Here’s my suggestion: a jubilee isn’t nearly enough. It’s a half-measure—one that that probably won’t go the distance, might just backfire, and leave nations worse off than before. Instead, I’d suggest: if it’s an economy fit for 21st century prosperity you want to build, it’s wiser, more promising, and more disruptive to think about transforming the idea of debt itself.
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What’s the long-run effect of these unpaid costs, these negative externalities, this deep debt? A shocking divergence between economic “growth”, and real human outcomes—GDP grows, butmedian incomes fall. That’s because, in effect, the so-called 99 percent are paying for these externalities with foregone opportunities, stagnant incomes, and McFutures.
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