In Only 4 Months in 2023, There Have Been 70 Major Bankruptcies
According to Mike Shedlock of Mish Talk, there have been 70 bankruptcies through April of 2023.
For perspective, in 2009, 118 bankruptcies took place through April. During the height of the Wuhan virus in 2020, there were 71 bankruptcies through April.
Shedlock listed off some of the most prominent companies to file for bankruptcy in the fourth month span in 2023:
Bed Bath & Beyond: April 2023: Home goods, baby goods
David’s Bridal: Date: April 2023: Bridal apparel
Boxed: April 2023: An e-commerce platform selling wholesale consumer goods
Independent Pet Partners: February 2023: Pet supplies
Tuesday Morning: February 2023: Discount home goods
Serta Simmons Bedding: January 2023: Bedding and accessories
Party City: January 2023: Party supplies
Forma Brands: January 2023: Beauty products
More bankruptcies will likely ensue due to the underlying instability of the American economy. The American economy is by no means normal given the interventionist policies that undergird it. While it has improved since the initial stages of the Wuhan virus pandemic, economic conditions are still rather volatile. The combination of easy money and a large regulatory state has made it difficult for many businesses to stay afloat. Plus, such measures function as barriers of entry that prevent
Ultimately, reforms that limit the influence of central banking and scale back the regulatory state are needed to create a more sustainable economic environment. Should the present economic system continue to be put in place, the US will likely transform into a Banana Republic-style economy marked by widening inequality and perpetual instability.