Anthony Randazzo on How Private Debt Is Crippling the Economy

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America's economic pundits are not very creative, observes Anthony Randazzo. For the past several years, their gripes about economic growth have fallen into several staid categories: Monetary policy ("the Fed should do less" vs. "the Fed should do more"); the struggling housing market ("let housing bottom out" vs. "we must save housing"); income inequality ("it doesn't matter" vs. "it does matter"); and the federal deficit ("lower taxes, pretend to lower spending a lot" vs. "raise taxes, pretend to lower spending a little").

While most of these are legitimate causes of economic stagnation, Randazzo writes, there is another category that is having an outsized negative impact on growth: privately held debt. Simply put, there won't be a recovery until credit card and household debt levels come down.

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