This is great for the President, cause he'll just blame Bush for it. Obamanomics working hard. As one site put it, "It looks to me like Obama is following in the footsteps of his progressive hero, Franklin Delano Roosevelt. They both took economic turn downs and turned them into massive depressions through their wars on business. The big difference is that we didn’t have $13 trillion in debt back then, and war was conventional. Throw in the unfunded mandates that FDR imposed on us, and we have a real recipe for disaster. Rather than do anything about it, Obama’s doubling down on FDR’s failed policies". Very well put. But I do give FDR one thing, he helped us achieve greatness with our troops and generals in WWII.
Business Insider: From the American Bankruptcy Institute: May Consumer Bankruptcy Filings up 9 Percent from Last Year
The 136,142 consumer bankruptcies filed in May represented a 9 percent increase nationwide over the 124,838 filings recorded in May 2009, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). NBKRC’s data also showed that the May consumer filings represented a 6 percent decrease from the 144,490 consumer filings recorded in April 2010. …
“While consumer filings dipped slightly from last month, housing debt and other financial burdens weighing on consumers are still a cause for concern,” said ABI Executive Director Samuel J. Gerdano. “Consumer filings this year remain on track to top 1.6 million filings.”
Via Free Republic