A biblical solution: forgive all debt

A biblical solution: forgive all debt

As a taxpayer and a natural born citizen of the once great U.S.A., I am extremely concerned about the ongoing media hype concerning deficit spending. This is not to say that the deficit is not a problem. It is , and if not checked, will lead to hyper inflation rates of 300 percent or more annually. In the reverse of inflation we can have a hyper deflation with enormous bankruptcies and job losses of gigantic proportions. Prices will drop drastically, but, if you have no money, what good would hyper deflation do?

Back when Woodrow Wilson was president, he proposed an annual federal budget of $1 billion. There was talk in Congress at the time of impeaching him for reckless spending. Today our annual federal budget is approximately $3 trillion.

President Reagan addressed the nation in 1981 that our long-term deficit was just shy of $1 trillion. Today our on-budget long term debt is approximately $13 trillion. Our off-budget long term debt is in the neighborhood of $70 trillion.

Cutting defense programs 50 percent, cutting social programs 50 percent, cutting entitlements 50 percent, increasing taxes, say, by 25 percent, would make but a small dent in the deficit dilemma.

We are not alone. Numerous nations around the world have deficit spent themselves into oblivion also. The banking crisis of 2008 has not been solved. It is still business as usual without lending to small business. The federal reserve continues to print money, basically pouring gasoline on a raging inferno.

So what is the answer? The solution to the deficit crisis in the U.S. and around the world can be solved with one stroke of the pen. The next G8 summit of world leaders and financial planners can sign on to a world wide Day of Jubilee, forgiving all government, corporate, institutional, and individual debt.

Day of Jubilee was declared in biblical times every seven to 50 years, and it worked. I am amazed at the deafening silence of the politicians and the clergy on this issue.

Day of Jubilee would remove all debt overnight. This would create a world-wide unprecedented economic boom with zero inflation if, at the summit, all nations by treaty would now only spend what they took in the previous year in tax revenues. This, coupled with all the technological advances of the last 100 years, would create the proverbial good life — not just for the rich, the super-rich, and the well-to-do, but for every human on this planet.

James E. Bunosky, Austintown