We are seeing the full effects of the debt crisis paradox. And it only seems like a "paradox" from hte perspective of conventional wisdom on the matter. Government debt is indeed bad for the economy, but not AT ALL in the way most people are led to believe or assume. This creates another paradox, one where that mainstream criticism does a lot to discredit all criticism thereby making even more debt likely.
Eurodollar University's Money & Macro Analysis
Milton Friedman Newsweek February 1981
https://miltonfriedman.hoover.org/internal/media/dispatcher/214251/full
https://www.eurodollar.university
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