I know it's not strictly a macroeconomic issue, and there's an appreciable difference in the nature of these two debts, but please compare:
Auto Debt
https://www.investopedia.com/personal-finance/american-debt-auto-loan-debt/
Student Loan Debt
https://www.forbes.com/sites/zackfriedman/2019/02/25/student-loan-debt-statistics-2019/#2110e6c3133f
I would agree with Forbes that $1.55 TRILLION is a crisis. Holy cow that is a lot of money, a millstone around the neck of the American marketplace. So why isn't $1.22 TRILLION in auto debt a crisis?
There are concerted efforts to permanently end the student loan 'crisis,' which seem like moonshots at best. But the auto debt will always be with us, and will renew with perpetuity. Cars haven't really gotten any more expensive if you look at costs in inflation adjusted dollars. They are only up from an average of $25k through the 20th century to around $27k, most likely due to more sophisticated manufacturing and technology, as well as enhanced safety features.
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