The 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...