US Economy: It's private debt that matters most
A recent economic paper claims that the debt-hawks and über-Keynesians may both be well meaning in their desire to steady the US economic ship and relaunch it towards growth -- but they are distracted by ideology and conventional economic thinking from looking at more compelling causes of major economic crises and more efficacious policy responses. It's private debt that matters most and the debt burden today is back to where it was in early 2008.
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