The debt relief company represented that it could achievethisresult because it represented thousands of debtors, giving the credit card companies powerful incentives to accept less than the amount due.
To achievethisresult the government will be required to use the anticipated budget surplus to contribute around 4.5% of taxable wages during the 15 years of the surpluses (not very different from Mr Feldstein's 2.3% over 30 years).