"Give us your poor, tired, huddled masses..."

[retro_eidas]

...So we can gouge them financially and leave them homeless or in total economic devastation.

Although I'm not surprised, of all the political issues that leave me most appalled with the current administration is their acts surrounding this Bankruptcy Bill (for more information: American Bankruptcy Institute's page on the Bill). This Bill is horrifying. It would and will serve little purpose than protecting lucrative, powerful corporations while leaving the sick, elderly, middle class families and/or impoverished with little to no means of getting out of the suffocating debt trap.

Too bad Grandpa Joe accrues over $700,000 in hospital expenses that his insurance didn't cover due to liver cancer that he or his relatives just can't pay.

Too bad for Jane Q. Public struggling in multiple jobs, with two kids (one with special needs) to support after her husband's death. Charging food, clothing, gas and water bills on the credit cards because her paychecks just can't stretch far enough.

Too bad for the wife having to face foreclosure of her house alone while her husband is serving his country overseas. Even if, by law, she should be protected from voracious creditors by the Servicemembers Civil Relief Act.

These are all obviously 'deadbeats' abusing their credit and deserve to go it all alone with almost no hope in sight. Ditto to those 1.4 million 'deadbeats' who filed for bankruptcy last year. A number that likely would have increased this year thanks to the unemployment rates, outsourcing, lack of health care and a plethora of other issues. To hell with all of them.

I hope, rather than believe, that some lawymakers are finally realizing the very real potential of long-run political damage this Bill could invoke. I think this Bankruptcy Bill even trumps Social Security in importance. The SS renovations no doubt are extreme and are definitely worthy of exposure, but by comparison, this Bankruptcy Bill has been almost ignored in the media in my eyes. This Bill effects the impoverished of *the now*. Yet SS, the Pope and a braindead woman in Florida have horded the media the past several weeks? Why?

Not saying Democrats aren't partly responsible either. Although 80% did fight against this Bill, there are some who supported it.

Comments

[ter369.livejournal.com]

What's too bad is all the people who previously plunged into Bankruptcy by buying Tons O'Stuff At The Mall or whipping out their credit cards for VCRs, clothes, a quick trip into Starbucks, DVDs & CDs & magazines, stuff that sits around their house, and everything people deem a necessity that isn't. That set up the economic urge for government to implement new restrictions.

These goods and services were paid for - not by the consumer. The upswing in Bankruptcy as a way out of consumer debt over the past fifteen years has put the economic burden on the lending institutions.

If Grandpa has $700k in medical bills, declaring Bankruptcy would help him as he'd still have the care (past) and would not suffer with the bills. But the hospital services, staff, supplies, and medication still needs to be paid for. So we need a better health care program - which means higher taxes or a shifting of priorities in spending at the Federal or State level.

Corporations might pick up some of the tab for socialized health care. But in European nations where univeral health care is in effect, there is a different economic balance. The average citizen in France or Finland gives upwards of 40% of their income towards services the state provides to everyone. That means I pay for socialized childcare and parental leave, even though I may not have children. And even if I never have long term helath problems, my taxes pay for the health expenses of other citizens.

I think most people see bankruptcy as a "take my bills away" issue, without realizing that the expenses are still paid elsewhere. The tugging-on-heartstrings examples of extreme debt due to personal health disaster is one small potential scenario. The fact that our consumer culture demands constant spending is a bigger problem. Spending keeps the money moving, but personal debt keeps citizens in need of government services.

For the last two years I've recorded every dollar I spend. That's the fastest way to see where money goes on nonessentials.

[eido.livejournal.com]

The tugging-on-heartstrings examples of extreme debt due to personal health disaster is one small potential scenario.

And, when these people genuinely need help, are they going to be able to get it? Reading the Bill and reactions thereof, I'm not so sure.

The fact that our consumer culture demands constant spending is a bigger problem. Spending keeps the money moving, but personal debt keeps citizens in need of government services.

I'd have to agree with that. On one side, I do want to have kids one day, but on the other... the cost of raising kids these days between general standard of living, real estate costs, education, insurance/health care, etc etc. I weep for all those middle-class families out there. Simply regards to numbers, this group, more than any other, is going to get slammed with this Bill.

[ter369.livejournal.com]

I weep for all those middle-class families out there. Simply regards to numbers, this group, more than any other, is going to get slammed with this Bill.

Exactly. They grew up looking at older generations who owned a house, always had reliable cars, invested & had retirement benefits, and who could just buy a couch as needed, for goodness' sake. Plus, they could raise kids and still help them out in adulthood.

Now, I see a lot of 30 to 50 year olds living at home, even if they have a career, due to the cost of living. Health and car insurance payments must be a hideous burden (and surprise) to people entering the job market in their twenties.

One serious illness or accident could wipe these people out. And so few people stay in a job for more than a few years, so one lay-off could plunge them into debt.

Reading Live Journals is very educational; not only for the news and info links, but to listen to how a range of people cope with daily life.

Thanks for today's links.

[eido.livejournal.com]

Just an fyi, but it's also stuff like this (http://www.fromthewilderness.com/free/ww3/030305_world_stories.shtml#2) that really unnerves me.

[agnes-bean.livejournal.com]

Oh god. That's terrible. *sigh*