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For administration after administration, and Congress after Congress, our Washington worthies of each party have blamed their counterparts across the aisle for kicking the can down the road, leaving the problem of debts and deficits to our children and their children.
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Turner refers to this as the problem of "debt overhang".
Of course, people often talk about debt and the problem of debt.
Once we take the problem of debt into account, I think you'd want to add deleveraging and default — which reduce the debt overhang — to his list.
"The answer to the problem of debt is not to have more debt, and interest rates historically now are at all-time lows.
WHEN people talk about the problem of debt around the European periphery, they generally frame the issue something like the following.
It wouldn't be accentuating the problem of debt overhang, or creating the conditions for yet another boom-and-bust cycle.
"If you want a real stability union, you can't solve the problem of debt with still more debt," says Hermann Otto Solms, a leading FDP member of the Bundestag.
In these cases the growth model tended to generate more growth for longer periods of time, but there was nonetheless the same problem of debt rising faster than debt-servicing capacity.
"I am less confident at this point that people are willing to step up to the plate and actually deal with the underlying problem of debt and deficits," he said at his news conference.
Furthermore, discussions regarding the social impact of such measures and a deeper questioning of the relations and interests that create the problem of debt are notable by their absence.
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