Then shall you cause
the trumpet of the jubilee to sound…
~ Leviticus 25:9
The U.S. federal and private student loan debt is currently estimated at over $1.38 trillion. The figure does not include interest owed!
Now, in the Old Testament, there was a practice called “Jubilee.” Every fifty years, debt was forgiven.
Jubilee deals largely with land, property, and property rights. According to Leviticus, slaves and prisoners would be freed, debts would be forgiven, and the mercies of God would be particularly manifest.
Without going into the obvious analogy with slavery, etc., what would happen if today’s $1.38 trillion American student loan debt was forgiven? Would the “mercies of God… particularly manifest?”
The answer is “yes.” New research shows that many benefits would result from a student loan debt Jubilee. That is, specifically American student loan debt. (In case you haven’t already heard… no other nation in the world has such a problem.)
As per usual, don’t blindly take my word for it. Ideally, you should consult the knowledge of academic experts (folks who study a particular subject for their entire professional career).
Awesome! There happens to be an academic expert on student loan debt in the video below!
Dr. Jane Sanders sits down with economist Dr. Stephanie Kelton to talk about the macroeconomic effects of student loan debt cancellation in the United States.
~ The Sanders Institute
May the trumpet sound!