Out of Options: It's All About The Debt

The major problem with the economy is that consumers are not spending as a result of the record household debt built up over the last few decades.  Until this huge amount of debt is pared down to more normal levels, fiscal and monetary policy can do little to return the economy to previous growth rates.  It is therefore misguided to blame the lack of growth on uncertainty about excessive regulation, tax policy and health care.  It's all about the debt.