All of that seems reasonable, but the last part of the plan is stupid. He wants to abolish the capital gains tax. He says this would give rich people more money to invest in the economy. That's the same horseshit Reagan and Bush shoveled for years as wages stagnated and personal debt skyrocketed. Rich people are rich generally because they don't let the rest of us get our hands on their money. It's true that increased bank deposits and T-bill purchases would help with liquidity for a while, but we would be right back in this mess a few years down the road.
I think Ramsey is right about how irresponsible consumers have been in managing their finances and he often gives his listeners good advice; however, he is wrong about capital gains. The rate is too low and should be raised to the top income tax rates. That would improve the federal government's liquidity and lessen the need to sell T-bills to China and Saudi Arabia to keep the government afloat.