TLS Editorial: THE BANKRUPTCY BILL

Like all of the schemes that the Bush Administration has perpetrated against the people of the United States (Clear Skies and Healthy Forests included), the Bankruptcy Bill that is set to become law is an unabashed attack against average Americans on behalf of corporate America. Consider the following:

In the past five years, the number of bankruptcies in the United States have risen about 7%. Sounds like a real problem, doesn't it? Well, does it still sound like a problem for the poor credit card companies when you consider that over that same time period their profits have increased by 163%.

It seems obviously that the credit card companies are thriving, despite the ne'er-do-wells who don't pay their bills. And who are these irresponsible people? 50% of them are honest, hard-working people who fall into bankruptcy because a catastrophic illness has struck them or a family member.

Recognizing this, Senator Edward M. Kennedy introduced an amendment to grant an exemption from the bill to those who have been bankrupted due to medical bills. That was rejectd by the Republican majority.

Then Democrats introduced an amendment exempting military veterans from this bill. Surely the flag-waving, troops-loving Republicans will not put corporate interest before military heroes, right? Nope, the GOP shot that down, too.

So Senator Russ Feingold sought to protect another class of vulnerable people: the elderly. He introduced an amendment to exempt $150,000 of equity for seniors from this law. Sorry, the Republicans didn't go for that, either.

It seems that military veterans and seniors will have to lose their rights under Chapter 7 so that the executives at credit card companies (they of the 163% profit increase) can live yet more comfortably.

"No Billionaire Left Behind" continues to be fully funded, with public donations by Bu$h Co.