Liberty in America is often equated with economic freedom. Constrain one’s freedom to make a deal — even a bad deal — some argue, and liberty is diminished. In an era when rampant personal debt has led to widespread ruin, the efficacy of this view of liberty is thrown into sharp relief. Should some people who have made bad deals be forgiven their debts, or are we all better off if instead they face up to foreclosure and the dire circumstances that come with it?
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David M. Abromowitz