As the Congressional Super Committee failed to reach agreement on budget cuts and tax increases, presidential candidate Abdul K. Hassan announces the Hassan Economic and Leadership Plan (H.E.L.P.) to eliminate the national debt without major spending cuts or tax increases.
Instead of spending cuts and tax increases, Hassan's main focus is to decrease and eliminate the hundreds of billions of dollars in annual interest on the debt by refinancing the debt through the Federal Reserve Bank. The Hassan plan has three major parts: 1) financing the annual budget deficit through the Federal Reserve Bank; 2) refinancing the outstanding debt of more than 15 trillion dollars through the Federal Reserve; and 3) retiring the debt purchased by the Federal Reserve over a 10-20 year period based on economic conditions.
According to Hassan, "because we own the Federal Reserve almost all of the interest we pay to the Federal Reserve will come back to the U.S. treasury." Hassan projects that his plan would not only eliminate the national debt but it will save us about 20 trillion dollars or more in interest payments in the next 20 years. "That is a large amount of money that can be used to invest in healthcare, education, Medicare, Medicaid, Social Security, national defense, as well as reduce unemployment, inflation and interest rates," says Hassan.
Hassan explains that because the deficit and debt are so large, any plan to solve the debt problem through spending cuts and tax increases will destroy our economy and standard of living and this it why these plans have failed every single time and will continue to fail. "Insanity is doing the same thing over and over again and expecting a different result, we have to stop the insanity and the Hassan Economic and Leadership Plan (H.E.L.P) does that," Hassan says.
Abdul K. Hassan is an employment and civil rights attorney who is a candidate for the presidency of the United States. Because Hassan was born in Guyana, Hassan is also challenging the natural born provision of the Constitution in court.
