How will politicians escape enormous public debts?

The world’s public finances look increasingly precarious. In the year to July America’s federal government borrowed $2.3trn, or 8.6% of GDP—the sort of deficit usually seen during economic catastrophes. By 2025 five of the G7 group of big rich countries will have a net-debt-to-GDP ratio of more than 100%, according to forecasts by the imf. Such debts may have been sustainable in the low-interest-rate era of the 2010s. But those days are long gone. This month the ten-year Treasury yield briefly hit 4.3%, its highest since before the global financial crisis of 2007-09.