Inside Biden and Warren's years-long feud

[Uncle Joe]

8. Elizabeth was right.

As the fight over the bill dragged on, Warren emerged as the most prominent defender of the Americans who would be hurt by making it harder to file for bankruptcy. As a Harvard law professor who built her career tracking the effects of bankruptcy, she led a charge against the legislation that helped prevent its passage for close to a decade. “The bankruptcy filing rate is a symptom,” Warren and 109 other bankruptcy and commercial law professors wrote in a letter to Rep. Jim Sensenbrenner (R-Wis.), who was chairman of the House Judiciary Committee in 2005, on the eve of their final defeat. “It is not the disease. Some people do abuse the bankruptcy system, but the overwhelming majority of people in bankruptcy are in financial distress as a result of job loss, medical expense, divorce, or a combination of those causes.”

https://www.politico.com/magazine/story/2019/03/12/biden-vs-warren-2020-democratic-primaries-bankruptcy-bill-225728

I would wager it was a symptom from Reaganomics; which did nothing but continuously squeeze the middle class and poor while giving mega-bucks to the wealthy.

So the average American in the 1980s started turning more and more to credit cards just to pay everyday bills.


Thanks for the thread PDittie.