Some policy experts who, over the last few decades, saw little need for serious fiscal austerity because the government could borrow at low interest rates are now changing their tune. Their argument is that with rates now rising and the government's interest payments set to become extremely expensive, it's time to adjust. While I suppose that's progress, they fail to see that the past calls for austerity were attempts to avoid precisely what's happening today.
Indeed, the need for fiscal responsibility was never based on an inability to afford extra debt back then. It was because the moment was destined to arrive when adjustments became necessary, and rising indebtedness ensured that these changes would become more painful.
