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According to the plan, we would have the option to cap payments at 10% of discretionary income. I'm not sure what that means exactly, but it sounds pretty good to me. I think debt relief is a great version of stimulus, since consumer spending has been a big problem for the economy. Debt burdens are high enough that many people are giving a huge chunk of their paycheck to the banks, which is terrible for producers of goods and for the overall wealth distribution. I applaud this move, and I hope that the courts don't step in and say that this can't be done by executive order. Sadly, if history is any indicator, they will.
thenewgreen · 4808 days ago · link ·
Seems great to me too, so long as that 10% is derived from the individuals income and not the "household" income.