Since nobody in Congress, the President or anyone else for that matter has a plan to really help the American People I would propose the following plan.

Over 1 Trillion Dollars has been used to bailout the Banks but nothing is being done to help people who are underwater in their homes or are in substantial debt.  To be fair a plan should be implemented that helps everyone not just those who are underwater or in substantial debt.  I would propose a plan that includes  the following:

1. If a homeowner is underwater let the loan be refinanced at fair value with a 30 Year Fixed Rate not to exceed 4%.

2. Allow every homeowner who isn't underwater to refinance at a 30% Fixed Rate of  2% based on what they currently owe (No Cashouts are allowed).

3.  For those with non-collateral debt (including Student Loans) allow a one time write off not to exceed $100,000.  (Also if you take the one time write off you will adhere to strict credit restrictions over a 10 Year Period such that you will not be allowed to have more than 2 credit cards with a combined maximum amount available of $2000).  Also if you want to get a car or a home you must be able to document your income and not buy something you can't afford.    

4.  For those who have no debt there has to be some reward.  I would propose that you get a $10,000 Tax Deduction for each year over the next 5 Years which adds up to $50,000.  After this you will get a $5,000 Tax Deduction each year thereafter for an additional 5 Years which adds another $25,000.  Thus over a 10 Year Period you will be given a total of $75,000 in Tax Deductions for not being in substantial Debt.

I know this is a rather simple plan but nobody in Congress or the President has proposed any type of substantial plan to help everyone in this country.