The Middle Class Has a Debt Problem
http://www.bloombergview.com/articles/2015-05-13/the-middle-class-has-a-debt-problem
What to do? First, stop subsidizing debt. Believe it or not, the government actually encourages excessive borrowing at taxpayer expense. The income-tax deduction for interest paid on mortgage debt, for example, costs an estimated $75 billion a year. The so-called too-big-to-fail subsidy -- the break on borrowing costs that the largest banks enjoy because creditors assume the government will bail them out -- costs tens of billions more. Reducing such handouts will be politically difficult, but must be done to improve incentives and make the financial system more resilient.
Side Skype Notes: What to do?
"First, stop subsidizing debt. Believe it or not, the government actually encourages excessive borrowing at taxpayer expense. The income-tax deduction for interest paid on mortgage debt, for example, costs an estimated $75 billion a year. The so-called too-big-to-fail subsidy -- the break on borrowing costs that the largest banks enjoy because creditors assume the government will bail them out -- costs tens of billions more. Reducing such handouts will be politically difficult, but must be done to improve incentives and make the financial system more resilient.
How about we just eliminate debt altogether?
This is unlawful debt on the part of the banks who create money from it using the debt instrument of birth certificate in order to collateralize and justify its making the loan, which is really loaning us our OWN money (or at least money created from our existence) and then it makes us pay it back WITH interest. And by our having walked into the bank in the first place to apply for the loan, the Bank was able to make up money out of thin air, which it gets to keep on its books forever.
As for income taxes being the problem: How about we eliminate them as well? They are, after all an abomination and an unlawful one at that! The 16th ammendment was never ratified. But that is just the tip of the iceberg. Income taxes point us in the direction of EVERYTHING that is wrong with Government. EVERYTHING.
So maybe it isn't the middle class that has too much debt, but the fault of a Corporate Takeover of the United States that seeks to slurp for itself. every last dime in every last pocket in this country.
And lest we not forget: They do it to serve their Alien masters who some how end up using most all of our resources, including taxation for their own projects off world."
