Harrisnomics Has Brought Corporate Bankruptcies to Near-2008 Levels, Devastating Small Businesses

With out-of-control government spending causing crush inflation, companies are shuttering across the country, threatening unemployment spikes that could last for years

Everyday Americans are facing hardships in the Kamala Harris’ economy, where failed policies have driven cumulative inflation close to 20 percent, putting unprecedented pressure on businesses and leading to bankruptcy rates mirroring those of the 2008 economic crash.

In 2023 alone, the Harris-Biden administration’s economic policies forced 459 corporations to file for bankruptcy—a 23 percent increase over 2022 and a 12 percent increase over 2021. Corporate bankruptcies in 2024, which in total jumped 34 percent year-over-year, reached the highest level since 2010, according to the American Bankruptcy Institute.

In total, 18,926 businesses closed in 2023 under Kamala Harris.

The massive uptick, which was nearly 31 percent higher than 2021 and 40 percent higher than 2022, has almost reached pandemic level closures at 22,000. This year, total bankruptcy filings rose by 16.8 percent when both business and non-business bankruptcies were accounted for.

For small businesses, bankruptcies increased by 61 percent in 2024, but Vice President Kamala Harris still wants Americans to believe she can fix this issue if given four more years.

“I love our small businesses. My plan is to give a $50,000 tax deduction to start-up small businesses, knowing they are part of the backbone of America's economy,” Harris said during the debate.

With small business bankruptcies up 61 percent under her failed economy, it is hard for business owners to take her seriously. “Owners remain pessimistic about future business conditions,” said National Federation of Independent Business (NFIB) Chief Economist Bill Dunkelberg. Most owners have “poor expectations about business conditions six months from now.”

In August, small business optimism dropped by 2.5 points under the Biden-Harris administration. The metric has consistently declined during the Biden-Harris administration, hitting an 11-year low in March of this year.

(RELATED: There’s No “Opportunity” in Kamala Harris’ Opportunity Economy)

Household Names No More

In 2024, Red Lobster, a classic American seafood chain, filed for bankruptcy with more than $1 billion in debt and less than $30 million in cash on hand. An additional 10 major restaurant chains filed for bankruptcy in 2024, including Mediterranean restaurant Roti, Buca di Beppo, World of Beer, Rubio’s, and Boxer Ramen.

Solar energy provider ISun, nursing facility LaVie Care, grocery ecommerce service Takeoff Technologies, fashion retailer rue21, fabric and craft store Joann, KidKraft, Express, and numerous other businesses were forced to restructure or close after filing bankruptcy in the Biden-Harris market.

In 2023, Bed, Bath and Beyond ushered in one of the largest retail closures in years as the company filed for bankruptcy and closed 480 locations. That same year, WeWork, SVB Financial, David’s Bridal, Virgin Orbit, Vice Media, and numerous other businesses filed for bankruptcy.

Harris has had for years to piggyback off the record low inflation that carried over from the presidency of former President Donald Trump, but she has managed to destroy the American dream by killing the economy.

She cannot be given four more years to put more nails in the coffin.

(RELATED: Kamala’s Price Control Scheme is the Fast Road to Famine)