A QUICK GLANCE at the bankruptcy statistics from around the country illustrates that bankruptcy filings have increased by 220 percent from 2007 to 2010.
Between March 31, 2006, and March 31, 2007, 695,575 bankruptcy cases were filed.
Between March 31, 2007, and March 31, 2008, 901,927 were filed.
Between March 31, 2008, and March 31, 2009, the number was 1,202,503.
And from March 31, 2009, to March 31, 2010, 1,531,997 were filed.
These statistics show a remarkable increase in bankruptcy filings, which is a good barometer for the economic situation in this country.
The increase from 2007 to 2008 was 29.7 percent.
From 2008 to 2009, it was 33.3 percent.
From 2009 to 2010, the figure was 27.4 percent.
This is hard evidence that millions of Americans are filing bankruptcy and the numbers are increasing at a startling rate. A 220 percent increase over three years indicates how deep the recession is, and it is more likely that we are in the thick of it rather than on the way out.
That said, I am still cautiously optimistic about America's economic recovery.
Stephen M. Dunne
Dunne Law Offices
Last month, we voted to abolish the Board of Revision of Taxes. Now Mayor Nutter brings in a guy from Washington to be the first chief assessment officer.
So you're telling me a guy from Washington is going to evaluate what my property is worth, and he's going to make $130,000 to $140,000 in doing so? What does he know about the city and property value?
Why do we keep bringing in people from D.C. who stay a few years and retire with a pension? We aren't D.C. or New York, we're Philadelphia. Let's find someone within.