For example, over the past year unemployment has declined notably more quickly than we or other forecasters expected, even as GDP growth was moderately lower than expected a year ago.
Given the scale of the issues facing us, we need to reconsider traditional measures of evaluating the trade-offs of additional debt. Expenditure on clearly-stated and measurable goals that emphasise quality over quantity are more likely to reap the benefits and minimise the costs of additional government debt. While low interest rates ease repayment burdens, this may not last.