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In reply to the discussion: The upcoming job losses will be unlike anything the US has ever seen [View all]Hestia
(3,818 posts)that will jump start the economy is a Debt Jubilee for consumer credit with mortgages not included (I think). Look at the payment money that people will have in their pockets. It actually is less expensive in the long run if we do that.
It's already been bandied about that the $2T is short, that $5T is really needed to really make a difference.
Outstanding consumer credit as of Jan 2020 = 4,202.74025 trillion (which includes secured debt). I am not sure if school debt is included in that number, if not, should be added to balance. Also, that the FED buy up credit pennies on the dollar like collector do, and just write it off.
All credit cards are suspended and will not reopen until we've come up with a plan for a new and better economy at the end of all this. If your debt is written off, you will be able to save (pressure people to save at least 10% - can't make them) for what they need, they will not need to use credit, other than warranty's on big ticket items.
OBTW = fuck the banks and whomever holds the debt. No Whiners Allowed.
As always, YMMV