Federal Stimulus Question
Hi Terry,
I watch you on WGN all the time & you have great advice. Why can’t the federal government either suspend or defer all bills for 6 months. Credit cards, rent, mortgages, personal loans and business loans. I am not advocating not paying the bills, I would like them to be restructured for the 6 months to be added to the end of the loan. A second or combined option is to have a one time backed loan to restructure all debt that is federally backed and must be repaid.
Terry Says
Your second suggestion sounds a lot like rearranging the deck chairs on the Titanic.
As to your first, these are private contracts, guaranteed by the Constitution — part of our capitalist, free enterprise system. If the government could abrogate private contracts we would be living in a different country — a dictatorship!
They are doing what they can within the law re government contracts — postponing tax payments and suspending payments on student loans. Some states are suspending remittances of state sales tax payments from businesses, or income tax withholding payments on state income taxes.
