<snip> Most Americans haven't noticed the president's relentless assault on programs and policies that protect the middle-class against the caprice of the marketplace. If average Americans are living with a higher degree of financial anxiety, they blame outsourcing or high taxes or illegal Mexican immigrants. They haven't recognized that the Republicans have middle America in their cross hairs and that Bush has given the order to fire. <snip>
The war on working- and middle-class America continued apace last week when a piece of legislation favored by bankers and credit card companies — and pushed by the president — passed in the U.S. Senate. The new bankruptcy bill would make it harder for middle-income individuals to file under Chapter 7, which usually allows some debt-forgiveness. Under the new law, individuals (with some exceptions) have to keep working to pay off their debts, even if it takes several years.
Financial industry lobbyists claim they are only going after deadbeats who can afford to pay, but the research suggests otherwise. A few deadbeats may indeed file for bankruptcy to get out of paying for cars or big-screen TVs they knew they couldn't afford. But the vast majority, experts say, have been forced into substantial debt by some unforeseen personal catastrophe — death of the major breadwinner, job loss or medical crisis, for example.
Meanwhile, the rich will not be held to the same standard. They are free to be deadbeats. Senators defeated an amendment to the bill that would have closed loopholes allowing the wealthy to hold onto their mansions and other assets when they file for bankruptcy. They also turned back an amendment that would prevent corrupt companies, such as Enron, from sheltering assets that ought to go to former employees. But the Senate wouldn't accept an amendment that would have allowed the not-rich elderly to keep their houses if they go bankrupt. <snip>
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