On Tuesday, January 27, Gwen Ifill appeared on The Daily Show with Jon Stewart, where Stewart proposed a simple economic stimulus plan that nobody in Washington D.C. is talking about: bail out debt-laden workers. By getting working people out of debt, the money will then go to the banks that are ailing AND free up the incomes of the working- and middle-class.
Gwen Ifill ignored the idea, but Stewart would not let the simple genius of the idea go.
On Monday, February 2, Stewart had on his program Lawrence Lindsey, Director of the National Economic Council (2001-2002), and the Assistant to the President on Economic Policy for George W. Bush. Once again, Stewart raised the idea. Lindsey agreed with Stewart (watch):
Jon Stewart explains his economic stimulus plan to Lawrence Lindsey
Everyone in Washington is talking about bailing out banks, and the Bush Administration blindly handed over hundreds of billions to the banks, who then in the form of bonuses handed it to the people who ruined the global economy – Wall Street bankers.
Unfortunately, working people do not have lobbyists in Washington like Wall Street does. But we have Facebook. And we are here to DEMAND the implementation of the Jon Stewart Economic Plan:
- Create a stimulus package that will bail the working class out of debt.
- The money will go to the financial industry via workers paying off their debt.
- This will increase the banks liquidity.
- People, free from their debt, will have more money to invest in the economy.
The idea is so obvious, that even supply-sider Lawrence Lindsey agreed it would work.
Read more on Trickle-up economics.
Join the Facebook Group:
Join the Facebook group to demand the Jon Stewart Economic Plan by clicking the image
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I know I’m not on the correct post, but I wanted to give you kudos for your response to Scott on the Matt Sanchez issue. It probably won’t change his mind, but it still needs to be said as often as possible.
great idea….i just hope somehow it gets implemented!!! this is just what we need…
thanks David….
I don’t own a home. I’m 49 years old. I make less than the the national average income. I have about $14,000 in personal debt, the largest chunk of which is credit cards. I’m hunkered down at home and I’ve radically reduced my discretionary spending. I’ve increased the amount I pay on my personal debt each month. I would not buy a home right now because I can’t assume my job is safe, and I can’t assume that housing prices won’t continue falling. Why would I take a mortgage on a $200,000 home knowing there’s every chance it may be a $180,000 home in a year or two?
Now, I can’t tell you I’d run out and buy a home, but I will tell you that a substantial reduction in that personal consumer debt and a more reasonable interest rate on what remains would definitely loosen my wallet when it comes to everyday things. I’ve discussed this with friends who completely agree. I’m not an economist, but I do pay a lot of attention to what goes on and I’ve heard almost no discussion of this. Jon Stewart is the only person I’ve seen bring it up, and I noticed that both times he did his guest essentially avoided the issue.
It’s my opinion that the credit card industry has been one of the leading pirates in walking America right off the plank. They’ve had Congress in their pocket to such a depth that industry lobbyists wrote the 2005 bankruptcy bill that sailed – as written – through to Bush to Bush who of course signed it into law. (Thank you Vice-President Biden, btw.)
So, am I alone out there? Economists, educate me. But don’t lecture me on avoiding my responsibility to pay my debt – I have no intention of doing so. Why is the government charging taxpayers to do what amounts to the very same thing for the banks that issue these credit cards? If it’s not alright for corporations to be responsible for their own profligacy, why is it not alright for individuals?
Twitter: davidshankbone
says:
I think you hit the nail on the head, 6is9. The answer is that credit card debt and the need to keep consumers paying on it is now an essential part of the business models of these banks. I have friends who are in bankruptcy who *still* receive offers for credit cards!
The Republicans are backed by evangelicals, who seem to have no interest in addressing the usury that is going on in this country by our credit card issuers. 35% interest rates? Such a thing should not be legal. Yet it was the Republicans who have been in bed with them. We have seen this before with the Republicans, whose main block of voters are Wall Street wannabes and the Christian Right. These two have combine to form some of the most intolerant, disastrous policies in American history.
Chris Dodd in the Senate appears to be one voice of reason.
I will write more about the credit card companies in the future. They prey on people’s hopes and dreams, entice them to dig into debt, and then say “It’s your fault we lent you money you never could really afford!” Truth is: it *is* you fault, but it is also theirs. We aren’t supposed to have corporate drug-dealing in this country because it’s not responsible, and consumerism has been a drug the country has been hooked on for at least the last eight years, with help from the Republicans. People like you, 6is9, are made to feel guilty for your debt to make you shut up about it; to shame you. But you’ve been told to spend all your money to help the economy by the Republicans.