The good news is there are genuine, revolutionary innovations in the economy, namely AI. You can't explain away AI as a mirage propped up by government spending.
The entire stock market is held up by the magnificent 7, and these stocks in turn are held up investors' AI dreams.
I just can’t possibly see how AI is going to revolutionize the economy, unless you define the “economy” as the nasdaq, then yea, i guess so, but that’s a real simpleton view.
In a more AI maximal case it will solve new problems, the increase in GDP from this case is very large.
That is not a good example. Greece was growing 5% back in those days and it was growing fast enough to outpace the debt. In fact, most of the debt to GDP explosion happened after the austerity policies, because GDP crashed and debt stayed the same. Greece didn't really have a spending problem either but rather the problem is the rampant tax evasion, i.e. there was a collection problem. Once the arm chair experts of the Troika got their way, Greece went downhill faster than from the original debt crisis.
You absolutely can. Like, sure, it can generate crap quickly, but whether that translates into genuine productivity improvements is not really proven yet.
2023's number will probably come in better than Trump's pre-pandemic deficit.
The US can get away with it, for a bunch of reasons, but essentially because it is such a powerful economy and trustworthy counterparty, but it is a high level nonetheless.
For comparison, the "indebted EU"'s fraction is 83% at pixel time. UK, not in the EU anymore, struggling a bit with debt, it around 100%.