Economist Calls for Every American Adult To Receive $100,000 To Slash Mortgages and Household Debt

An economist has proposed giving every American adult $100,000 (£74,300) to pay down debt, arguing it could reduce mortgages, ease the cost of living and prevent a financial crisis (Credit: Pixabay)

America's mounting household debt has sparked a bold proposal that could completely reshape the country's financial system. Economist Steve Keen has suggested giving every American adult $100,000 (£74,300) through a government funded programme designed to pay down mortgages and other personal debts.

He argues the plan, which he calls a 'modern debt jubilee', would help families struggling with rising borrowing costs while reducing the risk of a much larger economic crisis.