Here& #39;s another interesting piece of data regarding debt: Dutch households are the second most indebted in the European Union https://data.oecd.org/hha/household-debt.htm">https://data.oecd.org/hha/house...

And if you think that private debt is different than public debt: high private debt inevitably becomes public debt through 2 channels.

The first is if households accumulate too much debt and default, banks collapse and the state bails out the banks, leading to more public debt. That& #39;s what happened in 2008.

The second: too heavily indebted households seek to deleverage by consuming less, triggering an economic slowdown and then countercyclical measures by the state --> more public debt. https://www.imf.org/~/media/Files/Publications/WP/2018/wp18141.ashx">https://www.imf.org/~/media/F...