Who Benefits Most From the Bankruptcy Bill?
a. The suit who works for the credit card company
b. The impulse buyer who wasted her money on Hummelware
c. The honest worker who will save because people can no longer abuse the system
d. B-list actors who need a new product endorsement gig
It's a close call between a) and d) - because the credit card companies will have so much money thanks to the bill that they can hire not only David Spade but also Dennis Miller! David Spade's "no" jokes will be all over the television set.
You can thank your representatives for the impending B-list onslaught because they passed the bankruptcy bill today, and it's a fact that people who have just emerged from bankruptcy receive a flood of fresh, tempting credit card offers. The companies better roll out some new commercials!
Lawmakers who voted for the bill are beholden to industry (the Washington Post reports that the auto industry will benefit from the bill as well). They want to keep their campaign coffers full. Fine.
What bugs us like a whole hour's worth of David Spade is the way the Court of George II marketed the bill, as if Americans with credit card debt were little kids who need to be spanked.
The AP sums up the perception of debtors in this way: "But backers in Congress and the financial services industry argue that bankruptcy frequently is the last refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires - often celebrities - who buy mansions in states with liberal homestead exemptions to shelter assets from creditors."
But the rhetoric surrounding this bill indicates that a person who is poor is somehow morally as well as monetarily bankrupt. That attitude is dangerous because it allows for even more punitive legislation that will be supported by well-meaning people who think that the "tough love" will somehow motivate people to make more money.
We at the Pepper have no doubt that some people abuse bankruptcy. Some people are irresponsible with money. But not all people with high debt are at fault. Wasn't there a way to punish the lady who maxes out her cards on Hummels without punishing everyone else?
Shakespeare's Sister said in response to the bill's desire to pound big-spending celebs, "I can’t tell you how often I’ve thought about how important it was to screw single mothers, minorities, and the elderly ... just to make sure MC Hammer didn’t get to keep his mansion."
And besides, MC Hammer's doing just fine. He's got the Surreal Life, and, if he plays his cards right, he'll have a credit-card commercial in the future.