The Case for a Debt Jubilee
The Case for a Debt Jubilee by Richard Vague, published by Polity Press on November 22, 2021, is a timely examination of the escalating debt crisis exacerbated by the COVID-19 pandemic. This 140-page book discusses the alarming rise in U.S. private-sector loans and government debt, highlighting how these financial burdens affect individuals and the broader economy. Vague argues that the increasing levels of debt are not merely a temporary issue but a fundamental characteristic of the economic system that requires urgent attention.
In this edition, readers will find a detailed plan for restructuring various types of debt, including student loans and medical debt, proposing a ‘jubilee’ to alleviate the financial strain on millions. Vague’s analysis delves into the implications of mounting debt on inequality and living standards, offering insights into how addressing these issues can revitalize the economy. The book engages with themes of political science and economic policy, making it a relevant resource for those interested in understanding the complexities of modern financial challenges.
Official synopsis Publisher
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.
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