I don’t think it’s simple. Spending our way out of debt has worked before, why not again? Well maybe there are reasons, but I think they are systemic, or maybe even cosmic. That is to say, we are in new territory now. I think there are similarities to the Great Depression. I recall a speech by Hoover ( I think ) when he cited the cause as “overproduction, overproduction, and overproduction”. ( Maybe that was an earlier episode. ) Anyway, we don’t think of overproduction now, but we do have incredible efficiency, which amounts to the same thing since it devalues labor. This gets into the whole commie thing. Heilbroner in his famous “Wordly Philopsophers”, opined that Marx had given a brilliant critique of capitalism when he described what he saw as its ultimate fate, a death struggle among surviving corporations to reduce cost of production, to the detriment of the laboring class, of course. I always thought that Marx failed to account for technological expansion, which always provides new frontiers for exploitation, where capitalism excels.
Before Marx there was H. G. Wells, in The World Set Free, where he imagined cheap nuclear energy ruining heavy industry. Has the internet created the real life version of these events? Have we actually entered a new age where capitalism must falter? Who knows! Who Cares! Tune in next week. Same Fire time, same Fire station!
Nonsense. Efficiency is not the problem.
The problem is that demand is not there.
You cannot abort 50 million children and expect for there to be no consequences.
Because we are being governed by a bunch of crony crooks. Crony socialists and crony capitalists. They have few morals and make decisions based on feelings. Just look at all the money wasted on green technology companies now routinely going bust. A streamlined and profitable civilization does not need growth to sustain itself. Only a civilization riddled with parasites and flat out crooks needs constant growth to sustain itself.
Without that growth, there is only one option available for the cronies. War. Destruction of the excess baggage.