US BANKRUPTCIES ALMOST REACH 5 YEAR HIGH POINT

by Bill Baker, J.D.
Editor and Publisher, The San Bruno Beacon

Bankruptcy filings in the United States have reached their highest level since 2005. This, according to an August 17, 2010 Reuters article titled, US Says Bankruptcies Reach Nearly 5-Year High. According to this article:

"For the year ended June 30, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier. Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608. Quarterly (bankruptcy) filings surpassed 400,000 for the first time since a record 667,431 bankruptcies were begun in the fourth quarter of 2005..................."

In my August 11, 2010 Beacon article titled, THE UNITED STATES IS BANKRUPT, I observed that, "In his August 10, 2010 article, Professor Kotlikoff goes on to say, Most likely we will see a combination of all three responses with dramatic increases in poverty, tax, interest rates and consumer prices".

For the 1.51 million consumers who filed for bankruptcy during the past year, there is not much to be happy or hopeful about. The type of "hope" preached by Obama is a cruel type of false hope that soothes the masses for the moment but does not feed the hungry or house the homeless. The failed economic programs of Obama and the Democrats have helped influential Democrats and the limousene liberals who prop them up. However, these programs have done little to help America's growing number of poor, hungry, and homeless citizens.  

How many more Americans have to go bankrupt, watch their hungry, sometimes homless children's dreams disappear and suffer the indignities of poverty before American voters wake up and change the course of our nation by electing new leaders who will do that which is necessary to reverse the painful mistakes inflicted on the United States by Obama and the Democrats?