Anne-Laure Delatte
While an end to the pandemic is not yet in sight, austerity is nonetheless making a discreet comeback in public debate. If fiscal orthodoxy could allow that states stood by an economy hampered by health restrictions, it affirms once more that newly-contracted sovereign debt would have to be repaid through cuts in pensions and public services, as well as tax increases for the vast majority of the population.
Nothing would be more destructive. The deteriorating socio-economic outlook, the urgent need for reconstruction of public services and a green transition require the launch without delay of a major public-investment plan. Broadly speaking, states must develop ambitious responses to social and ecological needs, as well as to future pandemics—and this course of action requires resources.