"No country has ever been able to work its way out of such high levels of debt without exceptionally strong rates of growth...and an exceptionally good set of circumstances that make it possible - such as very agreeable creditors who essentially forgive debt, as the US did after WWI and WWII.
"And I don't see either of those things happening. The creditors can't forgive the debt...because they owe money too. They'd be broke too. And growth levels seem to have come down to negligible levels. If this continues, all our planning and all our efforts to 'build a more perfect union' will probably be for nothing."
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