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Private-sector debt has simply been shifted onto public balance sheets.
He said "arid" statisticians were thwarting ambitions for using the public balance sheet more aggressively to support industry.
"The global environment is unforgiving and the legacy of the crisis means private and public balance sheets remain stretched.
Lincoln sought public balance, treating State's Seward and Treasury's Chase as "a pumpkin in each end of my bag".
The Chancellor quoted new borrowing figures adjusted for taking housing associations onto the public balance sheet, making comparisons with the most recent published forecasts difficult.
This means that their debt does not go on the public balance sheet and they avoid being privatised in the future.
Similar(30)
A deficit is less serious in France or Germany, whose public balance-sheet is in a better state.
But in America the swelling of the public balance-sheet has mirrored a shrinking of private ones.
Asset sales are an attractive way of cleaning up the public balance-sheet without doing anything that further chokes demand.
Bringing in private investors has benefits beyond shifting debt off public balance-sheets (a wheeze behind many of Britain's less-than-stellar public-finance initiatives).
But when asset prices collapsed, and the banks got into trouble, some of that private-sector debt ended up on the public balance-sheet, leading to the current phase of the crisis.At this point, you might expect Mr Duncan to call for a return to the gold standard.
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