Political Quotes

“I am delighted to begin immediately by talking about the means test and other consumer provisions that will harm middle-income and low-income people. Because contrary to the assertion of my friend, the gentleman from Pennsylvania (Mr. Gekas), that this is going to make it better, the means test is going to make it worse. It is incorrect to assume that the effect of this bill's harmful provisions would be limited to individuals seeking bankruptcy relief who earned more than the regional median income. First, there are numerous significant flaws in the manner in which the median income is calculated. For example, the median income figure required under this bill will be outdated and understated. This is because the bill states that the household income is to be based on the most recent census figures available as of January 1. But as of January 1, the census has information available for only the second year prior to the date. Accordingly, during this year, 1999, census figures will be available only for 1997. At times of inflation, this 2-year lag could result, obviously, in a significant increase in the number of individuals who are subject to the motions to dismiss or convert and who may earn more than the outdated median-income figure.”