Mismanaged Recovery: Bankruptcies Surge on Biden’s Watch
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Key Takeaways
- Increasing bankruptcy filings reflect widespread financial instability and dissatisfaction with government responses.
- Public sentiment is a mix of frustration and skepticism towards political leadership amid economic challenges.
- Discussions reveal a deep concern over systemic inequality and the struggle for financial equity in the current economic climate.
Our Methodology
Demographics
All Voters
Sample Size
4,500
Geographical Breakdown
National
Time Period
1 Day
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
MIG Reports analysis of online conversations about rising bankruptcy filings coincides with wider economic worries. Bankruptcies have surged by 16% over the 12-month period ending March 31, 2024. This indicates American conversations about economic, social, and political concerns are more than worries. Voters express economic distress, financial instability, and fear the impact of government policies on their livelihoods.
The recent 16% increase in bankruptcy is similar to rates seen at the end of 2023. In the prior four years, bankruptcies were at their highest during COVID lockdowns. Despite coming down for the next three years, bankruptcy filings are now increasing again. Many attribute this to economic mismanagement by the Biden-Harris administration.
- U.S. Courts data shows there were 467,774 new bankruptcy cases filed during the cited 12-month period, compared to 403,273 in the previous year.
- Business bankruptcies saw a significant jump of more than 40%, rising from 14,467 cases in 2023 to 20,316 in 2024.
- Non-business bankruptcies, which involve individuals, also increased by about 15%, from 388,806 cases to 447,458.
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Families and Businesses are Struggling
Americans continue to grow more concerned about financial instability, including due to rising bankruptcy rates. Conversations mention the challenges families and small business owners face along with economic stress, financial insecurity, and debt relief.
The plight of small businesses, often cited as especially vulnerable to economic fluctuations, underscores broader concerns about market volatility and consumer behavior shifts.
Voters discuss the role of government policies, with many skeptical of the effectiveness of stimulus packages and economic recovery plans. Phrases like "too little, too late" and "lack of support" indicate a sense of frustration about the government’s meager responses to economic challenges.
Political accountability also emerges as a significant theme. Americans link the increase in bankruptcies to perceived failures in government leadership and economic management. Voters criticize “Bidenomics” and the Biden-Harris administration for its policies causing inflation, using terms like "government failure," and "poor leadership." This dissatisfaction leads to a broader call for reform and changed leadership.
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The Mood is Sour on the Economy
The national emotional tone is one of anxiety, frustration, and skepticism. People feel overwhelmed and worried about their financial futures. They wonder how they will afford basic living costs, completely giving up on saving for the future or retirement. There is a sense of betrayal by the political establishment and those who continue to grow wealthier.
Anger and distrust coexist with smaller pockets of hope and resilience. Some conversations highlight a commitment to community support. Despite the larger economic struggle, Americans still talk about "supporting local businesses" and "community strength" reflecting a proactive attitude despite the challenging economic climate.
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