"There’s an old idea that elected governments are structurally biased toward deficits and generous social benefits. But it’s clear this is no longer true, if it ever was… I think both the broader recognition of hysteresis and chronic demand shortfalls in the 2010s, and the aggressive response to the pandemic in this decade, are positive lessons that need to be preserved and defended and built upon." @jwmason https://jwmason.org/slackwire/at-the-international-economy-low-interest-rates-were-ok/