(RightIsRight.co) – Signaling an alarming sign of America’s economically uncertain times, the United States has faced its highest level of corporate bankruptcy since 2010 as businesses faltered under economic challenges.
With 694 major companies going belly-up in 2024 alone, that year recorded unprecedented corporate collapses, while Americans witnessed the devastating consequences of reckless spending and government overreach.
The stark reality of Biden’s economic mismanagement became clear in 2024 when corporate bankruptcies in the U.S. soared to a 14-year high.
According to reports, an astounding 694 companies filed for bankruptcy, surpassing even the economic turmoil seen during the COVID-19 pandemic.
This catastrophic failure of leadership has left hardworking Americans reeling and questioning the competence of those in charge.
The root causes of this economic disaster are clear: skyrocketing interest rates, unchecked inflation, and a dramatic weakening of consumer demand.
These factors, all directly linked to the Biden administration’s misguided policies, have created a perfect storm that’s sinking American businesses at an alarming rate.
Household names like Rite Aid, Bed Bath & Beyond, and Party City have been victims of this economic onslaught.
Even innovative companies like WeWork and Lordstown Motors could not escape the crushing weight of Biden’s failed economic agenda.
The situation is so dire that nearly 10% of publicly traded companies in the world’s top 20 economies are now classified as “zombie companies” – unable even to cover the interest payments on their debt.
As if the current crisis was not bad enough, experts are warning that 2025 could see even more bankruptcies as a tsunami of corporate debt comes due.
With banks tightening their lending practices due to the unstable economic environment, many companies will find themselves without a lifeline.
Moreover, the consumer discretionary and industrial sectors accounted for a staggering 28% of all bankruptcy filings.
This means fewer jobs, higher prices, and less choice for hardworking families already struggling to make ends meet.
Meanwhile, the Biden administration continues to push its radical agenda, seemingly oblivious to the economic carnage it is causing.
The total debt among nonfinancial U.S. companies reached $8.453 trillion in the latest quarterly record, underscoring the immense financial strain.
Despite some scheduled Federal Reserve interest rate cuts in 2025, the rising tide of bankruptcies suggests there’s no immediate threat to the overall economy yet.
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