Think of what we can do with all that money. We can pay off our underwater mortgages and replenish our retirement accounts without spending one day schlepping into the office. With a few quick keystrokes, we’ll be golden for the next 10 years.”
I’m really excited. This is the hope and change I’ve been looking for.
There are a couple of potential hitches. First, Congress would have to approve the plan. I think this would be relatively easy. Our government is addicted to borrowing and spending. For those who think this may be even too large or complex for our government, keep in mind that they’re the guys who’ve given us a 73,000 page tax code. The second hitch would be what to do when the loans come due and we’re tapped out. Again, that’s relatively easy. In ten years we’d all too big to fail. We could then declare collective bankruptcy and demand a bailout of $20 million per household. It would work. After all, congress loves bailouts every bit as much as they love borrowing and spending.