Letter to the Editor: Jubilee solution would eliminate student loan crisis

Robert A. Dahlquist

Dear Letters Editor:
Following the Lehman banking debacle of 2008, the government sponsored bailout of Too Big to Fail banks did nothing to stimulate the economy because 70 percent of the economy is consumer driven. The only way to stimulate the economy is to eliminate consumer debt.

The U.S. economy is crashing as major retail chains close thousands of stores due to the decline in consumer spending. This decline in spending is due to the massive debt carried by consumers and loss of permanent jobs resulting from the collapse of the housing bubble.

Many college graduates cannot find jobs with underemployment becoming the norm as full-time white collar jobs opportunities never fully recovered after the recession. The burden of growing student loan debt creates a further decrease in consumer spending.

We are a Christian nation with Judeo roots and God has a solution for our economic dilemma. The Jubilee law described in Leviticus 25 provides a national cancellation of debt every 50 years. This will ensure that no one would forever become trapped in debt and poverty. Providing immediate and future Jubilee debt relief for mortgage, student loan and credit card debt will prevent our nation from sinking into an economic depression.

Yours truly,
Robert A. Dahlquist
Orange, California