Topic

Coronavirus Economic Aid

288 petitions

Update posted 22 hours ago

Petition to Joseph R. Biden, Miguel Cardona

President Biden: Cancel student loans in the first 100 days.

Trillions could be injected into the economy with no money needed from the Treasury, and nothing added to the national debt.   Federal student loans have become a national threat.  Before the Pandemic,  One in every 5 adults in the U.S. had student loans, and over 80% of them were either unable to pay, or were paying but their balances were going up.  The default rate for 2004 students is 40%, and they took out less than a third of what today's students have to borrow.  Nineteen U.S. states owe more in student loans than their entire state budgets.  The default rate for current borrowers will likely exceed 75%.  This is more than four times the default rate of sub-prime home mortgages.   By every reasonable metric, this is a catastrophically failed lending system. This is not a partisan problem.  More than half of all student loan borrowers identify as being politically independent, or republican. More than 40% never graduated.  "Red" states are being hurt significantly worse than "Blue" states.   All are trapped by a uniquely predatory lending system from which nearly every consumer protection has been stripped- including  bankruptcy rights that the Founders called for ahead of the power to raise an army and declare war in the Constitution.  The predatory, hyper-inflationary lending system that has resulted is what the Founders feared. The citizens must not, and should not tolerate this unconstitutional lending scam any longer. The President and Secretary of Education have all the authority needed issue an executive order cancelling all federally owned student loans- about 85% of all student debt. Nothing would be added to the national debt, and no tax appropriation would be needed.  This is, by far, the least expensive, and most expedient way to inject trillions into the economy.  President Biden must to do this in his first 100 days in office.  He must also issue an executive order returning bankruptcy protections to federally owned loans, and urge Congress to do the same for ALL student loans. Analysts have predicted that cancelling student loans will increase GDP by about $100 billion for the next ten years, but they do not take into account the borrowing capacity (and thus spending) that such a move would free up. This would be another $1 Trillion injected into the economy in the near and medium term.  Some experts even believe that debt cancellation is the only way to avoid a depression. Claims that cancelling loans will largely benefit people who don't need it are completely wrong.  100% of all borrowers were determined to be "financially needy" as a condition for federal loans. 80% were never going to be able to repay them before the pandemic.  The highest balance borrowers are over 50.  They outnumber people under 25 with student loans and owe 3 times more, despite having borrowed far less.  Importantly: the most successful student loan borrowers tend to refinance their loans out of the federal system, so would not benefit from federal loan cancellation. There simply is no easier, cheaper, more effective, or better targeted way to stimulate the economy. Rest assured, the taxpayers will be fine.  The federal government has been profiting wildly on these loans for many years, and decades of White House Budget data show that the Department of Education has even been making a profit on defaulted loans.  On balance, the taxpayer will have very little- perhaps no- net loss when these loans are cancelled. This is YOUR PETITION.  It requires more than your signature to succeed.  Please get everyone you know to sign, and paste the link to it wherever student loan borrowers are likely to see it (Twitter, Facebook, etc.)  Also, contact your local media, and tell them to cover it. THE SUCCESS OF THIS PETITION DEPENDS ENTIRELY UPON YOUR EFFORTS TO MAKE IT GROW.  PLEASE DO YOUR PART! Petition created by Alan Collinge, founder of StudentLoanJustice.Org and author of The Student Loan Scam (Beacon Press).  

student loan justice.org
983,612 supporters
Update posted 3 days ago

Petition to U.S. House of Representatives, U.S. Senate

$2000/month to every American #moneyforthepeople #covid19

**UPDATE: As the Biden administration takes office, the country is deeply struggling. We’re out of work and out of cash. It took nine months for Congress to send a second stimulus check, and just moments to spend it. Another single check won’t solve our problems – people are just too far behind. Like we’ve been saying from the beginning of this pandemic, people need to know when the next check is coming. And the best thing our government can do right now is send emergency money to the people on a monthly basis. Sign to join our movement to get recurring checks to the people.  My name is Stephanie, and I am one of millions of Americans who fear for my financial future because of this coronavirus crisis. With businesses and schools closing across the country to control the spread of this virus, many people have already lost their jobs. Others are being forced to stay home. This is catastrophic for working families like mine.  I’m calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis. Otherwise, laid-off workers, furloughed workers, the self-employed, and workers dealing with reduced hours will struggle to pay their rent or put food on the table. My husband and I own a restaurant in Denver and these past two weeks have been a blur. Our restaurant community is wrestling with seeing everything we all have worked so hard for irrevocably changed. Our hearts were breaking as we watched our staff divide the ingredients in our kitchen to bring to their homes: a dismal token for employees who worked tirelessly every day. Our talented and cherished team, some of whom have been with us since we opened our doors 15 years ago, are now without an income. Like our team, my family has lost all of the income from our restaurant, and business owners and the self-employed can't claim unemployment. This is the story of America right now. For our team and other Americans who can claim unemployment, even the maximum payments will not be enough for most people to continue paying their bills – and avoid slipping into poverty. The facts are, even successful small businesses can’t go months with their doors closed.  But supplying Americans with monthly support until they can get back on their feet can save our communities from financial ruin. We need immediate checks and recurring payments so that we can keep our heads above water.  Congress needs to make sure that we won’t be left financially ruined for doing our part to keep the country healthy.

Stephanie Bonin
2,044,408 supporters
Update posted 1 week ago

Petition to Governor John Carney, Delaware general assembly

State of Delaware - Provide Financial Relief to Restaurant/Tourism Workers

As the impact of COVOID-19 begins to effect our nation's economy, Delaware's Governor made the difficult - but necessary decision to greatly limit restaurant and entertainment operations across our state.  This decision cripples Delaware's fourth largest private sector job producer. Unlike the healthcare & finance sectors, the workforce is mostly comprised of hourly & tip dependent workers. As supporters of bartenders, dishwashers, line-cooks, ushers, musicians, dancers,  comedians, servers, hosts, box office managers, and more - we urge the Delaware General Assembly & Governor John Carney to take swift action to make the workers in this industry whole again with emergency temporary action. Whether it is increasing unemployment or providing relief from the State's "rainy day fund" - any action will be appreciated.  While some private companies are able to provide some form of compensation to their employees during this crisis - the reality is that many can not.  We fully support the reasoning behind limiting the operations of this vital industry, and respectfully ask the State to act quickly to support one of its most vulnerable working populations. We recognize that our local and federal officials will be juggling difficult decisions around the clock - but the reality is that if we are not on the floor serving our customers, we are not able to keep a roof over our head, our healthcare paid for (as we typically do not have insurance offered), or our lights on.   

Peter Briccotto
16,326 supporters