Moral Bankruptcy
by Don Wrege
I was surprised when two friends of mine, both college graduates and both with
well-paying jobs, mentioned they were declaring bankruptcy. Apparently they
are not unique in this regard.
1.4 million Americans got off the hook they placed themselves on just last
year alone. For some reason, even during the healthiest economy in decades,
bankruptcies are up 300%. It's an old fashioned jubilee of Biblical
proportions! Except you and I pay for it all, of course.
In the fifteen years I have known these two friends, they never lacked for
anything. Paying six bucks for a decent cigar wouldn't have bothered the guy
at all. He listens to the latest CDs in his nice car and the girl is fond of
trendy restaurants. Both have college degrees and well-paying jobs. Both held
several credit cards, maxed out and used to see-saw minimum payments on
whatever account was about to explode.
It all finally caught up with them last year. They certainly couldn't be
expected to maintain their comfortable lifestyle AND maintain their debt, so
naturally one had to go. They hired a bankruptcy lawyer (for twelve hundred
dollars they didn't really have), to figure out how to escape from a combined
indebtedness of over thirty thousand dollars. They walked away clean. You and
I paid for it.
The House of Representatives is trying to pass a bill that would, among other
things, probably require my friends to make small monthly payments on that
$30,000.00 debt, since their combined income is substantial and they got to
keep their toys. My friends think Republicans are evil.
Bill Clinton has promised to veto the measure because it might cause pain to
people living beyond their means.
My friends are, most likely, eating in a nice restaurant tonight with more
responsible citizens picking up the tab for them. They still have a credit
card, by the way, and they think Bill Clinton is a great president.
Light anyone?
