Inside Track
Bidenomics Hits Conn’s, Forces Bankruptcy
Conn’s, Inc. is a 134-year-old retailer in the southeastern United States operating more than 550 stores and employing nearly 4,000 people. The Epoch Times reported on July 25 that the company has filed for bankruptcy, and by the end of October, the retailer that offers consumer electronics, appliances, and furniture will cease to exist.
Conn’s bankruptcy is one of more than 3,000 filings since January this year, a 34-percent increase from the year before. This is largely a result of “Bidenomics” and its Keynesian view of economics, based on the foolish and destructive idea that governments, namely the U.S. government, can simply print all the money that is needed. When inflation shows up, the Federal Reserve can simply increase interest rates to slow the economy.
The retailer was dependent upon consumers buying appliances and furniture, mostly to fill new homes they just purchased. When the Fed began raising interest rates to squeeze the economy, the housing market suffered. Prices of houses rose, reflecting the decreased value of the currency, while the cost of financing them increased due to the higher interest rates.
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