Wanna know a secret, everyone? An open secret, yet probably the best-kept one of all? The total amount of global debt, all $233 trillion (!) of it, is 100% man-made. That's right--the very concept of debt is man-made, because money itself is man-made. That includes both private debt as well as the public debt that the austerity hawks won't stop fretting about. Every single penny of it. Money is really nothing more than a simple accounting entry in a computer these days anyway. So make the entry and be done with it already.
Wait, hold on--did he just say what I think he said? You got that damn right, and I didn't stutter either. The single best stimulus package that could possibly be done given the current state of the global economy is--you guessed it--a DEBT JUBILEE of sorts. You know, kinda like the ancient Israelites did every 50 years, where all debts were cancelled and forgiven across the board, period. The only difference today is the scale and the technology involved, and the fact that we use pure fiat currency instead of specie makes it even easier still. So why aren't we doing it? I mean if the world owes $233 trillion, who on Earth do we owe it all to? You guessed it--the BANKSTERS. And the biggest contributor to the gargantuan size of the debt (and the number one cause of inflation as well) is compound interest, also known as USURY. So there are plenty of powerful vested interests who would oppose such a thing, and it's time to take the power back.
We could start by paying off the national debt in one fell swoop via money creation, as is recommended by Richard E. Noble. The Noble Solution, if you will. And contrary to popular opinion, doing so would NOT cause hyperinflation if done properly because while creating money is inflationary, paying off large debts (i.e. "debt-deflation") is inherently anti-inflationary, so the two effects would cancel each other out. And the newly created money would be done interest-free as well. And also give everyone $1000 or $2000 as well. Remember, back in 2011 Bernie Sanders audited the Feral Reserve and found that they gave a whopping $16 trillion secret bailout to the banks in 2009-2010 (and later rose to $29 trillion in total). And with that money, they could have paid off the entire national debt (below $12 trillion then) and still had trillions left over to give to We the People by depositing money in our bank accounts. And the government would have been able to do a much bolder fiscal stimulus package since there would be no worries about the debt. Yes, really. And the "recession" (i.e. depression) would have ended a LOT sooner as a result.
As for private debt, an Act of Congress could conceivably be passed that nullifies all such debt as well, including (but not limited to) student loan debt, mortgage debt, credit card debt, and medical debt. Creditors wouldn't like it, of course, but debtors greatly outnumber creditors, so the net effect would be beneficial overall for society. And repeat every 50 years or so.
Additionally, while we are at it, we should also nationalize the privately-owned FERAL Reserve and make it a truly public FEDERAL Reserve that creates its own money interest-free, as Ellen Brown recommends. We should also put a 10% cap on ALL interest rates period, including private loans and credit cards, and eventually phase-out the very concept of interest altogether.
Also, the TSAP would recommend a Universal Basic Income Guarantee for all, an idea whose time has come and that is in fact LONG overdue. That would solve so many problems indeed.
Now THAT would be a real stimulus package! Not only would it act like a giant B-12 shot for the economy by causing increased economic growth in the short to medium term, but in the long run it would also help us end our addiction to growth for the sake of growth, the ideology of the cancer cell which eventually kills its host.
Remember, as Buckminster Fuller famously noted in the 1970s, there are enough resources on Earth for everyone in the world to live like a millionaire, but such resources are currently being hoarded and wasted by the oligarchs to prop up their massive Ponzi scheme. It's time to end the current obsolete paradigm of scarcity (most of it artificial) in favor of a new paradigm of abundance for all, that we may all enjoy mutual benefit and protection. Yesterday.
(In the meantime, though, there is always Rolling Jubilee.)