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Public debt is rocketing—but don’t despair

Reducing debt levels accumulated through the financial crisis will be tough—but there remain reasons for optimism

By Vicky Pryce  

A US National Debt Clock in New York, created in 1989. Photo: Richard B. Levine/SIPA USA/PA Images

Debt is rocketing across the globe financed by record cheap credit.

Public debt owed by OECD countries has risen from $25 trillion in 2008 to some $45 trillion now, prompting the organisation to sound a warning last week.

In the eurozone total public sector debt rose from around 60 per cent of GDP before the financial crisis to near 95 per cent a couple of years ago, and though it has…

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