> where the state's deficits are consuming all newly generated wealth PLUS the wealth generated by previous generations Why focus solely on the state's deficit

> where the state's deficits are consuming all newly generated wealth PLUS the wealth generated by previous generations Why focus solely on the state's deficits? To me, this is exactly the situation we currently have with housing - asset inflation for the past few decades has outstripped real growth, and now housing debt/rent is consuming an ever-growing amount of newly generated wealth. (The debt/rent payments go to someone else, but the payments on sovereign debt do so as well. The point is they leave the system under discussion)