“So my immodest proposal is simply this,” as posed by Alex Pareene on Salon.com:
Individuals and households in the bottom 99 percent who owe debt to any large financial institution that received federal government support during and after the 2008 crisis should see their debt forgiven. That would certainly stimulate the economy, as most people would suddenly find themselves with a great deal more money to spend on iPads (and food, and clothing, and housing, and healthcare). The debt can be forgiven by decree or if the government really wants to it can step in to pay it itself; I don’t much care either way. (Though it’d be nice to see it just wiped off the books, to enrage the banks.)
Let’s wipe the debt of the 99 percent off the books, tell the financial sector to eat it, and get on with our lives.
I’m by no means the first person to come up with this demand. David Graeber, author of “Debt: The First 5,000 Years,” proposed the idea on “Democracy Now” last month …
More from Alex Pareene on Salon.com