Debtors’ prisons were generally outlawed in our country in the 1830′s, but with corporate America flexing increasing power, they are making a return. A good thing? I think not. Corporate CEO’s never go to “debtor’s prison” when they over-borrow and drive their companies into bankruptcy. When corporate chiefs go to prison, it is usually for securities fraud violations, not for over-borrowing. But alas, we the consumers live by different rules, namely, the ones the corporate chiefs make for us.
Obviously this is unjust, for a number of reasons. Do the corporations and debt collectors consider that they expend thousands, if not tens of thousands, of dollars–court time, police, jail expenses– sending a debtor to prison over puny debts? I should imagine that they would not complain about taxes under these circumstances, but evidently the corporate creditors want the luxury of spending thousands of dollars throwing poor and struggling debtors into prison, while expecting the remaining poor and struggling debtors to pay for it.
Besides, I personally think it’s bad enough that we impose jail sentences on small and relatively inconsequential offenses such as simple drug possession and the like. Personally, I would prefer our precious judicial and police resources be spent on more serious crimes.
Here’s the article. Normally I’d say, “Enjoy!” However, I don’t enjoy this at all.
http://finance.yahoo.com/news/jailed-for–280–the-return-of-debtors–prisons.html