Eliminating Debt: A Controversial Solution Proposed by Economist Richard Vague”.

The debate on whether to eliminate debt continues, with economist Richard Vague, author of “The Paradox of Debt,” advocating for it as a natural solution. In a recent interview on Created Equal, Vague discussed the topic and shed light on how debt functions and who it primarily benefits.

Vague pointed out that lower-income individuals tend to carry a higher proportion of debt compared to their income. Over the past few decades, debt-to-income ratios have remained relatively stable for higher-income groups but have skyrocketed by 75 to 80% for those in lower income brackets. This disproportionate debt burden on lower-income individuals makes it challenging for them to accumulate wealth or meet everyday expenses.

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