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Iceland Government To Pay Down Everyone’s Mortgages

The Blue Lagoon, Grindavik, Iceland

The Blue Lagoon, Grindavik, Iceland
Image: Chris Ford via Flickr/Creative Commons

THE GOVERNMENT of ICELAND announced it will write off mortgage debt to the tune of  €24,000 in order to kick start the economy. Every household in the country will have €24,000 worth of debt written off.

The idea will cost the country €1.2 billion and will begin in mid-2014. Iceland has been burdened with debt since the 2008 financial crisis, which saw the krona collapse.

A government statement said that the plan would kick-start consumer spending.

Household debt is equivalent to 108 per cent of GDP, which is high by international comparison.

“The action will boost household disposable income and encourage savings.”

This move has improved the country’s rating with Standard & Poor’s, who upgraded the economic outlook from negative to stable.

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The mysteries of refining oil

The mysteries of refining oil

oil refinery

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Illegal Immigrants Account For 10% Of Our Social Security Budget Yet Cannot Collect Any Benefits

Daily Brain Freeze – There is no debate on this subject. Nearly all economists, of all political persuasions, agree that immigrants — those here legally or not, are good for the overall economy.

Undocumented workers alone contribute about $15 billion a year to Social Security through payroll taxes, yet they only take out $1 billion as few of them are eligible to receive benefits. These undocumented workers have contributed up to $300 billion, or nearly 10 percent, of the $2.7 trillion Social Security Trust Fund.

Immigrants also use public assistance, medical care and schools.  But the value of the benefits far outweigh the costs, and lawmakers are looking to grant amnesty to undocumented workers, which would increase tax payments. This seems very likely to happen with a broad range of economic benefits.

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