Wednesday, November 28, 2012

Comprehensive Immigration Reform: A Model of Forgiveness

Let’s be honest.  Everyone knows that comprehensive immigration reform entails amnesty, and ultimately citizenship, for more than 10 million Latino/a illegal immigrants residing in the U.S.  Amnesty means that these individuals would be pardoned of the crime of entering the U.S. illegally.

In the holiday spirit, amnesty (temporary or complete forgiveness of a lawful obligation) could usefully be applied in some or all of the following ways:

Forgiveness of sufficient principal on outstanding home mortgages to lift all homeowners above water, i.e., their homes would be worth at least as much or slightly more than their mortgages.

One year moratorium (or forgiveness), renewable if poor economic conditions persist, on payments of principal and interest on student loan debt.

Ditto on credit card debt.

Ditto on back federal taxes.

[Fill in other debts.]

Why single out only one group of people for amnesty?  Fair is fair.  Let’s give others the same break.  Reducing debt obligations on millions of Americans would put more money in the pockets of individuals and households with which to buy goods and services.  The increase in aggregate demand would boost the economy.  Why force foreclosures and debt collectors on debt-lade  households when moratoria and debt forgiveness are both more humane and economically beneficial?



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