My idea for Economic Stimulus

[RevDWW]

If you really want to stimulate the economy, give money back to those that are paying taxes. Better yet, why not declare a total write off of each tax payers debt, forgive it like we are being so forgiving of the Banks and Business that are so in debt. Every debt is clear and we all start over, every Bank, every Business, every Individual. Wipe the slate and see how much money gets poured back into the economy. Give each debt holder tax breaks for their part in the whole clean slte program. Tehy pay no taxes until they's recovered all the debt they have forgiven. I know the idea is far fetched, but it's not any more so then what is being called stimulus now.

Declare a year of Jubliee and pass a law that it must happen every seven years.

[RandyWayne]

Yes, tax cuts for those who have PAID in the first place, not endlessly increasing child tax credits for those who don't have a cent deducted in the first place for state or federal income.

If nothing but a capital gains tax cut, taking it from 15 to 5 (or zero) percent would have occurred one to one and a half years ago, It would have put a virtual halt to the current economic "crisis". There may have been little growth, but there still would have been some growth.

[KWSS1976]

Yea they yet to figure out that the people is what runs the economy if we don't have money then the buisnesses cannot get money it all starts with us the consumer. But if they forgave us of all our debts I think some people would not learn there lesson and go right back in debt just as fast as they got out of debt.

[RevDWW]

Originally Posted by RandyWayne

Yes, tax cuts for those who have PAID in the first place, not endlessly increasing child tax credits for those who don't have a cent deducted in the first place for state or federal income.

If nothing but a capital gains tax cut, taking it from 15 to 5 (or zero) percent would have occurred one to one and a half years ago, It would have put a virtual halt to the current economic "crisis". There may have been little growth, but there still would have been some growth.

What about my "Debt Forgiveness" program?

[RevDWW]

Originally Posted by KWSS1976

Yea they yet to figure out that the people is what runs the economy if we don't have money then the buisnesses cannot get money it all starts with us the consumer. But if they forgave us of all our debts I think some people would not learn there lesson and go right back in debt just as fast as they got out of debt.

Let' um go back into debt. Who's gonna lend them the money to go into debt again? Probably the same FInancial companies that are doing it now. But if you tack on that forgiveness would happen every 7 years companies would be more selective of to whom and how much they loaned.

[RandyWayne]

Wasn't the year of jubilee every 50?

[deltaguitar]

Originally Posted by RevDWW

If you really want to stimulate the economy, give money back to those that are paying taxes. Better yet, why not declare a total write off of each tax payers debt, forgive it like we are being so forgiving of the Banks and Business that are so in debt. Every debt is clear and we all start over, every Bank, every Business, every Individual. Wipe the slate and see how much money gets poured back into the economy. Give each debt holder tax breaks for their part in the whole clean slte program. Tehy pay no taxes until they's recovered all the debt they have forgiven. I know the idea is far fetched, but it's not any more so then what is being called stimulus now.

Declare a year of Jubliee and pass a law that it must happen every seven years.

Well, no one would loan money if they thought they were going to have to forgive it and I can promise you I wouldn't put my money in a bank that goes around forgiving loans to those who can pay it back.

[RandyWayne]

Originally Posted by deltaguitar

Well, no one would loan money if they thought they were going to have to forgive it and I can promise you I wouldn't put my money in a bank that goes around forgiving loans to those who can pay it back.

That is the difference. Today, debt is so leveraged that it would be virtually impossible to have a mass debt forgiveness. The money that the bank lends actually belongs to others.

[RevDWW]

Originally Posted by RandyWayne

Wasn't the year of jubilee every 50?

You are correct the Jubilee is in the 49th year or the 7th 7 years.
But.......
Deuteronomy 15(KJV) 1 At the end of every seven years thou shalt make a release. 2 And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD’S release.
3 Of a foreigner thou mayest exact it again: but that which is thine with thy brother thine hand shall release;
4 Save when there shall be no poor among you; for the LORD shall greatly bless thee in the land which the LORD thy God giveth thee for an inheritance to possess it:
5 Only if thou carefully hearken unto the voice of the LORD thy God, to observe to do all these commandments which I command thee this day.
6 For the LORD thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee.
7 If there be among you a poor man of one of thy brethren within any of thy gates in thy land which the LORD thy God giveth thee, thou shalt not harden thine heart, nor shut thine hand from thy poor brother:
8 But thou shalt open thine hand wide unto him, and shalt surely lend him sufficient for his need, in that which he wanteth.
9 Beware that there be not a thought in thy wicked heart, saying, The seventh year, the year of release, is at hand; and thine eye be evil against thy poor brother, and thou givest him nought; and he cry unto the LORD against thee, and it be sin unto thee.
10 Thou shalt surely give him, and thine heart shall not be grieved when thou givest unto him: because that for this thing the LORD thy God shall bless thee in all thy works, and in all that thou puttest thine hand unto.
11 For the poor shall never cease out of the land: therefore I command thee, saying, Thou shalt open thine hand wide unto thy brother, to thy poor, and to thy needy, in thy land.
12 And if thy brother, an Hebrew man, or an Hebrew woman, be sold unto thee, and serve thee six years; then in the seventh year thou shalt let him go free from thee.
13 And when thou sendest him out free from thee, thou shalt not let him go away empty:
14 Thou shalt furnish him liberally out of thy flock, and out of thy floor, and out of thy winepress: of that wherewith the LORD thy God hath blessed thee thou shalt give unto him.
15 And thou shalt remember that thou wast a bondman in the land of Egypt, and the LORD thy God redeemed thee: therefore I command thee this thing to day.
16 And it shall be, if he say unto thee, I will not go away from thee; because he loveth thee and thine house, because he is well with thee;
17 Then thou shalt take an awl, and thrust it through his ear unto the door, and he shall be thy servant for ever. And also unto thy maidservant thou shalt do likewise.
18 It shall not seem hard unto thee, when thou sendest him away free from thee; for he hath been worth a double hired servant to thee, in serving thee six years: and the LORD thy God shall bless thee in all that thou doest.

Very interesting concept isn't it?

[RevDWW]

Originally Posted by deltaguitar

Well, no one would loan money if they thought they were going to have to forgive it and I can promise you I wouldn't put my money in a bank that goes around forgiving loans to those who can pay it back.

They'd give short term loans.