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The Debt-Peonage Society
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Contributor | Guy |
Last Edited | Guy Apr 11, 2005 09:50pm |
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Category | Opinion |
Media | Newspaper - New York Times |
News Date | Tuesday, April 12, 2005 03:00:00 AM UTC0:0 |
Description | Today the Senate is expected to vote to limit debate on a bill that toughens the existing bankruptcy law, probably ensuring the bill's passage. A solid bloc of Republican senators, assisted by some Democrats, has already voted down a series of amendments that would either have closed loopholes for the rich or provided protection for some poor and middle-class families.
The bankruptcy bill was written by and for credit card companies, and the industry's political muscle is the reason it seems unstoppable. But the bill also fits into the broader context of what Jacob Hacker, a political scientist at Yale, calls "risk privatization": a steady erosion of the protection the government provides against personal misfortune, even as ordinary families face ever-growing economic insecurity. |
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