Eric Solis was thirteen years old when he returned home to his mother, a small-business owner. Her husband was dead, her business was in decline – she could not feed her children or pay her debts.
Solis decided to pursue a career as a financial analyst after that painful experience. He made the rich wealthier and also earned more for himself as a broker. It was 1998 when Solis, as he flew over the Grand Canyon, suddenly recalled the promise he made to his mother. “Everything will be okay.”
Americans spent more money in 1998 than they earned. The money was being spent overseas, which padded the pockets of foreigners and prevented middle America from having financial stability. Solis made the decision to help average people save money. Save252.com is an online piggybank which helps users save as little a dollar per day for as many as 252 days a fiscal year.
Ten years later, while the Senate and House struggled to come up with a financial rescue plan for themselves, Solis, a money expert, came up with a new solution. Solis made a proposal to Congressmen and to the executive to ask them to send 3.5 trillion dollars – to the American people – in September 2008.
“If the government gave each household $15,000 to pay off consumer debt or to put into an IRA, they would reward good behavior and channel money into the banking system,”Solis. “Giving money to Wall Street -; the same institutions who have manipulated and abused middle America for decades now -; won’t relieve pressure at the consumer level.”
Solis believes economic stability begins with the middle class. Americans who have sufficient financial reserves in their bank accounts will be able to repay any money they borrow. Financial institutions will not be strapped for cash as a result of defaulted loan payments, and they won’t have any need to borrow money from overseas.
“As Americans save, they will become less dependent on borrowing from large institutions, and those large institutions and the government will become less dependent on foreign capital,”Solis. “We can buy back America one dollar at a time.”
