Mortgage Debt Is NOT the Main Factor Holding Back U.S. Growth Back

The NYT had an article about the prospects of persistently slower growth in Europe and the U.S. as a result of the current downturn. It told readers that:

"Now, just as the United States economy is held back by households whose mortgages are still underwater and who won't begin to spend again until they have run down their debts, Europe can't begin to grow again until its countries learn to live within their means."

Actually, the United States economy is not being held back by a lack of...