Vangie WilliamsCompte certifié

Earlier this week my campaign announced that we have qualified for the ballot in Virginia’s first congressional district. While we congratulate our campaign staff and volunteers for their commitment and dedication, we know that this journey has just begun.

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.