I've had a similar thought for a few years. It began to doubt it when it looked like we might actually correct for this with decent growth, including real incre

I've had a similar thought for a few years. It began to doubt it when it looked like we might actually correct for this with decent growth, including real increases in productivity-improving technologies. But the pandemic has now disabused me of any trust. We seem to be in some sort of regulatory-debt trap. The government needs growth to sustain itself, but it can't do that because it has no control over the administrative state. So therefore it inflates, which harms growth (and has horrible distributional effects) but helps with debt, at least until lenders stop showing up to the bond auctions.