Slow motion economic collapse in progress. But stay focused on the Trump indictment, climate change, abortion rights, and transgender bullshit. Everything is fine.
Small Businesses File For Bankruptcy At Record Pace, Surpassing COVID Crash
Authored by Liam Cosgrove via The Epoch Times (emphasis ours),
Small businesses across the United States are experiencing a surge in bankruptcies, surpassing levels not seen since 2020. According to a UBS note reviewed by The Epoch Times, conditions could become worse as the knock-on effects from the recent banking crises begin to manifest.
The note from UBS Evidence Lab shows private bankruptcy filings in 2023 have exceeded the highest point recorded during the early stages of the COVID pandemic by a considerable amount. The four-week moving average for private filings in late February was 73 percent higher than in June 2020.
“[We] believe one of the more underappreciated signs of distress in U.S. corporate credit is already emanating from the small- and mid-size enterprises sector,” Matthew Mish, head of credit strategy at UBS, wrote in a recently published research note. “[The] smallest of firms [are] facing the most severe pressure from rising rates, persistent inflation and slowing growth.”
Industries hit hardest by the wave of bankruptcies include real estate, health care, chemicals, and retail outlets, according to the Swiss Bank’s report.
The Federal Reserve’s monetary tightening to combat inflationary pressures has been largely behind the uptick in bankruptcies. UBS indicated that the fear of a credit crunch has further worsened the rise in defaults.
Credit conditions are tightening across the spectrum. Large businesses and individual borrowers are feeling the heat as well.
As of February 2023, the monthly bankruptcy filings exceeded 31,000, an 18 percent rise from the 25,564 bankruptcy filings reported in February 2022, according to data provided by the American Bankruptcy Institute. The increase in Chapter 11 bankruptcies—typically used by larger businesses—rose by 83 percent over the same period, with 373 total filings in February of this year.
The White House has downplayed the current economic challenges and their impact on small businesses. Last week, for example, President Joe Biden cited higher rates of new business formation over the past three years—without acknowledging the issues entrepreneurs face.
“When I came into office, this economy was reeling. Small businesses were hurting. Literally hundreds of thousands of small businesses had closed across the country. Millions of Americans, many of whom worked in small businesses, lost their jobs through no fault of their own,” he said. “To jumpstart American economic recovery, we needed to help the small businesses, and we needed to help them fast. So we got to work.”
The president claimed that the American Rescue Plan Act of 2021 helped the economy by providing emergency loans to millions of businesses.
Still, the administration is set to raise the corporate income tax to 28 percent sometime in the coming months. The tax hike will affect small businesses at a time when credit conditions continue to tighten.
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I felt a great disturbance in The Force, as if everyone all at once ran to buy precious metals before it became unobtanium , because they know paper fiat is not money
Or running to buy storable edibles before no amount of PMs will buy them.
Spent the last 2 days covering for a friend who had surgery. His business is a small coin shop. PM’s flying off the shelf and his supplier informed us they are out of product for a while.
Ironic, in that the more you increase the supply in circulation, the less valuable it all becomes. They’re driving down their own market value. Light and Dark. Balance in all things. It’s why all Jedi have to be dicks sometimes.
The democrat party will fix this with an entirely new industry for merca !
Faggot/pedophile supplies-food-drink-homes-cars….etc….etc….a major shift in how merca does business.
We will be the economic engine for all things FAGGOT……globally !
That,ll show those pesky BRICS whose boss.
With help form the 90% of GOP who are RINOs, you broken fucking record retard.
Shut up democrat !
Not a democrat, retard. GOP isn’t opposition, retard. You are dismissed from politics, you blithering halfwit perennial Johnny One-Note. And Trump’s a dope, like you. You have no answer to our problems. Just keep voting for your master, threetard.
The Uniparty is alive and well in ‘murica. Politicians will never solve any problem for one reason. They make problems, not fix them!
Zappa, you thoughts gave me an idea for the new globalist slogan:
“Faggots for maggots”
I like it !
Maybe add………”Faggots for maggots and anonymous the democrat defender”
Notice how anytime-anybody here says anything negative about the democrat party he leaps to their defense with its tired trope about repups ?
I’m not defending demos, you halfwit tonedeaf broken record. You really think there are two parties. Gawd, you’re too stupid to be allowed to participate in .gov, not that voters do participate in .gov. You are a fucking perennial retard broken record. Die. You’re too stupid to care about Zappa’s work, either.
Jackoff boy…………..I m not a repub…………I just HATE the democrat party and you.
Retard. ZH is so much better without you.
I just hate politicians! No matter what flavor they leave an awful taste in our mouths!
Says the turnip pumping ” broken record” three times.
Erase yourself, asshole.
Careful eraser…………it triggers easy and cries like a little girl.
The faggot is projecting. Back to you, no schedule. Eraser thanks you for your help, bitch boy. Shine my shoes, equally anonymous faggot.
What a fucking liar.
“When I came into office, the economy was reeling.”
Gas prices.
Food prices.
Inflation.
Do a Then and Now comparison.
Numbers, unlike you, do not lie.
Deceit is rampant.
The truth is what’s reeling.
When I saw the title of this thread I had to snort and shake my head.
I have had a small internet business since 2007 mostly to my long list of former consulting clients (I retired in 2015) selling Tamper Evident Bags to Vending Companies nation wide. They use the bags in their Money Rooms to transport cash and coin to the banks and in some unique ‘Chain of Custody’ theft prevention protocols I have developed (they really work) and give away if you are a Tamper Evident Bag customer.
I’m an independent rep for the largest manufacturer of Tamper Evident Bags in the world and it has been a wonderful relationship! They have valued my sales and relationships at the owner/CEO level…and I have no doubt they have used my protocols with their other customers, creating more value for their products. I have survived four CEO/merger changes at the manufracturer…and the checks came in my mailbox every quarter like clockwork. It is a residual sale…and my pricing has never been beat…because I am not greedy.
I just wetted my beak a little…but the residual sales were drops in the passive income bucket that never stopped filling the bucket.
Have pulled in close to 300k in the mailbox checks the 13 years before Covid…about 1ok total since the Lockdowns.
I also use to write for all the industry magazines, and through the largest one sold four different training manuals. Sales started in 2016 and were brisk and building (after I retired from consulting the manuals were my Deliverable).
Since Covid hit I have not had one single manual sale.
95% of that 13 year steady income that showed up in my mailbox has evaporated since Covid.
I hand hoped this passive income would drip in for many more years…but there is an old truism…
“The plans of mice and marks…often go astray”.
I feel no pity for any small business that complied with forced masking and put “no vax no enter” signs up. You got what you deserve for abusing the public.
Hear hear!