Clinton Portis filed for Chapter 11 bankruptcy in November. And the filings, published by Deadspin, reveal that the former NFL running back owes a lot of money to a lot of people including his mom.
Portis’s debt to creditors, in total, adds up to $4,857,659.50 — a number equivalent to more than 11 percent of Portis’s total earnings in a nine-year, NFL career according to Spotrac data. But it’s the breakdown of that debt that makes this story a bit bizarre.
Bonds are still doing their job this year as investors’ best friends during a downturn: They’re holding up better than stocks, cushioning the blow for balanced investors. High-quality, investment-grade U.S. bonds have returned 0.9 percent through Wednesday, while the Standard & Poor’s 500 index has lost 7.4 percent on worries about the strength of the global economy. The problem is that bonds are not doing as good a job as in past downturns, and the outlook for them is dim. Super-low interest rates mean bonds don’t pay investors much for the bonds they hold or are buying now. And those bonds may fall in price in the coming months and years if interest rates increase as the Federal Reserve, as expected, continues to move short-term rates higher.
Americans view themselves as being in the middle class, 80% say it is harder being in the middle class today than it was just 25 years ago. “The American middle class is not weakened or weakening—it is weak,” said Patrick Inglis, an assistant professor of sociology at Grinnell College. “Even the idea of it is weak. The middle class no longer can rely on the kind of job security that was available to earlier generations. Although over 90% of Americans identify as middle class, their income positions vary widely, from poverty level to wealthy.”
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