What a Real Economic Stimulus Package Should Look Like

As you are probably aware, the President introduced a bill that would give most Americans a few hundred dollars each in the hopes of stimulating the economy. Besides the fact that my buying a flat screen TV with the money given to my family of four would most likely benefit someone in a foreign country, I can see how this band-aid is going to the gaping wound that is the economy.

The current plan that is still being picked apart and altered as I write this suggests that individuals get $600.00 for individuals, $1200 for couples, and $300.00 for children. The families would have to make less than $150,000.00 a year and individuals less than $75,000.00. These caps and the actual amounts given out will probably change drastically before the package is complete.

In my opinion, the government can do so many other things besides sticking a dollar bill in a proverbial dyke. This country is literally falling apart. People's home lives are falling apart. Homeowners are losing their homes. Giving people a few hundred dollars and telling them to go shop is the same as putting gasoline in a car that needs oil. Here is an idea I consider a real economic stimulus package:

In short, the government should immediately stop all foreclosures for a period of 60 days. In those two months, each family (besides those deemed completely financially irresponsible) should be given a one-time bail out to get their mortgages on track. Loans that cannot be caught up with two months payment should be allowed to have the rest of the overage re-aged.

But what about those people who are not in danger of foreclosure or whose homes have already been foreclosed you ask? These people should be able to apply for money to decrease their credit card or other debts.

All of these people should have their interest rate on their homes of credit cards lowered to match current market rates. There should also be a cap on these bailouts, as someone who is living in a home that they could never really afford in the first place really should downsize.

How is this idea better than the current stimulus package idea?