SEN. EDWARDS CALLS FOR GOVERNMENT HELP FOR STRAPPED MIDDLE CLASS

November 15, 2003

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Senator John Edwards (D-NC) released the following statement on a new report showing a 7.8 percent increase in the number of bankruptcy filings, which have risen to a record high of 1.63 million.

“We face a quiet crisis in America. Middle class families stand on the edge of a financial cliff, and unless we act, more and more families will fall off of that cliff.

“We have seen a historic change in the last generation. A generation ago, Americans were saving 11 percent of their income and had just 4 percent of their income in credit card debt. Today, Americans are not saving at all, and they have 12 percent of their income in credit card debt. Our families are just one lost job or one medical emergency away from bankruptcy.

“We need to help families find their way out of debt, with strong measures to crack down on abusive mortgage lenders, payday lenders, and credit card companies. Next, we need tax cuts that will help families build up their savings and give themselves real security. That is why I have proposed tax cuts to help families own a home or save for the future. These measures will help families save and help our economy work for the middle class again.”