Case for a Debt Jubilee

The COVID-19 crisis has caused record levels of debt in the US, with private-sector loans tripling relative to income since 1950 and government debt at an all-time high. Richard Vagues' new book argues that mounting debt is a feature of our economic system, not a bug, and offers a plan to restructure debts and offer debtors a 'jubilee now' to reduce inequality and bring new vigor to the economy.

Format: Hardback
Length: 140 pages
Publication date: 08 October 2021
Publisher: Polity Press

Before the COVID-19 crisis, the United States was already grappling with record levels of debt. However, the crisis has exacerbated the situation, leading to an overwhelming burden of debt for individuals, businesses, and the government. Private-sector loans in the U.S. have tripled relative to income since 1950, and government debt has reached unprecedented heights. The soaring debt burdens have significant consequences, including stifling economic growth, exacerbating inequality, and leading to declining living standards for millions of people.

In his new book, Richard Vagues challenges the prevailing assumption that mounting debt is merely a temporary problem that will eventually correct itself. Vagues argues that debt is a fundamental feature of our economic system and that it perpetually grows and compounds, polarizing and impoverishing economies if not addressed appropriately. He offers a comprehensive plan for restructuring various types of debts, including student loans, auto loans, medical debt, and more. The goal is to provide relief to hard-pressed debtors by offering a "jubilee now, not in some utopian future."

Vagues' bold polemic is filled with innovative ideas that have the potential to liberate millions from the modern-day debt peonage and reduce inequality. His proposal includes measures such as debt forgiveness, interest rate reduction, and longer repayment terms, which would alleviate the financial strain on individuals and families. By addressing the root causes of debt, Vagues believes that we can revive the economy and restore its vitality as it struggles to emerge from the pandemic.

The book's insights are particularly relevant in today's economic climate, where the impact of the pandemic has been felt across the globe. Many individuals and businesses have been forced to take on debt to survive, and the resulting debt burden has only intensified the economic challenges faced by society. By implementing Vagues' proposed solutions, we can create a more equitable and sustainable economic system that benefits all members of society.

In conclusion, Richard Vagues' new book offers a compelling argument that mounting debt is a feature of our economic system, not a bug. His detailed plan for restructuring various types of debts and providing relief to hard-pressed debtors is a step in the right direction toward creating a more equitable and sustainable economy. By implementing his ideas, we can alleviate the financial burden on individuals and businesses, stimulate economic growth, and restore the vitality of the economy as it emerges from the pandemic.

Weight: 258g
Dimension: 130 x 198 x 19 (mm)
ISBN-13: 9781509548729