Companies are closing stores and declaring bankruptcy due to high costs and an inflation surge, leading to increased debt and economic concerns among voters.
Companies Going Bankrupt and Closing Stores Due to Rising Costs and Inflation Surge
As per the article by Just The News, more companies are going bankrupt and closing down because of high costs and an inflation surge. Nearly 3,200 stores are shutting their doors this year, which is 24% more than last year, according to CoreSight Research. Big names like Family Dollar, Tupperware, Rue21, and 99 Cents Only are among those closing. They blame rising prices and theft for their struggles.
Inflation surge is also hitting other areas hard. Car insurance rates have gone up by 26% in just one year. Home buyers now need 80% more income to buy a house than they did in 2020. Grocery prices have gone up a lot too, and people are spending more of their income on food than they have in 30 years. This is called shrinkflation, where prices go up, and portions get smaller.
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3,200 Stores Closing, 26% Car Insurance Rate Surge: Inflation Surge Wreaks Havoc on Economy! (PHOTO: Fox Business)
Rising Debt and Missed Payments Highlight Growing Economic Concerns Among Voters
People are using more debt to cover their spending, leading to more missed payments on credit cards and auto loans. Economist David Rosenberg says we are already in a default crisis as credit card debt hit a record $1.13 trillion. A recent poll by The Center Square shows that inflation surge and the economy are the top concerns for voters of all political groups, showing how widespread these problems are.
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