I don't want to be a reductionist, but it seems like a lot of this comes down to policy makers (and really, just people in general) not having the courage or integrity to follow through on their beliefs. Keynsians say, "we need austerity, but TODAY is not the time for it" and then when the future arrives, don't have the courage to follow through on curtailing spending. Non-Keynsians say, "we need austerity NOW" and then lack the courage to effectuate real austerity (instead choosing milquetoast measures like taxcuts combined with trivial reductions in spending).
There seems to be this notion that society just doesn't have to pay-up now. Rather, we only pay-up at some point in the future (a point in the future that we define). That may be, but there has to be a trade-off, right? It seems weird to think that reality doesn't force a trade-off on us. It probably does, and it might come in the form of added complexity which reduces our ability to successfully engineer our way to a controlled exit of our collective responsibilites.
It is desired by some that we don't get ourselves out of debt.
Debt means credit somewhere.
Most people suffer the repayment of interests to those who mended. Those who lender are fine with the situation. Repayment of capital, or a brutal wipe of the debt would mean no interest gain, or worse, nothing at all, ground zero for the lender.
I think people's response to climate change shows that on average people would rather pass problems down to their children's generation than incur a mild inconvenience. It makes perfect sense if you assume people are self-interested.
I don't want to be a reductionist, but it seems like a lot of this comes down to policy makers (and really, just people in general) not having the courage or integrity to follow through on their beliefs. Keynsians say, "we need austerity, but TODAY is not the time for it" and then when the future arrives, don't have the courage to follow through on curtailing spending. Non-Keynsians say, "we need austerity NOW" and then lack the courage to effectuate real austerity (instead choosing milquetoast measures like taxcuts combined with trivial reductions in spending).
There seems to be this notion that society just doesn't have to pay-up now. Rather, we only pay-up at some point in the future (a point in the future that we define). That may be, but there has to be a trade-off, right? It seems weird to think that reality doesn't force a trade-off on us. It probably does, and it might come in the form of added complexity which reduces our ability to successfully engineer our way to a controlled exit of our collective responsibilites.