Or, of you prefer ( as I do ) government debt is a hedge against future GDP growth. The population may be aging but people are working longer. And in an econo

Or, of you prefer ( as I do ) government debt is a hedge against future GDP growth. The population may be aging but people are working longer. And in an economy with feeble monetary velocity, entitlements to old folks has pretty high relative velocity. Low interest rates are less about entitlements than they are about attempting to restart consumption. The problem is that low interest rates encourage dinking around with M&A activity rather than investing in productive enterprise that might employ people. This leads to high private sector debt levels, which further suppresses wages. The "winners" are just sitting on mounds of cash and having trouble finding outlets for it.