Is Obama going to help people wipe out their credit card debt?
Yes, but let me explain before you think this sounds good. Right now, total public and private debt in the US is approaching 60 trillion dollars, which is over 4 times the entire GDP. The Federal Reserve is printing money like there is no tomorrow, which causes inflation. That is because as the supply of money goes up, the demand for it goes down, and prices rise. Inflation is good for debtors and bad for lenders because debt is dollar-denominated. So if the real value of the dollar is decreasing, so is the real value of the debt that is dollar-denominated. So if you are in debt 10 dollars today, and the value of the dollar drops by 1/2, then the real value of that $10 debt has been reduced by half also. This makes the debt much easier to pay off because there is much more money in circulation. The most famous place that this ever happened was in the Weimar Republic in Germany after WWI. They owed millions in reparations after they lost the war, and they had no way in which to pay it b
