Imagine what budget deficits will look like with growth of only 1%-2% per year.
by the Economist:
"WHAT distinguishes modern man from his ancestors is the expectation of steady economic and population growth. Since the start of the 19th century, both have taken off in a way that was not seen in ancient times or the middle ages.
"As we look forward to the next 20-30 years, we can be pretty sure that population growth is going to slow, and in some countries, there will be a fall. Does the same apply to the economic growth rate? ..."