The rollbacks to social safety nets in H.R. 1 are just the latest effort in a 50-year campaign to shift financial risk from big institutions and monied interests onto ordinary households.

This post has been republished from Professor Patricia McCoy’s Substack. Her new book, “Sharing Risk: The Path to Economic Well-Being for All,” is available from The University of California Press.

Today, the typical family is worse off economically than it was in the 1960s, due to a concerted campaign by businesses and governments to dump their financial risks onto breadwinners and their families. This column examines how H.R. 1 continues that campaign while undermining some of the newer social safety nets established in recent years.