We have already dumped $4.3 trillion into the bailout of Wall Street.
Collectively college students owe about $1.13 trillion on their student loans.
If we paid off every student loan in the country with the money we've handed over to Wall Street we'd still have well over $3.1 trillion left.
With $3.1 trillion we could then pay off every credit card in America.
After paying off every credit card in America we would still have at least $2.2 trillion.
Since this is education related, let's use the $2.2 trillion to pay the tuition for the roughly 14.2 million students attending a public university. With tuition costing roughly $3,030 per student in 2014-2015 we could pay for everyone who attends a four year public university through 2024 ... and still have about $400 billion left.
Or we could take the $2.2 trillion and use it to pay down total mortgage debt ($8.1 trillion) of every household. This would wipe away a little over 25% of America's total mortgage. So, let's say you owe $200,000 on your mortgage. Afterwards you would owe a little under $150,000, which would put a big dent in your monthly payments.
So, think about the following. What would millions of Americans do without tuition, student loans or credit card debts to pay? How would a 25% reduction in your mortgage debt impact the life off working class homeowners in America?
One thing's clear: the economy would take off.
Unfortunately, Wall Street and the bankers said that they needed the $4.3 trillion to pay off their failed market bets, which was dumped on their laps primarily by the Federal Reserve.
So, why couldn't we have taken the $4.3 trillion to help pay down the debts of ordinary Americans, to help keep them financially stable? Because that would be socialism (cough, cough). Right?
Even if we proposed using the same terms (less than 1% loans) that were granted to our nations largest financial institutions to pay off these consumer debts it would still be labeled socialism.
Welcome to class warfare in America.
- Mark
Collectively college students owe about $1.13 trillion on their student loans.
If we paid off every student loan in the country with the money we've handed over to Wall Street we'd still have well over $3.1 trillion left.
With $3.1 trillion we could then pay off every credit card in America.
After paying off every credit card in America we would still have at least $2.2 trillion.
Since this is education related, let's use the $2.2 trillion to pay the tuition for the roughly 14.2 million students attending a public university. With tuition costing roughly $3,030 per student in 2014-2015 we could pay for everyone who attends a four year public university through 2024 ... and still have about $400 billion left.
Or we could take the $2.2 trillion and use it to pay down total mortgage debt ($8.1 trillion) of every household. This would wipe away a little over 25% of America's total mortgage. So, let's say you owe $200,000 on your mortgage. Afterwards you would owe a little under $150,000, which would put a big dent in your monthly payments.
So, think about the following. What would millions of Americans do without tuition, student loans or credit card debts to pay? How would a 25% reduction in your mortgage debt impact the life off working class homeowners in America?
One thing's clear: the economy would take off.
Unfortunately, Wall Street and the bankers said that they needed the $4.3 trillion to pay off their failed market bets, which was dumped on their laps primarily by the Federal Reserve.
So, why couldn't we have taken the $4.3 trillion to help pay down the debts of ordinary Americans, to help keep them financially stable? Because that would be socialism (cough, cough). Right?
Even if we proposed using the same terms (less than 1% loans) that were granted to our nations largest financial institutions to pay off these consumer debts it would still be labeled socialism.
Welcome to class warfare in America.
- Mark
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