A New York Times opinion essay argues that the United States should reconsider the ancient Sumerian practice of periodic debt forgiveness as the federal debt surpasses $40 trillion. The proposal draws on the concept of amargi, a system used in ancient Mesopotamia to periodically cancel certain debts in an effort to prevent excessive financial burdens from destabilizing society.
The author argues that conventional approaches to reducing the debt have become increasingly unrealistic and suggests that large-scale debt restructuring or partial cancellation should at least be part of the public debate. The essay contends that growing interest payments divert financial resources away from productive investment in areas such as infrastructure, education, and economic development while placing increasing pressure on long-term fiscal sustainability.
The proposal is highly controversial and reflects the opinion of its author rather than U.S. government policy. Critics argue that canceling Treasury debt would undermine confidence in U.S. government securities, increase future borrowing costs, and disrupt global financial markets, while supporters view it as a way to address what they see as an unsustainable debt trajectory.
