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July 07, 2005

Another Argument Against Bankruptcy Bill

Bush Hates Entrepreneurs

I'm sure some people raised this argument, but this story highlights the fact that cutting off bankruptcy protection will discourage risk-taking by startup businesses.  The GOP likes to portray itself as the friend of small business, but the study detailed found that one in five bankruptcies involved people who had operated small businesses.

The study was done by Professors Elizabeth Warren -- who's been blogging over at the TPMCafe -- and Robert Lawless.  Remarkably, they argue that the Bankruptcy Bill was based on bad data created by a mistake in how bankruptcy court records were computerized in the mid-1980s, leading to a serious undercount of the number of entrepreneurs involved in the system. 

It's just part of the general theme that the rightwing only really cares about the corporate elite.  They make fake arguments about farm families when they want to repeal the estate tax or odes to entrepreneurs when they want to cut tax rates, but when the choice is between their credit card donars and small startup businesses, the entrepreneurs get the shaft.

Posted by Nathan at July 7, 2005 08:49 AM