Now that Western countries, with the possible exception of Sweden, have decided to blow up their national debts to galactic proportions it may be necessary to ask how we intend to pay for all of this in the future? Currency generating flora are still not yet a reality.
Bond buyers are likely be very scarce, increasing tax rates in a depression like economy is ludicrous and don't even get me started on the dangerous implications of inflating our money supply. Do so and you can kiss a great deal of future wealth goodbye.
Yes we are knee deep in crap. Future generations will undoubtedly judge us harshly (as they indeed should) if the gains from the extended lockdown don't match up well with alternative strategies that are far less intrusive
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