Bankruptcy and divorce

In his summary of the debates between candidates for the Democratic nomination in the US, William Saletan lists as “Second-fishiest statement” this by John Edwards

If you’re a child in a middle-class family this decade, it is more likely your parents will go into bankruptcy than that your parents will divorce.”

But unless the middle class is atypical, Edwards is right on the money. As I point out here, in the year ending March 2003, more Americans went bankrupt than got divorced.