A Credit Worthy Society
By Zak Arthur Klemmer
The phone rang the other day and it was a former colleague who is part of the far left Coalition for Credit Fairness and as luck would have it is an insider with the Obama campaign. To make a long story short I was offered a commission to write a speech for Barack Obama’s next rally! Here is the final draft, which I submitted to Senator Obama. ;)
My Fellow Americans:
I understand the frustration that you feel when you have to subordinate your desire for pleasure to that of necessity; that the Fat Cats at Goldman Sachs may live only for the luxuries because they have the means to afford them without the concern for the necessities. The basic necessities of life are just a matter of course; no struggle is requited for their attainment.
The over burdened middle class continues to struggle while corporate giants get preferential treatment and tax breaks form the Bush Administration. Why should the middle class continue to struggle and pay while corporate Fat Cats play and receive golden parachutes after they run the company into the ground? This is unfair, the American middle class must continue to do all the living, working and dying in this great land of ours without an incentive for all the sacrifice that they have suffered in life. What’s in it for them?
We live in tumultuous times, the uncertainty of permanent employment brought about by the “future shock” of new technologies and foreign workers that can work for five cents an hour. As the changes accelerate at a faster pace, you are unable to plan for an uncertain world. You are just one pink slip away from financial hardship, resulting from the greed and selfishness of multi-national corporations. Like an old shoe, American workers are thrown out, pink slipped when they are no longer needed.
We are in a “Credit Crisis” due to the unequal availability of credit; we must fix our credit delivery system. The high cost of employee theft, shoplifting and bad debt charge offs that business must pass along in higher prices to the consumer will be eliminated under my plan. The cost to financial institutions resulting from home foreclosures and repossessions will be eliminated under my plan. The hidden cost of paper work and red tape will be eliminated under my plan.
This “Credit Crisis” has created feelings of insecurity and a general lack of confidence in the future. We are in a recession because of this lack of confidence. The engine of our consumption economy has stalled. We need to stimulate demand, accelerate spending and increase consumption. We need to relieve the fear that you feel about the future. My plan is to guarantee a continuation of our free spending exuberance. We will issue every citizen a “Spending Security Card.”
I know that many of you have excellent credit and that you are reluctant to increase the amount of personal debt during these uncertain times. That’s why I have appointed Senator Hillary Rodham Clinton to a blue ribbon commission to study the problem of insufficient spending and consumption. They have drafted a plan, which I will submit, to Congress on my first day in office. With the Democratic Congress we will stimulate the economy and guarantee every American a high standard of living.
Interest rates are very low, rather then only allowing only major corporations to borrow below the prime rate, our plan calls for credit fairness. Even the working poor and middle class families will be able to borrow at these sub-prime interest rates. Every citizen will be issued a Spending Security Card. Every cardholder will be able to receive thirty to one purchasing power just like hedge funds and investment banks. This is credit fairness, until now only the wealthiest Americans could afford a luxurious lifestyle.
You will be able to use this card to make major purchases on demand. When you want a new car, a new boat or a new home- or even take a vacation, it all can be charged on your Spending Security Card. The interest will be charged at the lowest short term U.S. Treasury rate. It will be a great boon to business, as it will be backed by the full faith and credit of the United States of America! Credit approval is pre-approved under my plan. No citizen will ever be turned down for credit again. This will save you, my fellow Americans, the embarrassment of the salesperson bringing back a negative credit history about you causing you to be turned down for the loan. No one will ever be turned down for credit again.
Some may ask: “How will all of the credit created by the plan be repaid?” It will be repaid by all of the savings that businesses are now paying in the high cost of managing their consumer credit accounts receivable. It will be repaid by all of the prosperity created by the spending and the resulting growth in private sector jobs, and new tax payers- increased taxes to the Federal Government as well as state sales taxes on merchandise. The increased revenue will pay for the plan. The average citizen will now be on an equal footing with a Kennedy or a Rockefeller. My plan creates credit fairness.
We will create a National Credit Clearing Corporation. All charges made with a Spending Security Card will be processed by the NCCC. The nation will be divided into 13 NCCC regional alliances. To quell concerns about how this program will be affordable we will pay for this with payroll contributions that will never exceed 3% of the employee’s gross wages. To make it fair, the employer will contribute 80% of the cost of this program, but any employer’s payroll contributions will not exceed 8% of gross payroll. The profit from increased demand for goods and services will compensate of the payroll tax. My plan will create new purchasing power, freeing up cash for savings and investment and help pay for your child’s college education.
Until now only the Congress could spend your children and grandchildren’s future unearned income. Until now only Congress could write their own checks and grant themselves an interest free loan. Until now, only Congress could give them selves a gigantic pay raise. Now with my plan, the ordinary workingman or woman will be able to share in the special privileges and perks that Congress has reserved only for them selves. My plan creates credit fairness without regards to income, past credit history, gender, race, creed or culture. With your support we will create a Credit Worthy Society.
copywrite 2008 by Zak Arthur Klemmer
