The Five Year Moving Average

The government debt ratio last year was just under a hundred and 30 %, m me substantially higher this year. The law of diminishing returns when you take on excessive indebtedness is the reason why we're falling two percent below trend. And then further increases in debt, you get declining economic activity inoh wards,. There is a zone when dead is helpful, when it's immaterial, and then when it's negative. And we are taking it further and further into the negative zone.