Most prominently, Joel Mokyr, Erik Brynjolfsson and Andrew McAfee argue that, given recent advances in robotics, genetic modifications, 3D printing, and further innovative technologies, we stand at the cusp of a new industrial revolution. 16 This scenario is certainly desirable.
Between 1995 and 2007, the general government budget deficit averaged 4.3% of GDP and, according to the most recent data, was never below the 3% upper threshold. The large interest savings and windfall tax revenue coming from the plummeting interest rates and booming private spending of the second half of the 1990s were used to finance higher current public spending.