Economic Recovery Plan

Owning a home: the dream that every man dreams. The American dream is both a privilege and a burden. Typically, realizing a dream that you have had since maturity is pleasurable, however, for many Americans, the possibility of owning their own home is a temptation that burns too bright to resist.

I live in Williamson County, in Tennessee, which, at one point, was ranked in the top ten wealthiest counties in the entire United States. The fact is this: if you live in Williamson County, you most likely have some money. I have seen firsthand how people are tricked into “Keeping up with the Jones’”, and it is causing America as a whole to suffer financially. I think we can all agree that the majority of our current economic problems are based on faulty loans. Greed and irresponsibility are killing the market economy that we currently enjoy. My belief: that all things financial are linked and are directly related to the other sectors’ success and demise. My solution:

a. pass a law stating that people who default on their loans AND enter bankruptcy should be required to live in government subsidized housing until a reparation payment of ¼ of the loan can be made to the financial institution who dealt the loan, in addition to

b. an additional 5% withholding tax for the next five years after bankruptcy from every paycheck

c. this amount will be matched by the federal government

d. using this withholding penalty, once the financial institution’s FULL loan amount, or settlement amount has been satisfied,

e. the offenders will enter a five year probationary period, in which ALL housing decisions must be approved by a probationary officer. The accumulation of the 10% withholdings (5% from the offender, 5% from the governme...

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...not to make a profit by taking advantage of people. The government is there to help the country run; the people are not here to make the government run. Therefore, that I believe federal and state income taxes should be waived during the probationary time. Like I said, we want to help people recover, not break them down with more penalties.

More than all of this, I believe that the economical situation would SIGNIFICANTLY improve if this program was implemented. Because money is related, if the housing sector does better, the financial sector improves. If the financial sector improves, the small business sector improves; the list goes on and on. This idea is not only a bankruptcy recovery, but an economical recovery plan that would improve our economy in a very reasonable amount of time, WITHOUT pumping billions of dollars into a stimulus package.