Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. Its a trap for the rest of your life because the laws are designed so that you cant get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.
By: Noam Chomsky
They said it was impossible to touch the third rail of politics, to take on public-sector unions and to reform a pension and health benefits system that was headed to bankruptcy. But with bipartisan leadership, we saved taxpayers $132 billion dollars over 30 years and saved retirees their pensions. We did it.
By: Chris Christie
The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into theheritage of Europe as though it were its patrimony--unaware, alas, of the fact that Europe's declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.
By: Hannah Arendt
A normal way that the American free market system has worked is that we have a process of unwinding. It's called bankruptcy. It doesn't mean, necessarily, that the industry is eclipsed or that it's gone. Often times, the phoenix rises out of the ashes.
By: Michele Bachmann