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A long hard slog: debt and economic recovery - University of - uwsp

A long hard slog: debt and economic recovery - University of - uwsp 2025

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The document titled 'A Long Hard Slog: Debt and Economic Recovery' by Scott Wallace and Randy F. Cray examines the severe economic downturn in the United States following the financial crisis, likening it to a 'Second Great Contraction.' It discusses the historical context of debt accumulation, particularly during the housing boom, and its detrimental effects on economic recovery. The authors analyze theories related to debt-deflation cycles and highlight how high levels of private and public debt hinder growth. They propose that addressing these debt burdens through strategic policy measures is essential for facilitating economic recovery.

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