Thoughts of an American Centrist

Tuesday, May 10, 2005

There is something missing from this Bankruptcy Bill. Part 3: Balancing the Federal Budget

Last month, I laid out two features that I felt should have been added to the new bankruptcy bill, and today we will conclude the trilogy.

In Part 1 we talked about Reforms to Corporate Bankruptcy Law.

In Part 2 we discussed helpful Regulations for the Credit Card Industry.

In Part 3 we will discuss Balancing the Federal Budget.

What does a balanced federal budget have to do with personal bankruptcy legislation? If you said "nothing," you'd be at least partially correct since we indeed are talking about two different spheres of expertise. If we look more closely, however, we'll see a common theme shared by the two topics: fiscal responsibility.

The main argument in support of the new bill argues that people who rack up debt that they cannot pay for should not get a free pass on that debt, but instead try to pay it off. This is a very sound principle, to be sure.

However, to me it seems a bit hypocritical of Congress to demand greater accountability from the American people on financial issues when they themselves have done an absolutely abysmal job of managing our nation's financial state. How can Congress demand that its hardest pressed constituents cut back even more while all the time they are cutting domestic benefits and simultaneously increasing the national deficit, and consequently ballooning the national debt?

It is right to request everyone in this country be more responsible with their money. We'd just like those 535 elected delegates to be more responsible with ours. There's definitely something missing from this bankruptcy bill....

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