Consumer Debt = Economic Terrorism? One of the biggest threats to the “American Dream”: Plastic. I haven’t seen James Scurlock’s picture “Maxed Out”, but I’m glad to see someone raising this issue in the public spotlight.
I very strongly believe in free markets, but even the patron saint of free markets, Milton Friedman (citing Thomas Jefferson), acknowledges government’s role as an umpire – restraining, as Jefferson expressed, “men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement.”
The current debt load and credit practices are a threat and pose imminent injury to thousand of Americans. The imbalance of power held by the individual versus the corporation creates a coercive relationship that government should take some steps to equalize.
I don’t propose that individual accountability or liberties should be infringed to preclude outrageous indebtedness, but transparency in debt terms and competitive debt choices should be ensured. We also need to make sure that bankruptcy law is not unduly influenced by the political leverage of corporate lenders.
Michael
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