Read on Twitter
Funny thing is that as politically impossible as such a policy is, it would actually really help the economy.
Reminds me of when Keynes said that the government can end unemployment simply by burying notes and having businesses pay workers to dig them up. https://twitter.com/stevesalaita/status/1328351981245751297
Reminds me of when Keynes said that the government can end unemployment simply by burying notes and having businesses pay workers to dig them up. https://twitter.com/stevesalaita/status/1328351981245751297
I don't have any hope of all debt being cancelled but I do find it odd that people raise no objection to governments giving bailout packages worth trillions to businesses in times of economic trouble, not to mention the usual subsidies and grants and tax breaks all year around,
Because the governments say it's for the sake of stimulating economic activity.
But economic activity can just as easily be stimulated by helping people directly and it would actually make lives for ordinary people better. But that's where people raise their objections.
But economic activity can just as easily be stimulated by helping people directly and it would actually make lives for ordinary people better. But that's where people raise their objections.
The higher the consumer debt in a country, the lower the consumer demand. Cancelling debt would massively boost demand, which in turn would boost consumption. When consumption increases, business revenues also increase. More businesses spring up to serve new demand.
New jobs are created. This boost in economic activity would in time pay for itself back to the government in the form of taxes.
