biden and his Media lackeys keep claiming "He fixed the economy after Trump wrecked it."

Roll that title around for a minute.  So they're claiming TWO lies are true: first that Trump wrecked the economy; and then that Porridgebrain "fixed it"!

Wow.  So let's look at the most recent revelations about duh faaaabulous biden economy, shall we?  

Bankruptcies:  I think most rational Americans realize that a great economy has fewer bankruptcy filings instead of more, eh?

Well...according to the American Bankruptcy Institute (July 3 press release), in the first half of this year (for Democrats that's January thru June), business bankruptcies were a stunning 34% higher than a year ago.  3,016 businesses filed for Chapter 11.

Stupid Democrat shill [imagine this line delivered in the howl of an angry cat] says: "NOOooo, citizen!  Dis not true!  More bankruptcies are a sign of a BOOMING economy, cuz it mean duh pipo who lose dere jobs are now free to find a bettah job, at higher pay, cuz of duh BOOMING economy!"

Really, shill?  Special kind of stupid, eh?  We know idiots like Chuck Todd and Jake Tapper and Chuck Schumer and Nancy Pelosi spew absurd shit like this, but how can rational people believe it?

Small-business filings rose by 61 percent.  (Unlike large companies, small businesses are far less likely to find banks willing to loan them huge sums, so fewer of them are forced into bankruptcy when they're no longer making enough to make the loan payments.)

Bankruptcy filings by individuals were up 15 percent from a year earlier.

When a large company goes bankrupt, people lose their jobs.  But for small businesses, being forced to declare bankruptcy is not just the loss of the owner's income but also the end of a dream.  Everything you may have worked years to build--maybe only a couple, maybe 40 years--is wiped out.

In a job market where the percentage of people not in the labor force is near an 80-year high, does anyone think a company is likely to hire someone whose small business went bankrupt?  

Most people whose small business has been forced into bankruptcy are tapped out, and won't be able to start another one--nor will they want to.  Once burned, eh?

https://www.zerohedge.com/personal-finance/bidenomics-business-bankruptcies-jump-34-first-half-2024

And how about companies that are still fighting to stay in business, forced to lay off workers to cut costs?  Does anyone but a Democrat shill (CNN, MSNBC, Jake Tapper, Chuck Todd et al) believe huge layoffs are the sign of a booming economy?

Democrat shill: "Uh...yeah, BOOMING, cuz dat jus' mean duh companies are gettin' mo' efficient, able to produce the same amount wif' fewer workerz!  So it guuuuud!"

Let's take a look at a short list of big-company layoffs just in the first half of this year, shall we?

1. Everybuddy: 100% of workforce
2. Wisense: 100% of workforce
3. CodeSee: 100% of workforce
4. Twig: 100% of workforce
5. Twitch: 35% of workforce
6. Roomba: 31% of workforce
7. Bumble: 30% of workforce
8. Farfetch: 25% of workforce
9. Away: 25% of workforce
10. Hasbro: 20% of workforce
11. LA Times: 20% of workforce
12. Wint Wealth: 20% of workforce
13. Finder: 17% of workforce
14. Spotify: 17% of workforce
15. Buzzfeed: 16% of workforce
16. Levi's: 15% of workforce
17. Xerox: 15% of workforce
18. Qualtrics: 14% of workforce
19. Wayfair: 13% of workforce
20. Duolingo: 10% of workforce
21. Rivian: 10% of workforce
22. Washington Post: 10% of workforce
23. Snap: 10% of workforce
24. eBay: 9% of workforce
25. Sony Interactive: 8% of workforce
26. Expedia: 8% of workforce
27. Business Insider: 8% of workforce
28. Instacart: 7% of workforce
29. Paypal: 7% of workforce
30. Okta: 7% of workforce
31. Charles Schwab: 6% of workforce
32. Docusign: 6% of workforce
33. Riskified: 6% of workforce
34. EA: 5% of workforce
35. Motional: 5% of workforce
36. Mozilla: 5% of workforce
37. Vacasa: 5% of workforce
38. CISCO: 5% of workforce
39. UPS: 2% of workforce
40. Nike: 2% of workforce
41. Blackrock: 3% of workforce
42. Paramount: 3% of workforce
43. Citigroup: 20,000 employees
44. ThyssenKrupp: 5,000 employees
45. Best Buy: 3,500 employees
46. Barry Callebaut: 2,500 employees
47. Outback Steakhouse: 1,000
48. Northrop Grumman: 1,000 employees
49. Pixar: 1,300 employees
50. Perrigo: 500 employees
51. Tesla: 10% of workforce

Democrat shill: "Hey, dis not new!  Layoffs happen all duh time, citizen!  Yew only seein' it cuz duh awful right-wing insurrectionists are pointin' it out to make ouah faabulous prezzy look bad!"

Oh, and simultaneously we have record credit-card debt by consumers--at ruinous interest rates; and record car repossessions after buyers either couldn't make the payments or chose to keep their cash for the mortgage or rent or food.

 

A company called "LendingTree" makes most of its money by loaning money to consumers struggling with 16% (or higher!) credit-card interest.  The company happily loans such consumers money to pay off credit-card debt, at a bargain 11%.  And consumers are eager to take the offer.

LendingTree reports total credit card balance, getting data from the Federal Reserve Bank of New York.  They report that in the first quarter of this year (2024, for Americans reading this prophetic record years from now) that balance was $1.115 trillion.  That’s down from $1.129 trillion in the Q4 of last year, which was the highest balance since the New York Fed began keeping track in 1999.

Sparky, the difference between $1.115 T and $1.129 is 1.24 percent--almost nothing.  But better than up, obviously.

They quickly note that it isn’t unusual for credit card debt to dip in the first quarter, which has happened in all but two years — 2000 and 2001—since the Fed began tracking the number in 1999.

Now: How much interest do ya think consumers are paying per year on $1.115 TRILLION at 16%, eh?  Just over $162 BILLION per year.

How much longer do ya think they can keep this up?  What could consumers do if they didn't have to pay just half this amount per year?  But of course consumers got themselves into this mess, so...freedom of choice, eh?

Think the big credit-card companies are loving this?  Oh yeah.

Say, anyone know the favorite state for big banks to be incorporated in?  You'd think New York, but it's actually Delaware.

Hmmm...for some reason that state rings a bell.  

Now I'm not at all suggesting that the biden regime is loving high interest income for banks due to credit card balances, but just like massive student loan debt, this situation offers biden's handlers and the Democrats yet another chance to bribe Americans for votes, by introducing bills to force lower rates--bills that are introduced two months before elections but then dropped right after the election "due to Repubican opposition."

Car loan delinquencies reached their highest rate in 13 years.  Some articles blamed global warming, others blamed Trump.  But Dem shills soothingly reassured Americans that those loan delinquencies "haven't reached levels that would indicate a problem for our fabulous resilient economy."

Love it.