Paul Ryan says 1.4 million businesses filed for bankruptcy in 2011 under Obama, actually the number is 47,806
Trip Gabriel at The New York Times ”The Caucus” blog:
Mr. Ryan also cited bankruptcy numbers to make the point that failing businesses mean fewer jobs. “In 1980 under Jimmy Carter, 330,000 businesses filed for bankruptcy,” he said. “Last year, under President Obama’s failed leadership, 1.4 million businesses filed for bankruptcy.”
But he appeared to conflate business bankruptcies and much more numerous personal bankruptcies. Of the 331,264 bankruptcies in 1980, only 43,694 were for businesses, according to the American Bankruptcy Institute.
Of the 1,410,653 total bankruptcy filings last year, 47,806 were business bankruptcies, according to the institute. And, again, the numbers are falling. In 2009, there were 60,837 business bankruptcies. In July, the latest month with complete statistics, business bankruptcies were 22 percent lower than a year earlier, and personal bankruptcies were down 11 percent.
