In the Poor House At this point in history, it is a good thing that civilized societies have done away with that honorable old institution known as Debtor's Prison. Had it not gone the way of the dodo bird and federal insane asylums, a good many Americans could well be looking at some hard time in the poorhouse. With stiff new bankruptcy laws coming down the canal, a bit of a courthouse rush has been spurred. Record levels of household credit card debt had already left a large sore on the economy, one that is about to start running. Like a storm on the radar, everyone knows this is about to happen, and everyone should know that conservative fiscal strategy is pretty much to blame. After all, it was the GOP-dominated government - its sails filled by the will of the people - that hammered together this protectionist poppycock. Even though they are directly charged with fostering the public good, they have chosen the side of the financiers, as they always do. Credit issuers were already having their way with consumers, specifically those in the lower and middle income brackets. Interest rates amount to exhorbitant ransoms. Asinine fees are levied for every little thing. The bill arrives two weeks before the payment is due, and if your check arrives at the wrong time of day (say, in the afternoon), they won't open it. Sorry about the late fee, and the scarlet ink on your credit report... Of course, the banks aren't responsible for the follies committed by their cardholders. But they are rolling in profits these days. So why change the rules, making it even harder for Americans to escape their debts after so many years of catching carp in the Bush economy? Since inflation in a potato-sack race with economic growth, and wages are as stagnant as Mississippi mud, is there really a need right now to ease up on the money lenders? Many if not most bankruptcies are the result of expensive and complicated medical conditions, not shopping sprees at Mervyn's. Wise and caring leaders would put pressure on our health care system to reduce its administrative costs. Insurance companies would be made to swallow the losses incurred by their bad investments, taking it from their profits instead of jacking up our premiums. In this feverish climate, with bottom-feeding TV lawyers rattling the bars to get people into bankruptcy court before it's too late, disaster looms even as valuable lessons are lost on those in charge. When FEMA was stupid enough to offer Hurricane Katrina's victims $2,000 debit cards, they had no idea it would cause such stampeding confusion. Now we're about to close the gates on bankruptcy, and here come the refugees. Given everything else on our budget platter, the U.S. economy appears to be listing toward a spate of inertia. For all his political capital, the president is powerless to do anything about it, and some of our most problematic policies bear his signature. With so many people heading for ruined credit, a considerable amount of purchasing power will be dampened. The engine of consumer spending was already running on expensive fuel, and now it will be sputtering to boot. On the other side of the coin, two major airlines filed for bankruptcy this week, and not because they were in a panic to beat any Congressional deadline. The rules that the rest of us follow don't apply to large corporations and their multi-million dollar loopholes. As Northwest and Delta navigate their way through taxpayer-supplied relief, they will be allowed to slice off pensions and raze their employees' unions. For the working class, the water just keeps rising. Those few turncoat Democrats who crossed the aisle and supported such anti-consumer legislation will be dealt with internally by primary voters. That's the difference between the two sides. The ruling Party rarely witnesses much in the way of upheaval among its established network of oligarchs. Republicans remain beyond reproach because there still exists no such spirit among conservative voters. When Americans grow tired of their government favoring the wealthy, they'll heave the Republicans over the side. And when the next Democrat in power swims strictly upstream, conservatives will bray about the second coming of Jimmy Carter. They'll start hollering about balancing the budget again. They'll suddenly rediscover the compassion that they've buried at the bottom of the war chest, along with their intellect and honesty. And, oh, how unfair everything will be then. Paul Heller 9/16/05 << back to the archives
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