Overall municipal debt is relatively low and debt burden (the ratio of how much is paid on debt service relative to total budget) averages under 5% according to the most recent U.S. Census data.

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For some within the supply-side community who believe in creative destruction and the natural power of an economy to renew itself, the solution is stable money (which Federal quantitative easing prevents) reducing the regulatory burden and increasing the capital to labor ratio.

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The combination of slow economic growth, a rising debt-to-GDP ratio and a very high ratio of debt to exports make the debt burden unsustainable.

ECONOMIST: Now for round two | The

Since this decline is never cited as factor causing our current economic problems, why would we think the comparatively mild decline in this ratio projected for future decades will be a large burden?

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Portugal started its collapse from a 79% debt-to-GDP ratio in 2010, yet Japan is still easily rolling over a net debt burden of 128% of GDP (latest IMF data).

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