<p>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.</p> <p>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.</p> <p>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.</p>
Chapter 1 High Levels of Private Debt Stifle the Economy<br /><br /> Chatper 2 The Paradox of Debt<br /><br /> Chapter 3 Policy Solutions that Won’t Work<br /><br /> Chapter 4 The Path to Private Debt Jubilee<br /><br /> Chapter 5 The Enigma of Government Debt<br /><br /> Epilogue Concluding Thoughts<br /><br /> Appendix<br /><br /> Works Cited
<b>Richard Vague</b> is Secretary of Banking and Securities for the Commonwealth of Pennsylvania.
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