Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Small-business bankruptcies are up 61% on the year. It is a cackle-nomics miracle.
The data comes from bankruptcy analyst Epiq, which reports that commercial filings for Chapter 11 bankruptcies soared to 4,553 so far this year.
Meanwhile, total corporate bankruptcies are also rising, hitting the highest since the COVID-19 pandemic, according to S&P Global Market Intelligence, which is hitting especially hard in retail, with a parade of chains going under this year, including Red Lobster and its beloved endless shrimp. Never forget what they have taken from us.
What’s causing it? Simple: Inflation, high interest costs, and COVID-19 loans.
Inflation, of course, drives up business costs to the point they have to hike prices, which chases consumers…
