Public and private debt is rising everywhere, in the United States as well as in China, whilst criticism often focuses on Italy or France. Debt is not a moral failing but a management issue, one that can be rectified: the real challenge is that of growth. The gap between Europe and the United States stems mainly from stronger growth across the Atlantic, driven by risk-tolerant stock market financing and a culture of entrepreneurship and the acceptance of failure. To repay debts and preserve the European social model, we would therefore need to revise budgetary rules currently considered Malthusian, pursue a more active monetary policy, and deregulate without destabilizing the markets.