Cleaning up high private-sector debt and lowering public-debt ratios by growth alone is particularly hard if a balance-sheet crisis leads to an anemic recovery. And reducing debt ratios by saving more leads to the paradox of thrift: too fast an increase in savings deepens the recession and makes debt ratios even worse.
在资产负债表式危机拖累经济复苏的情况下，想单靠经济增长来清理私人部门债务和降低公债比率是非常困难的。靠增加储蓄来降低负债率则会导致凯恩斯发现的“节约悖论”：储蓄的过快增加会加深经济衰退，推高负债率。