If you haven't already read it, check out Kojo Koram's excellent piece on the mythology behind collective debt. In it, Kojo argues that the concept of debt is ruthlessly used by those in power to maintain and solidify a massively stratified social structure based on ever widening wealth inequality. Once you understand how debt is used to control people, it gets harder and harder to justify the policies being foisted upon us by our political leaders. Yet advocates of austerity continue to justify it based on math that supposedly shows cuts = growth during a recession somewhere down the line. However, actual statistics show the inverse is true. Just take a look at these shocking charts from the National Statistics Institute displaying Spain's unemployment figures over the past 8 years. Spain has adopted strict austerity measures year after year to avert the crisis, yet the catastrophe is compounding to the point of utter disaster (h/t theAtlantic).
The first looks at total unemployment:
And the second at how long people are remaining out of work:
The purple line showing people who have been out of work for over 2 years is scary beyond belief.
If this doesn't KO the philosophy of austerity, it's unclear what will.