Reduce The Debt Burden On The Consumer

Something Economist Nouriel Roubini said reminded me of a comment I made in Jingle Mail.

First Roubini said “…the Bush administration’s $700 billion plan to bail out troubled banking institutions won’t put an end to the financial crisis.” He writes that we need to recapitalize the banks and we need to reduce the debt burden on the consumer.

I like Rush Limbaugh’s idea. American consumers owe $915 billion in credit card debt. Why not have the government pay it off for us. It would be like hitting a reset button, getting back to zero, so to speak. No pain and soon Americans would be spending again

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