Obamunism! Bankruptcies Rise 14%
From CNN Money:
As the U.S. economy struggles to recover from a deep recession, the number of Americans filing for bankruptcy continues to rise dramatically.
In the federal government’s fiscal year 2010, which ended September 30, more than 1.5 million non-business bankruptcy filings were processed, according to data released Monday by the Administrative Office of the U.S. Courts. That’s up more than 14% from fiscal 2009, when about 1.3 million personal bankruptcies were filed…
Up and up and up it goes – people simply don’t have the money to cover all the debts wracked up during the bubble. And what is the government’s plan to fix this? Create another bubble by printing money and giving it away, willy nilly.
We are broke, my dear people – flat busted and disgusted. We must allow the crash to take its full course and then start anew from the real wealth we still retain. There is no quick fix, there is no painless way out of this. The longer government keeps up the printing presses and borrowing like mad, the longer the day of reckoning is put off and the worse the eventual crash will be.
HAT TIP: Mish’s
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