My best idea to help the economy.
I don’t like the idea of a stimulus package to help us out of this economic mess. I like the idea of TWO stimulus packages even less. With that being said I have put some thought into ways I would throw money at the problem if there were no other alternatives.
The best conceived idea I have is offering a loan, a federal assistance loan, to individual mortgage holders and renters that find themselves unemployed or under employed. I put this idea past my crack team of financial analysts (my dogs) and we think the idea is not too vacuumous*. Yes, I said vacuumous. It is my word. I like it. Let’s move forward. The idea can be broken down accordingly: A proper criteria would be established in order to qualify for said loan. Those details I will leave for someone else to hammer out. A maximum of $18,000 or a minimum of $3,600 ($1500 or $300 monthly for twelve months) would be mailed directly to the mortgage lender and applied to your account. Once the twelfth and final check has been issued by the federal government a three month grace period will be given for the renter or homeowner to begin paying back the loan. The term and rate of the loan will be determined before hand as with any other conventional loan. The rate, 4% to 6%, will be locked in and the term of the loan will be as well, 60 to 120 months. An alternative structure for payment can be arranged. One idea I have is the payment can be made annually vs. your expected tax refund. Any additional amount due for that year would be expected to be paid at the same time you file your taxes. Another idea I have is one stolen from the federal student loan program; take an education or medical job in a bad part of town and have a portion of the loan forgiven each year until it all goes away (five or six years). With this idea I wish to lend a hand to those that need some help for a period of time. With loans, not subsidies, hopefully we, those that actually fund the government, will see most of this money back instead of seeing it disappear down the drain.
I like ideas that benefit you, the individual or small businesses owner. I think small business loans would be another great way to give the economy a boost, not to mention cutting taxes. I want to know the ideas do you have. What are your thoughts? How would you stimulate this economy?
* = To suck.