Monetarism is dead. Since 2008 we are living in the age of Modern Monetary Theory: Debt doesn't matter so long as inflation remains low. Central banks will just keep injecting money into government coffers as long as inflation remains low.Simple: You don't care because you'll be dead....because Gladys treated the pandemic as nothing more than bat sniffles until it was too late.That's okay, you and I will never have to pay it all back. People who haven't been born yet will be.
...and they won't know any different. It's not like it will be headline news in the 2055 federal budget.
Until Howard paid off the Commonwealth debt in its entirety we were still paying off debts that were many decades old and draining the government coffers with interest that had to be paid. You might think it's irrelevant and doesn't affect you but that money is real, it accrues interest and it will prevent the construction of infrastructure and the running of hospitals and the military. The more debt, the less money for the provision of services.
It's not this generation's issue: It's being hand-balled neatly to the next generation to battle with, to cut services and expenditure and raise taxes to try and service. And people like you don't give a damn because you won't be around.
A clear cut case of "I'm alright Jack". Right?
How it will all turn out is another thing...