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: Paperback / softback
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 situation has worsened significantly since then. Private-sector loans in the country have tripled relative to income since 1950, and government debt has reached unprecedented heights. The soaring debt burdens individuals, stifles economic growth, exacerbates inequality, and leads to declining living standards for millions of people.

In his new book, Richard Vagues challenges the prevailing notion that mounting debt can be corrected through natural trends or spontaneous adjustments. He 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 proactively. Vagues offers a comprehensive plan for restructuring various types of debts, including student loans, auto loans, medical debt, and more. His proposal includes offering debtors a "jubilee now, not in some utopian future."

Vagues' bold and provocative book contains a wealth of ideas that have the potential to liberate millions from the modern-day debt peonage, reduce inequality, and inject new vitality into the economy as it struggles to recover from the pandemic. His approach emphasizes the need for proactive measures and structural changes to address the growing debt crisis and ensure a more sustainable and equitable future for all.

Weight: 172g
Dimension: 190 x 124 x 16 (mm)
ISBN-13: 9781509548736