The Bankruptcy Beat Goes On In A Bad Obama Economy

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The Bankruptcy Beat Goes On In A Bad Obama Economy

All of the government "stimulus" and government spending in the world can not repair a free market economy.

The number of Americans filing for bankruptcy in 2010 ticked up 9% over the previous year to more than 1.53 million, industry groups said Monday.

The number of consumers filing for bankruptcy has increased each year since 2005, when bankruptcy laws were revamped to make bankruptcy more difficult, according to the American Bankruptcy Institute and the National Bankruptcy Research Center.

This 2010 figure of reported bankruptcies far outpaces the 1,407,788 total consumer filings that were recorded during 2009, a trend that the American Bankruptcy Institute attributes to high debt and a stagnant economy.

"The steady climb of consumer filings notwithstanding the 2005 bankruptcy law restrictions demonstrate that families continue to turn to bankruptcy as a result of high debt burdens and stagnant income growth," ABI Executive Director Samuel Gerdano said in a statement. "We expect that consumer filings will continue to rise in 2011."

With a total of 118,146 bankruptcy filings, December 2010 was a particularly bad month for consumers, an increase of 3% over November's level.
(ht: CNNMoney)

The Obama administration combined with entrenched ruling class politicians that have run Washington federal politics over these last several decades is finally coming to roost here in 2011 as the national debt exceeds 14 Trillion dollars.

using a total population of 333,000,000 (333 Million - 1/3 of a Billion) for ease of mathematics ... a Trillion dollars is 1,000 Billion dollars, and a Billion dollars is equal to a contribution of $3.00 for each and every person wither the person is 9 months, or 90 years old. Using this base of logic, each and every human being in the United States owes the federal government over $42,000 in order to wipe out the current level of debt.

The debt is growing at over 4 Billion dollars a day or by the end of today YOU will have to add another $12.00 to the $42,000 that you and everyone else owes to wipe out the debt our representatives are piling onto us at this moment.

Bankruptcy is a default against a personal debt and everyone owed looses their time and money they invested in meeting the wants and needs of the person who is declaring bankruptcy. The federal debt is still owed to everyone ... and by everyone else.

Translate this to California's debt of 28 Billion dollars the math does not get any better. At an estimated population of 37 million as of July 2009 which will translate to $27.03 for every Billion dollars of debt. Using this logic - each and every Californian is in debt $27.03 for every Billion dollars X 28 Billion = $756.76.