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FINANCIAL NEWS POLITICS

Bidenomics Unveiled: Navigating Inflation, Soaring Debt, and a Surge in Corporate Bankruptcies

ByAlki David

Aug 24, 2023

Let’s dive deep into the economic panorama that has been unfolding under the Biden Administration. From the shadow of inflation casting doubt on wage growth to the staggering government spending spree, there’s a whirlwind of financial developments to explore. But that’s not all – a troubling surge in corporate bankruptcies has also taken center stage, adding a layer of complexity to the economic landscape.

Amid the promises of economic revival, a covert menace has been eroding the gains made in wage growth. Inflation, the quiet but formidable opponent, is stealthily chipping away at the purchasing power of workers. The touted wage growth begins to lose its sheen when viewed through the lens of rising consumer prices, raising concerns about the true economic impact.

The Biden Administration and Congress appear to be rolling the dice with fiscal prudence. Their spending habits, akin to an enthusiastic shopper on a limitless spree, are raising eyebrows and questions alike. However, the financial toll of this freewheeling approach goes beyond the present expenses. The Federal government now finds itself burdened with an annualized interest payment nearing $1 trillion, serving as a reminder that every financial choice carries consequences, regardless of the spender’s scale.

Amidst the clamor of government actions, another storm is brewing – the distressing rise in corporate bankruptcies. As per the latest data from S&P Global, corporate bankruptcies in 2023 are displaying an unsettling upward trajectory. The visual representation of this trend paints a grim picture, a stark contrast to the optimistic economic narrative often presented. By the end of July 2023, over 400 corporations had been consumed by financial distress. This year’s surge in corporate bankruptcies outpaces any other year since 2010, excluding the pandemic period, raising alarm bells for the business world.

As the economic landscape continues to shift, staying informed is paramount. Striking the balance between growth and stability requires understanding the intricate interplay of economic factors. From the interplay of wage growth and inflation to the implications of unchecked government spending and the corporate bankruptcy surge, each piece of the puzzle is crucial in charting the nation’s economic course.

By Alki David

Alki David — Publisher, Media Architect, SIN Network Creator - live, direct-to-public communication, media infrastructure, accountability journalism, and independent distribution. Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster — participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA — reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point — exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media–legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua & Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.