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BANKRUPTCIES SOAR IN NEW MEXICO
According to an article in the Albuquerque Journal, Business Section
on March 6, 1997, whereas the nation showed an increase in the number of bankruptcies, the
increase in bankruptcies in New Mexico was significantly higher than the U.S. percentages.
The article reported, "In New Mexico, a record number of 5,882
bankruptcy cases were filed in 1996, according to the U.S. Bankruptcy Court. The number of
cases in New Mexico amounted to a 35.4 percent increase over 1995, when 4,343 bankruptcies
were filed. New Mexico at the end of 1996 had 17 consecutive months of record filings.
Since August 1995, when filings were higher than any previous August, each month's filings
have exceeded the previous high for that month."
During the two years that casinos have been in operation in New
Mexico we have seen an increase in poverty, addiction, unemployment and bankruptcies. It
is becoming more noticeable that the term "economic development" is to the
devastation that casinos are causing what the "Emperor's clothes" were to the
naked ruler. It's time to open our eyes and understand that gambling expansion means
economic devastation.
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