But in the absence of government budget deficits, bank lending is the only support for demand — so the financial rug is pulled out from under the economy. (michael-hudson.com)
A major cause of the world - wide financial meltdown was (and remains) the unsustainable size of government budget deficits and national debts. (remonline.com)
Japan is in the awkward spot of having high government debt, though much is internally funded, and is still running high government budget deficits. (alephblog.com)