Wanna know why Indiana is drowning in its own debt?
Casino gambling and bankruptcy go hand in hand in Indiana. It is now almost ten years after the first gambling boat set sail in Indiana, and the effects are there for all to see. Indiana led the nation in the number of personal bankruptcies filed in 2005, with 11 of every 1,000 people filing being from Indiana. And anybody who wishes to verify the veracity of these claims just has to check the U.S. Bankruptcy Court statistics. As per these figures, the bankruptcy rate more than doubled in Indiana since 1996 — the year the first boats set sail.
Of course, detractors can always claim that bankruptcies have been on the increase nationally since the early 1980s. According to researchers, most of the increase happened after the bankruptcy laws were loosened in the 1970s. This combined with the rise of the credit card made it almost ‘impossible’ for people to not fall in debt. Post-trib.com reports:
Ohio, which has often joined Indiana in leading the nation in bankruptcy filings over the decade, saw an even bigger leap in the past decade from only a 2.8 percent rise in bankruptcies from 1980 to 1995 to a 12 percent jump from 1996 to 2004. The closest casino to Ohio is just across the river from Cincinnati in Lawrenceburg.
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