Debt

I few weeks ago I suggested that one way to close the income gap was to cancel debt because that would help the poor and those that hold the debt, the rich, would absorb the loss. While I was speaking tongue in cheek things started happening. Here are some recent news reports Biden administration seeks to remove medical bills from credit reports The City of New York, is investing $18 million to purchase and forgive $2 billion in medical debt held by approximately 500,000 New Yorkers. Gov. Ned Lamont said during an appearance on “Good Morning America” that the state would erase medical debt for thousands of residents who qualify under a new initiative that intends to help lift people from an often tremendous financial burden. Los Angeles County is considering a plan to erase the debt for hundreds of thousands of residents.