Complex sentence: The outstanding public debt is an expression of the accumulated previous budget deficits which have added financial assets to the private sector, providing demand for goods and services and so the scale of the problem is much less severe than is popularly supposed.
Split into simpler sentences: The outstanding public debt is an expression of the accumulated previous budget deficits which have added financial assets to the private sector, providing demand for goods and services. Adherents of this school of economic thought argue that the scale of the problem is much less severe than is popularly supposed.