The US Congress seems to have issues with coming up with fair methods of repairing our ailing economy. They are more than happy to bail out those who actually caused the problem so that they can go back to rewarding themselves with massive bonuses. Why not pass a bill that would boost our economy by helping those who did not cause the problem and have been most hurt by it?
I think it's a no-brainier -- allow anyone not tied to the financial industry and whose income is below a certain amount and who has not missed any mortgage payments to refinance their homes to today's historically low rates while the federal government covers the closing costs of the refinancing. This would be far more inclusive than the weak HARP program, and thus would be more fair and do more to help our economy. It would increase tax revenue by allowing middle-class Americans to have more money in their pockets and, perhaps even more importantly, it would increase consumer confidence. The only people to lose would be the banks who would get lower interest on their loans, but hey, it was these banks who caused the problem in the first place and have been bailed out by us.
A second idea is to improve the manner in which we dole out foreign aid so that it helps other countries, as intended, but also helps America. Do some basic research of particular areas that need our help, such as infrastructure projects, and offer to fund these projects, but rather than giving the money to the country for the project, we would use US companies to produce the work. Yes, this would cause the projects to cost more than if produced locally, but being efficient is not the point here. The project gets completed, benefitting the foreign country, but the vast majority of our tax-payer dollars gets reinjected back into our own economy rather than vanishing overseas.
Myke Cole interview
5 hours ago