To stimulate the economy by putting money in the pockets of consumers, I propose:

rateyes

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Fri Jan-18-08 01:50 PM
Original message

To stimulate the economy by putting money in the pockets of consumers, I propose:

Forgiving all student loans. Convert them into non-taxable government grants.

For each credit card issued---add up the lifetime total amount of principal borrowed and the lifetime amount paid on said card, and drop the principal amount left to be paid to the difference between the former amount subtracted by the latter amount--and dropping the interest rate on each card to 5%. If the difference is ZERO or more, the debt on the card is wiped clean.

Same thing for home mortgages, and car loans.

The Banks and the Credit Companies got us into this shit. They should get us out of it.

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rateyes

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Fri Jan-18-08 01:52 PM
Response to Original message

1. Also, interest earned on investments should not be taxable,

Edited on Fri Jan-18-08 01:52 PM by rateyes

and a person should be able to deduct the amount of income put into a savings account from their taxable income...giving individuals an incentive to save.

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EnviroBat

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Fri Jan-18-08 01:57 PM
Response to Reply #1

2. These are great ideas!

I'm already "not" paying my student loan. The way I see it, there's not going to be any Social Security left when I reach retirement age, so I'm pocketing the almost $200.00/mo that I would be paying back on student loans, and putting it in retirement accounts. After all, that's what the chimp wants us to do anyway, right?

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ret5hd

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Fri Jan-18-08 02:17 PM
Response to Reply #1

7. So you'd give the rich a 100% tax deduction?

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rateyes

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Fri Jan-18-08 02:20 PM
Response to Reply #7

8. I should have qualified that...

Interest earned on regular savings accounts, CDs, Educational IRAs and capital gains on the sale of a primary residence, along with the ROTH IRA'S.

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DJ13

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Fri Jan-18-08 02:00 PM
Response to Original message

3. Good list, but I would add

If they want to stimulate the economy where it will effect the people who most need the help increase the monthly benefits of Social Security by an additional 10%.

On credit cards, go back to regulating interest rates, and cap the maximimum interest rate at 10% over Prime, while passing a stimulous package to credit card companies to foster real competition among them for retaining customers through lower than the capped rates.

Your ideas about mortgage and fixed interest loans (car in your example) are good.

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rateyes

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Fri Jan-18-08 02:15 PM
Response to Reply #3

6. Great additions....

and, I would add--pass single-payer national health care.

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Hubert Flottz

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Fri Jan-18-08 02:02 PM
Response to Original message

4. That money will almost all trickle up to the oil companies in the end!

So Bush wants to grease the oily palms of the folks that made his rise to power possible, yet again.

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rateyes

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Fri Jan-18-08 02:13 PM
Response to Reply #4

5. Yes, he does. nt

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AlphaCentauri

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Fri Jan-18-08 02:32 PM
Response to Original message

9. forgive all home loands or at least 50% - 70%

make the average home price 140 000 then everybody will have money to expend and the economy will be in good shape.

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focusfan

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Fri Jan-18-08 02:46 PM
Response to Original message

10. Sounds good,but we need to rollback energy prices to 2000 levels

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