
Another financial crisis that we all end up paying for
Debunking Economics - the podcast
The Importance of Reducing Private Debt and its Impact on Income Disparity
The golden age of capitalism in the 50s and 60s had low levels of private debt, leading to comfortable spending and low finance costs. Now, rising interest rates, higher taxes, and stagnant salaries are reducing spending power. To solve this, a modern debt jubilee could be implemented, where everyone receives the same amount of money to pay down their debt. Those without debt can either spend the money or receive bonds. This would reduce private debt and income disparity.
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