Cocked and ready

摘要

Not long ago there was a broad consensus that rich-world governments had become too indebted. How times change. Left-wing politicians today say that governments need to spend freely to counter climate change, and should not worry about borrowing more if necessary. America's Republicans, who not long ago warned of imminent budgetary catastrophe, have in office cut taxes enough to push the deficit above 4% of GDP, despite a healthy economy. Economists, meanwhile, are locked in debate over whether much higher debt-to-gdp ratios might be sustainable (see Finance section).