The public deficit is the surplus of the private sector (1). Without that deficit you would have or a fall in GDP or an increase in private debt (that it's a l

The public deficit is the surplus of the private sector (1). Without that deficit you would have or a fall in GDP or an increase in private debt (that it's a lot worst than public debt). (1) https://www.youtube.com/watch?v=WS9nP-BKa3M https://www.youtube.com/watch?v=WS9nP-BKa3M (Stony Brook University, Presidential Lecture Series: Stephanie Kelton)