Tuesday, December 22, 2009

Small-business bankruptcies rise 81% in California -- latimes.com

Small-business bankruptcies rise 81% in California -- latimes.com: "As credit lines have shrunk and consumers have cut back on spending, thousands of small businesses have closed their doors over the last year. The plight of struggling firms has been aggravated by the reluctance of banks to lend money, said Brian Headd, an economist at the Small Business Administration's office of advocacy.

'While bankruptcies are up, overall, small-business closures are up even more,' Headd said."

But this article starts off with the party line about how the rest of the economy is "stabilizing." I just don't see it. Government budgets at all levels are in terrible shape. The stimulus created a small improvement in unemployment, but when that wears off, what then? You can't get the economy going by borrowing money from the Chinese to fix potholes.


Spectator said...

Evan, you are spot on. Small cities such as San Luis Obispo, Atascadero,
and most others are looking at bankruptcy like Vallejo. The pension payments are killing them along with social programs.

The world revolves on a bearing of BS. I California it is extra wet and slippery!

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