While the private sector has deleveraged in the U.S., the public sector has filled the void with more borrowing.

FORBES: What Deleveraging? Financial Relativism and the U.S. Economy

Consumers, businesses, and government would have deleveraged, but through growth, not austerity.

FORBES: John Mauldin And The Zen Of Deleveraging

Currently, consumers have deleveraged by about 14 percent.

FORBES: Yes We Can, But No We Didn't

After being forced to clean up their balance sheets from the peak indebtedness levels seen in 2008, deleveraged consumers have been able to face increased costs of living, according to Brian Sozzi of Wall Street Strategies.

FORBES: Don't Expect Consumer Resilience To Rising Gas Prices To Last

Corporations acted too conservatively and deleveraged themselves.

FORBES: Magazine Article

Much of the town got deleveraged.

FORBES: The Tale of the $100 Bill