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As a result, the dangers of high debt are underestimated.
We agree that growth is an elusive goal at times of high debt.
It had even started a program to relieve the neediest students of high debt burdens.
The problems of high debt levels are manyfold - not least the link between debt and asset prices.
We did find that episodes of high debt (90 percent or more) were rare, long and costly.
That is, after a quarter-century of high debt, income can be 25% lower than it would have been at normal growth rates.
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Since then, the steelmaker has been hit by a toxic combination of high debts, falling demand and cut-throat Chinese competition.
But more seriously, let's look at the full list of countries that got into trouble because of high debts accumulated before the crisis, as opposed to those that have developed large deficits as a consequence of the crisis.
A survey of manufacturers in China showed Tuesday that factory activity had probably contracted slightly in August, as concerns mounted that the country's exports might decline because of high debts and slowing economies in Europe and the United States.
One need only look to Latin America to see countries which have a history of high debts and write-offs (the 1890s, the 1930s and 1980s and for Argentina, 2002).
Many companies that have been taken private report net losses because of higher debt interest payments.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com