A different approach to a failing economy
Being one of the many who has been effected by our country’s economic woes has motivated me to formulate a different approach to this dire situation. It appears to me that funneling taxpayer money to the lending institutions and banks may be a little premature and does not effectively address the root cause. Therefore, I would like to suggest a different approach as follows:
– The bailout funds (taxpayer money) should be made available to the lending institutions via the taxpayer in the form of payments made directly to the taxpayer’s debtors.
– Allow up to $35,000 or some predetermined amount be made available to each taxpayer. Any amount that is not utilized by the taxpayer would be taken as a tax credit over time.
– These funds will be paid directly to the lending institutions involved upon a taxpayer application to the appointed governmental agency.
– The debt burden on the taxpayer will be reduced, and in some cases eliminated.
– Consumer confidence will strengthen as their debt burden is relieved.
– The debt on the lending institutions books would be reduced through the elimination of consumer loans.
– The lending institutions would now be more motivated to lend as the number of outstanding loans are decreased, causing their revenue flow to diminish.
– The rate of foreclosures would slow as money flows to the mortgage companies and as a result would energize the housing market.
It is important to note that this approach that I have suggested above is just the beginning dialogue, and any input that you can provide, both positive and negative, would be greatly appreciated.
Support Local Journalism
Support Local Journalism
Readers around Aspen and Snowmass Village make the Aspen Times’ work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Each donation will be used exclusively for the development and creation of increased news coverage.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
Three longtime residents of the lower Roaring Fork Valley talk about the sinking feeling that built Monday and Tuesday as the Grizzly Creek Fire grew. They are hoping the threat to their neighborhoods has passed.