Some politicians would love to be told that they can print money without restrictions, and spend it as they see fit. Unfortunately for them, economists have told them that they cannot do this – outside of exceptional circumstances such as the current pandemic.

Like everyone else, governments have to earn before they can spend. And while they can borrow, this has to be for assets that build a more productive economy. This “live within your means” mantra has been the gospel for the past 30 years.