Easy for her to say. She’s not seeing her bank account going negative, unlike the South Dakota workers, farmers, and small businesses facing coronavirus-recession bankruptcy:
…increased rates of unemployment, reduced incomes of people at all levels of the economy and a coming debt crisis will all play a role in the anticipated bankruptcy storm that could affect a wide range of individuals and businesses, including people who long saw themselves as financially stable, said Breck Miller, community relations director for Lutheran Social Services Center for Financial Resources in Sioux Falls.
“It would not surprise me at all if we do see an increase in the number of bankruptcy filings,” Miller said. The pandemic “really put a lot of people in a financial bind, and I think it’s going to strike across the demographics. It’s not just a low-income thing” [Nick Lowrey, “Experts: Wave of Bankruptcies Likely in S.D. as Pandemic Stifles Incomes and Aid Runs Out,” South Dakota News Watch, 2020.08.05].
Preventing a wave of bankruptcies will take more than optimism. It will take concerted and costly government interventions to support families through the pandemic and the recession.
Families going bankrupt don’t need happy talk. They need money and jobs, and when the economy is hobbled, money and jobs come from government vision and action… neither of which Governor Noem demonstrates from her private video bunker on Fox TV.