Getting Out From Under

What is one of the chief things we've heard from conservatives during the housing crisis? It's that homeowners SHOULD honor their obligations of their contracts to pay for their homes. With more and more people simply walking away from these contracts, many conservatives are painting such actions as, not only illegal, but downright immoral.

You see, contracts are not to be trifled with. It's what keeps our capitalist system moving forward. It is just plain wrong to welch out of a legal agreement, particularly one that will deprive ultra rich corporations (who don't necessarily have to uphold their end of the deal) of even a smidgen of [their] rightful money.

It is quite ironic that this issue of legal contracts plays a key role in the ongoing situation transpiring in Wisconsin. As Eugene Robinson has pointed out,

When it comes to pensions and benefits, public workers in Wisconsin have a sweet deal. Most of them put less than 1 percent of their pay into their pensions; Walker’s bill would require contributions of at least 5.8 percent. And most pay only about 6 percent of the cost of their health insurance premiums, a figure that Walker wants to raise to at least 12.6 percent.

It’s easy to see why the average private-sector worker in Wisconsin—probably paying upward of 25 percent toward health insurance costs and struggling to tuck away something, anything, for retirement—might agree with Walker.

It should be noted, however, that those generous deals were not ordained by divine providence. They were negotiated, which means that state and local officials agreed to the contract provisions now deemed so excessive. It has long been common for unions to accept better health and pension benefits in lieu of higher salaries — in effect, taking the money later rather than sooner. Now that these IOUs are coming due, Wisconsin wants to renege...

Gee, it seems that contracts are not really that important -- legally OR morally -- to conservatives after all!