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And it ignores the accounting identity inherent in the financial sector balances model.
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The public sector balance sheet is the only one in the economy large enough to cope with this.
However, worried about the public sector balance sheet, the government has capped the amount they can borrow.
Labour, along with just about everyone else, missed this shift in the behaviour of the corporate sector balance.
The attraction was a financial con: PFI contracts take borrowing off the Government's public sector balance sheet.
"Despite record-low interest rates, investment continues to disappoint, reflecting demand conditions as well as high corporate sector debt and weak financial sector balance sheets in many countries".
That, in turn, will shrink the size of the private sector balance sheet that consumers and companies have come to rely upon.
Asset sales do not, by themselves, improve the public sector balance sheet – public debt is reduced but so are assets, leaving net debt unchanged.
But that is where the debate over reforming Fannie Mae and Freddie Mac, as well as righting the public-private sector balance in housing, should begin.
The public sector balanced its books in 2008 but there is likely to be a deficit of 4.7% of GDP this year and 6% in 2010.
Some actively managed funds have beaten their peers by going even further to mirror the sector balance of the larger market.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com