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Kettu asked:


The government is close to being done spending $700 billion dollars trying to rescue America ’s various other countries banks and financial markets. They spent that money in various ways, reworking their strategy every few days trying to stimulate the economy. The government now owns stakes in the countries biggest national and regional banks, in the hope that they will turn a profit once the ‘credit crisis’ is over. Now, the auto industry is asking for money from the bailout with the intention of actually helping working people. How much has the government helped working Americans with their bailout? I don’t think anyone, not even Hank Paulson can tell you.

Here is a proposal. One for the people, one for the economy, and it could even be possible for the banks to benefit. What if the government forgave its student loans through 2009? What are the possible benefits from this? Working Americans would have more money to invest, take out home loans, pay back home loans, buy a car, buy in general, and put into savings.

A few months ago, the government gave a great deal of Americans $300-$600 which increased consumer spending for about two months. With forgiving government student loans, many Americans could be saving that much every few months. Those savings could be then invested in a home and car loans or paying back loans already taken out. Those that do not take out a new loan or have other loans to repay would have more money to buy consumer and material goods. Other options for the money that these Americans would save could be invested in the markets or even put into savings. Both of those options would add liquidity to the market.

This would not be a quick fix to the market or the consumers, but would infact provide longer term benefits then the economic stimulous package did. The Americans that would benefit the from this package would be the same ones the credit crisis is effecting the most. Why should the government be giving the rich or the irresponsible more money? Why not give back to the Americans who worked hard to get a better job and be able to afford a better life? And if the goverment is planning on spending $2 TRILLION dollars more (as Bloomberg reports), wouldn’t this be a much better use of our money?

Please think about this. Tell me what you think of my idea or how you would tweak?

I’m not talking about all student loans, just the government student loans. All private loans would remain as they are.
1. Yes I do have loans, very little of which is government loans.
2. It is much harder today to get a good paying job without a college education.
3. How is that government dependence? It would be a one time thing. Forgiving all up through 2009.
4. Good job, but my father who worked 80hrs a week manual labor didn’t have so much luxury to pay cash, note we also didn’t have debt.
5. Why shouldn’t everyone have the right to a cheaper if not free college education?

Don