I have zero debt. I am aware that it is possible to live life without debt. A modern debt jubilee would hurt me more than nearly anyone else on this site, in relative terms and in the short run.

On the other hand, I recognize that the majority of people, and, importantly, young people have either been lured or forced into crushing debt for things like education, housing, medical care, trinkets and so forth. It is at the point now that, regardless of how you feel about the individual morality of a given debtor, it is threatening the whole economy.

We need to reduce total debt in the economy. A modern debt jubilee is the fairest way to do it.

Instead, we'll raise rates, crush the middle and working classes, and bail out the rich.