What is required is to seal off all the channels that undermine the generation of real savings. This means that what is required is to close all the loopholes that enable monetary pumping and to cut the government outlays to the bone.
When it came to debating the morality and prudence of COVID lockdowns, their proponents had an ever-growing death toll statistic on their side. Those who feared the dark side of coerced lockdowns lacked the advantage of a dedicated government stat.
Debt is neither free nor irrelevant, as interventionists want us to believe, even if interest rates are low. More debt means less growth and a slower exit from the crisis, with lower productivity growth and a tepid employment improvement.