Debt Relief for America

[bautiste at uswest.net]

With the astounding levels of debt of the lower and middle classes, what
would debt relief in the form of a one-time debt forgiveness do for the lower
classes? I am thinking that the $70B budget surplus could be used to do this.
I do not know what form it should take, though. Should there be a tax break
for those who pay their debt--they get it back in the form of a tax credit,
or could the govt. just say close the books on the debt? The latter is what
they do in the case of bankruptcy. Maybe the govt. could give companies that
forgive the debt a tax break?

Anyway, something like this would spur economic growth among the lower
classes, no? Also, a debate on the issue could highlight the predatory
practices of some credit companies that prey on those in debt, only to get
them in higher debt, with huge interest rate payments.

Anyone know of anything written on this subject?

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