Debt Removal For All

20 Jul

Everyone is not into politics yet it is hard to avoid the latest topic in the news nowadays. We are days away from one of the most catastrophic events in U.S. History if no deal can be reached by August 2 to help the U.S. Debt Crisis. We won’t discuss much of it because I don’t like getting into political debates, however, I had a question come to mind and wanted to know what the U.S. population would do if this thought became a reality. So here it goes.

With all this talk about the debt ceiling and what would happen to the United States if no deal is reached by August 2 on the U.S. Debt Crisis; I couldn’t help but wonder in this giant brain of mine, what would happen if the president decided to wipe all debt from every single individual carrying debt. In every form: student loan debt, personal loan debt, mortgages, credit card debt, auto loans, 401k loans, every single type of debt humanly possible. If President Obama decided to wipe all debt, do you think that you would fall back into your same spending habits that lead you into debt? Do you think you would change your spending habits to avoid debt? Do you think you would take advantage of this situation and only take on good debt such as a new mortgage, if you are not home owner? Do you think that we would be in the same situation as a country thousands of years from now?

I am curious to see what everyone thinks about this. Thanks for the support!



6 Responses to “Debt Removal For All”

  1. haasflow July 20, 2011 at 8:24 am #

    The thought of being debt free sounds unrealistic, it sounds wonderful. A clean slate, a new start. Personally, if we lived in a new debt free society, the overall well being and possibility of a brighter and stress free future is something to yearn for. In a sense isn’t that what we all are trying to avoid or rid ourselves from. My student loans are my main concern and root cause of my debt. If this debt free world is provided, what conspiracy theory will be next up for debate. IDK. I wouldn’t wanna entertain the thought of this being granted and then have myself back in debt. No way not even for the next stranger. This is another dope piece. Peace

  2. Wil July 20, 2011 at 8:47 am #

    I believe if he were to wipe away all our debts, personally; I would want to start fresh. It would make me think twice on what debt I wanted to incrue and I would be forced to look at- if I could truly afford something versus looking at what others are doing in comparison to myself. Do I believe that President Obama would wipe away our debts; probably not. We are living in a society of GREED and it would take changing our way of thinking before we could every clean up this mess that we have gotten ourselves into financially. Unfortunately, President Obama is being used as the fall guy when this has everything to do with each and every individual in America and the choices we make when we spend money.
    Great Piece Nadia!!!!!

  3. supawumyn July 20, 2011 at 2:20 pm #

    Wow! Great thought Lil Lady……Giant Brain! That’s something to really think about!

  4. Firstladie July 23, 2011 at 3:38 pm #

    In my opinion, removing debt will only be a short term fix. The key to solving the debt crisis is reprogramming our brains on overall spending in general. Until we as a people acknowledge that credit is a loan with attachable interest and not free money, America will forever be in a debt crisis. Great Article!

  5. theoneandonlymagic July 25, 2011 at 2:39 pm #

    Wiping everyones debt clean is an impossibility. The only way it would be possible is if the United States only dealt with the United States. For instance – you can go on vacation and in most countries and or islands you can use U.S. money. They do not call us the Financial Capitol of the world for no reason. Our money, our economy dictates the financial flow of the world. Example – in the early 1920’s the Great Depression took place. The stock market crashed and contruction on buildings and homes stopped. Farming stopped, people lost jobs and the reason why they called it great is because of the trickle affect. Eventually the entire world financial system crumpled – thus the GREAT DEPRESSION. So why can’t we erase everyones debt – well lets start from the top. So the entire world won’t fall into a great depression – when a country falls into debt to bad – another country will come to the recue so it won’t affect the entire world. So China owns at least 690 Billion dollars of debt of the US – Japan owns at least 598 billion. This debt is made up of Banknotes, Bonds, securities and common stocks to name a few. So if you wipe it clean basically the return that China and Japan hope to get will be worth nothing. You basically take the 690 Billion and 598 Billion and make it worth pennies on the dollar basically sending China’s & Japan’s economy upside down. Which will send the U.S. into the very thing we tried to avoid – a Great Depression. This by the way is the same reason why the government bailed out the banks and car makers. Also while we are at it – if the government increases the debt ceiling next month – its good and bad – good because we have no choice and it buys the country more time to recover. Bad because the dollars value will even be less than what it is now.

  6. haasflow July 25, 2011 at 2:52 pm #

    Very informative post and responses!


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