America is facing an unprecedented wave of bankruptcies. It must act now

Neiman Marcus and JC Penney, two of America’s retailing giants, recently failed to pay interest on their debt. We should expect one or both firms to file for bankruptcy soon, heralding a surge of US business failures caused by the Covid-19 pandemic. And, with most American households lacking the cash to pay expenses for three months, many families and individuals will declare bankruptcy, too.Before long, the US could face a trifecta of millions of insolvent consumers, thousands of small…

Read the original article at South China Morning Post