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Mon Dec 3, 2012, 02:25 AM

Rolling Jubilee Poised to Retire $9,000,000 in Medical Debt!

Sun Dec 02, 2012 at 08:37 PM PST
Rolling Jubilee Poised to Retire $9,000,000 in Medical Debt!
by jpmassar

While New York City's Mayor is once again attempting to squash Occupy by ordering Occupy Sandy off the streets, another group of Occupiers and allies is continuing unimpeded in its efforts to do something to make the world a better place. Rolling Jubilee, an action by StrikeDebt, an "offshoot" of Occupy Wall Street, has now raised enough money to retire over $9,000,000 in medical debt.

A week and half ago I reported that donations had topped $400,000, enough to retire $8,000,000 in debt. The debtometer has been turning continuously since then, and a few hours ago it hit $450,000.

It would only take $50,000 -- $5 donations each by 10000 people -- to hit that magic next decimal: $10,000,000. (Mayor Bloomberg could do it on far less than the interest he earns in a single day, but I digress). When it does hit, that will probably connect with the lame stream media much as the original effort did.

The point, however, of the Rolling Jubilee is not so much to forgive a certain amount of debt for a certain number of people -- although it is and will continue to do that -- rather the goal is more to restart the conversation about debt and how people got into it in this country. From medical bills that no person in any other industrialized country has to deal with, to fraudulent home loans from banksters who should be in jail, to usurious credit card rates and fees, to unforgivable student debt that is causing grandparents' social security payments to be docked, debt has because a plague upon the land.

When Iceland can jail its banksters and bail out its people, the only reason we cannot do it is a lack of understanding by the people of just how badly they have been screwed.

StrikeDebt
@StrikeDebt

#austerity isn't working. #Jubilee really works, just ask Iceland. It's time for a #GlobalJubilee strikedebt.org



30 Nov 12


(For specifics on the Rolling Jubilee, please see the FAQ on this page. For an in-depth discussion of the tax issues (or non-issues) surrounding this endeavor, you can try to wade through the comments in my previous diary).

http://www.dailykos.com/story/2012/12/02/1166734/-Rolling-Jubilee-Poised-to-Retire-9-000-000-in-Medical-Debt

17 replies, 1944 views

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Response to FourScore (Original post)

Mon Dec 3, 2012, 03:18 AM

1. Bookmarking to dig into this more later. Thanks!

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Response to FourScore (Original post)

Mon Dec 3, 2012, 04:42 AM

2. Thanks for Posting

I too will have to read more later.

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Response to FourScore (Original post)

Mon Dec 3, 2012, 05:13 AM

3. OWS

I can not find the words to express the admiration I have for Occupy Wall Street, Occupy Sandy, all of the occupies and the Rolling Jubilee.

If OWS had not be squashed by our corrupt government the change is this country would have been astounding.

Thank you sincerely from the bottom of my heart for all that you do !!!!

A true Democratic Party and president would have backed you all they way.

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Response to SamKnause (Reply #3)

Mon Dec 3, 2012, 07:56 AM

7. I couldn't agree more. They are brilliant and addressing all the issues Congress should be

be addressing but have not. They have stopped foreclosures, kept people in their homes, they have taken care of the homeless, they are able to organize so fast it's amazing. Now they are helping the victims of Sandy. And this latest idea is brilliant. They also started working on their own Credit Unions.

I hope more people join them every day as they are laying the foundation to start building the country from the beginning all over again. We can't seem to do it through poltiics, this is the way imo.

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Response to SamKnause (Reply #3)

Mon Dec 3, 2012, 09:25 PM

12. they saved this country. we were in the midst of everyone slashing

the budget and creating massive poverty when they turned the tides to equity.

There are no words of praise and love for me to say what I feel for them. They are so wonderful. They are us doing what all of us should do and putting skin into the game. they have been harmed and jailed but they continue. I am ever in awe of them.

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Response to FourScore (Original post)

Mon Dec 3, 2012, 05:28 AM

4. Saw two of those organizing this on Up with Chris Hayes. Very cool.

They didn't mention, however, if they managed to make sure those whose debt is forgiven are not taxed on this forgiveness as income. Someone here on DU brought it up earlier and I never saw an answer.

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Response to Dark n Stormy Knight (Reply #4)

Mon Dec 3, 2012, 06:45 AM

5. The debt isn't FORGIVEN, it's PAID... so no tax. nt.

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Response to druidity33 (Reply #5)

Mon Dec 3, 2012, 06:54 AM

6. That's my understanding...

Money does not go to the person in debt. The debt is purchased for pennies on the dollar and then forgiven.

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Response to Phentex (Reply #6)

Mon Dec 3, 2012, 10:55 AM

10. If StrikeDebt does not report the forgiven debt as a loss

The tax implications on StrikeDebt are interesting to consider.

The debt is either forgiven or paid; if forgiven, the debtor has a tax liability. If paid, the owner of the debt does.

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Response to FourScore (Original post)

Mon Dec 3, 2012, 07:59 AM

8. du rec. nt

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Response to FourScore (Original post)

Mon Dec 3, 2012, 10:45 AM

9. Thanks for the reminder to donate to this fine group again.

Iceland...what a way to do it.

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Response to FourScore (Original post)

Mon Dec 3, 2012, 11:45 AM

11. I'll wait to donate until I hear about someone who's debt has been paid.

Not that I doubt their good intensions, but giving money to an anonymous internet site is sketchy. That's Internet Safety 101. There is no name as contact, there is one email address for press to use on the web site, and the "about us" links are circular between the Rolling Jubilee and Strike Debt web sites. I've worked at non-profits my whole working life (25 years) and know transparency is absolutely necessary to receive funding from any source. Rolling Jubilee's transparency page says they'll post result as soon as they have some, and also that they are a volunteer-run organization. Really? Volunteers are in charge of a $500K budget? I'm sorry, I've worked with a lot of volunteers and while many are very capable, some are just good-hearted simpletons and others are downright scoundrels volunteering for their own nefarious purposes. What happens if this $500K disappears? Who is responsible?

So again, I'll wait to donate until I see some actual debt dismissed and at least one real, live person's life changed. Then I swear I'll be first in line to donate.

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Response to FourScore (Original post)

Mon Dec 3, 2012, 10:12 PM

13. K&R

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Response to FourScore (Original post)

Mon Dec 3, 2012, 10:19 PM

14. Imagine what the Campaign Money from High End Donors could have done re "The Debt" in this

past Election? Or the Elections before?

Citizens United Decision.... Need to get that one reconsidered.

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Response to FourScore (Original post)

Mon Dec 3, 2012, 10:21 PM

15. This is one of the VERY BEST things that occupy could have

gotten into.

Cheers!

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Response to FourScore (Original post)

Mon Dec 3, 2012, 10:42 PM

16. The good folks

who are out there everyday taking Occupy to the next level - they're living it and it's making a difference in people's lives. They have my respect. All of them.

Activist organizations of all kinds seem to be networking and cooperating through Occupy and other movements. An activist infrastructure is being built worldwide. There's hope in knowing that.

I read a great book a few years ago about this very thing that may yet be prophetic. I recommend it if you're a reader. It's called Blessed Unrest by Paul Hawken.

http://www.blessedunrest.com/

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Response to FourScore (Original post)

Mon Dec 3, 2012, 11:04 PM

17. cool. The government should do this to help people get out of debt.

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