Indeed, recent data from the United States and other advanced economies suggest that the recession may last through the end of the year. Worse, the recovery is likely to be anemic and sub-par – well below potential for a couple of years, if not longer – as the burden of debts and leverage of the private sector combine with rising public sector debts to limit the ability of households, financial firms, and corporations to lend, borrow, spend, consume, and invest.