Case for a Debt Jubilee

We were drowning in in record levels of debt before the COVID-19 crisis, and we are now deluged in it. U.S. private-sector loans have tripled relative to income since 1950 and government debt is also at an all-time high. Soaring debt burdens individuals, stifles growth, compounds inequality, and brings falling living standards for millions. Richard Vague s new book argues that, contrary to mainstream assumptions, we cannot simply hope that the trend will correct itself. Mounting debt is a feature of our economic system, not a bug: debts perpetually grow and compound, polarizing and impoverishing economies if not overtly dealt with. He offers a detailed plan for how we can restructure a range of debts such as student loans, auto loans, medical debt and more and offer hard-pressed debtors a jubilee now, not in some utopian future. Vague s bold polemic contains a wealth of ideas that will free millions from modern-day debt peonage, reduce inequality and bring new vigor to the economy as it struggles to emerge from the pandemic.