If the illusion breaks, and a debt crisis happens, it might at least force a reassessment of the state from first principles. The only way that painful but necessary change happens in high-income democracies is through a sense of emergency. One preceded Thatcherism. Another led to reforms in Mediterranean economies post-2010. I don’t want such an event, but do envisage one. Many western states have finances that would struggle to withstand another shock. Imagine a pandemic, even half as costly as Covid. There isn’t room in some countries to raise taxes without harming incentives. (Unemployment in Britain is rising as the national insurance rise takes effect.) In a world of high rates, governments are spending more on debt interest than on education or defence.
e = get, head
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