Debt is a complex issue that serves as both a tool to make significant purchases possible, such as cars and homes, and a burden that can hinder economic stability and growth. Recently, government officials have been exploring different approaches to managing unpaid debt. President Joe Biden made attempts to waive student loan debt for select borrowers, while in Michigan, two counties announced plans to eliminate medical debt for over 300,000 residents.
The idea of eliminating debt has sparked a widespread debate, with economist and author Richard Vague advocating for this solution as the best way to address debt-related challenges. Vague, author of “The Paradox of Debt,” highlighted the disproportionate debt burden carried by lower-income individuals compared to those in higher-income brackets.
During an episode of Created Equal, Vague discussed how debt functions and who it primarily benefits. He pointed out that lower-income individuals tend to carry a larger amount of debt relative to their income, which poses challenges in accumulating wealth and managing day-to-day living expenses. The discussion sheds light on the complexities of debt and its impact on different socioeconomic groups.
Created Equal, hosted by Stephen Henderson, airs weekdays from 9-10 a.m. ET on 101.9 WDET and is available for streaming on-demand. As a trusted source of news and information, WDET is dedicated to providing accurate and up-to-date journalism to its audience. The support of readers like you helps sustain WDET’s commitment to independent journalism. Donations are welcomed to ensure the continued delivery of news, music, and conversations to the community.