[Ed. note: This memo was co-written by American Progress CEO John Podesta and Senior Fellow Robert Gordon.]
In the past, some in Congress have viewed “bankruptcy reform” as an easy “pro-business” vote that won’t really hurt working families and won’t matter to Americans anyway.
That’s wrong on all accounts. Proponents say the bill will stop bankruptcy abuse, but the bill lets the biggest and wealthiest abusers off the hook. Even more important–and this is the point proponents are hoping to obscure–the bill does nothing to address why millions of middle-class Americans are going broke in record numbers. In fact, the bill makes life tougher on families who have done everything right but suffered because of structural problems in our economy.
If progressives press these points, Americans will see the fight over bankruptcy reform for what it is: a struggle between progressives defending families who play by the rules and conservatives standing with wealthy individuals and corporations that break those rules. Read more