Wednesday, March 09, 2005
Debt Management, Republican Style
You know, this administration lead the way in the effort to forgive Iraq's debt, most of it held by nations such as France, Germany and Russia. Also, this administration has often bent a favorable ear to efforts by U2's Bono and others to forgive the debt of third-world nations, especially in Africa, most of which is held by the International Monetary Fund and the World Bank.
But when it comes to debt held by large political allies and campaign contributors, well, nothing less than repayment is in order. The passage of the bankruptcy bill illustrates how the Republicans care more about the interests of their rich creditor friends than their poor debtor voters.
Both The Washington Post and The New York Times offered front-page stories on the bill and its "inevitable" passage in the Senate, but the Times did a better job. An especially revealing quote illustrates the Republican's disregard for their constituents' interests.
"In a letter to Congress two weeks ago, 104 bankruptcy law professors predicted that 'the deepest hardship' would 'be felt in the heartland,' where the filing rates are highest - Utah, Tennessee, Georgia, Nevada, Indiana, Alabama, Arkansas, Ohio, Mississippi and Idaho."
Every one of those states voted for Bush last year, most likely due to "moral values." I guess helping out those in debt and in need isn't one of the Republicans' "moral values."
Most of the time you hear about how the Republicans have sent more federal dollars back to "red" states than those states pay in taxes. And that may be true. Here however, is a pretty good example of how the Republicans are definitely not operating in their constituents' best interest.
You can read the Post story here and the Times story here.
"The rich rules over the poor, and the borrower is servant to the lender." - Proverbs 22:7
But when it comes to debt held by large political allies and campaign contributors, well, nothing less than repayment is in order. The passage of the bankruptcy bill illustrates how the Republicans care more about the interests of their rich creditor friends than their poor debtor voters.
Both The Washington Post and The New York Times offered front-page stories on the bill and its "inevitable" passage in the Senate, but the Times did a better job. An especially revealing quote illustrates the Republican's disregard for their constituents' interests.
"In a letter to Congress two weeks ago, 104 bankruptcy law professors predicted that 'the deepest hardship' would 'be felt in the heartland,' where the filing rates are highest - Utah, Tennessee, Georgia, Nevada, Indiana, Alabama, Arkansas, Ohio, Mississippi and Idaho."
Every one of those states voted for Bush last year, most likely due to "moral values." I guess helping out those in debt and in need isn't one of the Republicans' "moral values."
Most of the time you hear about how the Republicans have sent more federal dollars back to "red" states than those states pay in taxes. And that may be true. Here however, is a pretty good example of how the Republicans are definitely not operating in their constituents' best interest.
You can read the Post story here and the Times story here.
"The rich rules over the poor, and the borrower is servant to the lender." - Proverbs 22:7
