The Economist they note, “The data suggest that an older trend is reasserting itself. This could be more bad news for America—or it could just mean that creative destruction is alive and well.” Bet on the former, not the latter.
Read the original story at The Mess That Greenspan Made
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