The US has too much debt. This is no longer a controversial statement. Some may believe other problems are more urgent, or that we need to grow our way out rather than slash spending. But even the most spendthrift pundits acknowledge that the debt-to-GDP ratio of the US must decrease if we are to have a stable, prosperous economy. The private sector has reacted to this over-indebted reality as you would expect: by deleveraging. Since [...] Down the Debt Drain appeared in the Daily Reckoning . Subscribe to The Daily Reckoning by visiting signup for an Agora Financial newsletter .