An Oba-Oops, Or Just a Lie?
Um, I nodded off and missed the speech but from a tip, the text and Google – it seems fair to question this bit on health care.
For that same reason, we must also address the crushing cost of health care. This is a cost that now causes a bankruptcy in America every thirty seconds. By the end of the year, it could cause 1.5 million Americans to lose their homes.
That could be called a gross exaggeration … well actually, more like a lie.
Putting aside that it now seems impossible to lose your home in Oba-land, a bankruptcy every 30 seconds equals 2 a minute, = 120 an hour = 2889 a day = 1,051,200 a year.
According to the WaPo on January 4, 08 and CNN Money for 08 and 09 projected, while it likely justifies his annual number, health care isn't even listed in the items. It's all about credit abuse – a topic about which Obama now has no room to talk, thanks to his stimulus plan. Linking health care to personal bankruptcy right now seems to amount to taking advantage of the economic crisis. Like Rahm suggested, you can't let a good one go by without change. But his numbers combined with the health care reasoning don't come close to adding up. And History has shown a president willing to lie about facts could prove to be the biggest crisis of any one administration.
More than 800,000 personal bankruptcy filings were made in 2007, compared with more than 573,000 in 2006 — the lowest level since 1998, according to data collected by the National Bankruptcy Research Center and published by the American Bankruptcy Institute, a research group in Alexandria.
Samuel J. Gerdano, executive director of the American Bankruptcy Institute, said in a statement that the trend is likely to worsen this year as consumers' high debt loads are "made worse by the home mortgage crisis."
Personal bankruptcy filings for most of this decade had been much higher — around 1.5 million annually. But after an eight-year campaign by banks, retailers and credit card companies, Congress in 2005 passed the biggest changes in U.S. bankruptcy laws in a quarter-century, mandating an income test to measure a debtor's ability to repay obligations.
Personal bankruptcies filed in the federal courts totaled 934,009 from June 2007 to June 2008, up more than 28 percent from the 727,167 petitions filed in the same period a year earlier, according to the latest figures from the Administrative Office of the U.S. Courts.
The reasons for the sharp uptick? Rising consumer debt coupled with the mortgage meltdown left many consumers saddled with too much debt, Williams explained, and an increasing number turned to bankruptcy protection.
And with rising interest rates and a slowing economy, the number of filings will likely get even worse. "I expect bankruptcies in 2008 to exceed 1.2 million filings," Williams said. Next year, bankruptcy filings could increase by another 15% to 20%, he said, as personal income is outpaced by inflation.