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These are dangerous times. Americans face an unprecedented public health threat that has shuttered our homes and schools and businesses. We pray for those infected and mourn for those already lost. Long before #COVID19 came to our shores America faced another invisible threat.
It is what I call the Great American Debt. This guarantees that our children, and indeed their children, have lost any hope of economic mobility. Their chances of building lasting wealth in their lifetimes has been hijacked by a broken political system.
200 million Americans are $14T in debt in the form of student loans, mortgages, or car loans. It’s painfully obvious why Americans are underwater; the cost of living is too high, our interest too much, our wages too low. America needs a new economic paradigm #DebtRelief
And while some money will go to families and unemployment benefits and hospitals, the misallocation of the vast majority of the funds proves this package is bad for America. I propose a different approach. Why not allocate the stimulus money to the people as debt relief?
Congress should apply it towards our consumer debt for three simple reasons: 1) Value. Americans would actually receive the entire amount if applied towards their debt as it would not be taxed.
2) Interest relief. Any amount applied towards debt increases its own value, so a cash payment is actually higher in value since the balance on which the interest is levied is reduced.
3) It would eliminate the need corporate bailouts. Wall Street would rally and the market strengthen since ultimately the money ends up with the banks and lending institutions holding the debt.
Once that’s done, Congress should take the $500B slush fund and, like Obama’s $447B American Jobs Act, apply it towards Infrastructure investment to boost the economy by creating a million new jobs. #economy #jobs #AmericaFirst
1) Hospitals and medical facilities. We must defeat #COVID
2) National High Speed Rail: Obama had it right.
3) Roads and Bridges: long overdue
4) Water and Sewage Infrastructure: no more Flint Michigan’s.
5) Job training
6) Unemployment benefits
Americans can move towards economic justice by acknowledging the existing cycle of inequality borne of corrupt taxation and corporate favoritism, then electing a new Congress committed to its realization. Giving the stimulus to the people in the form of debt relief is a start.
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