It’s time for a Debt Holiday, America.
Do you remember the buzz around Washington this time last year when a bunch of corporations were pleading – with high-priced lobbyists – to Obama and Congress to pweeeease give them a tax holiday? They claimed that allowing them to go tax-free on trillions of dollars in profits would “regenerate the economy”, “create jobs” and all of those other carrots the 1% loves to dangle in front of us. You did it in 2004, they exclaimed, now just do it again one more time and we promise we’ll pay our fair share and not stuff our money in Cayman or Swiss accounts or any of those naughty things.
In 2004 it failed. After slashing taxes to nearly nothing for them, companies returned the favor by slashing thousands of jobs. In 2011, Congress was smarter and finally played tough dad for a minute. No holiday for you.
Now it’s 2012. We (the 99%, I mean) are gasping for breath as we just-barely stay afloat on our sea of personal debt: college, car, house, credit card, you-name-it-we’ve-got-it debt. Our government sent the lifeboat, but to the wrong sinking ship.
So let’s just say it, people: It’s not time for a corporate tax holiday. It’s time for a debt holiday.
Let’s stop paying our student loans. We’ll start with 3 months. See how the banks like that. Call it a National Debt Holiday. Watch consumer spending rise. Watch jobs created. Watch rents get paid. In some markets they call that a “correction”. Our demands cut off their supply.
When the few spine-equipped, good-intentioned congresspeople we have in Washington advocate for some relief for the people, they quickly get bombarded with corporate lobbyists and their corporate media-spin friends calling it entitlement and handouts. So let’s not expect our leaders to be able to bring it to us. We have to demand it. With non-payment.
After 3 months, we’ll see if we get some principal reduction. We’ll see if we get some regulation on the absurd schemes banks use to prolong debt for honest, paying customers. We’ll see if we get some meaningful reform to bankruptcy law so that people can finally get above-board and the debt collectors will fall back.
You are not a loan. We are not alone. #StrikeDebt