Individual Americans are in a hell of a lot of debt.
STRIKE DEBT, an Occupy Wall Street group, plans to move indoors on November 15th in NYC for a Jerry Lewis-style telethon. The Rolling Jubilee is a fundraiser featuring Janeane Garofalo, Lizz Winstead, members of Sonic Youth, Fugazi, and, according to the New York Times, “radical nuns, an all-female mariachi band, and a speed lecturer.”
They’re raising money to buy distressed medical, student, and consumer debt at low prices. Instead of collecting on those debts, they’ll abolish them.
So far they’ve raised over $175k, which will be able to eliminate $3.5 million worth of debt. They know this is a drop in the bucket for the estimated $11 trillion owed by Americans, but they’re hoping this will start a conversation around the idea of transforming the economy.
Do you think the Rolling Jubilee is a good idea? Share your thoughts in the comments.