Paying a high price for too many elites and their ‘frivolous cravings’.
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Nowadays many countries’ social and political structure relies on debt-driven consumption and increasing levels of entitlements.
Blame the policy makers. To drive economic growth, boost living standards, and manage growing inequality, policy makers have used debt and monetary tools to create economic activity. This has resulted in excessive borrowing and imbalances in global trade and capital.
Governments played a part, too, allowing the buildup of social entitlements to win or maintain office. Private companies also encouraged the growth of employee benefits to avoid immediate pressure on wages as well as boost current earnings and share prices.
But such expensive commitments were rarely fully funded.
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