halalmoney on Nostr: *even if [tax] revenues do grow, what assurance is there that the political system ...

*even if [tax] revenues do grow, what assurance is there that the political system will not respond by just ramping up spending and deficits even more? After all, the advanced economies are already very rich. In principle, they could have easily managed their finances better if their leaders had found it politically expedient to do so. But being rich has never been an obstacle to going bankrupt. Voters have hardly begun to adjust to the realities of a higher interest rate world, where demographic decline and vastly increased needs for defense spending have introduced major new costs. As the median voter grows older, systems already biased against young people will only become more so.*