What we are getting is an economy that will be increasingly shaped and driven by government decisions rather than by business decisions. The size of the public sector will increase relative to the private sector, but that is the very aim of what is being done. Taxes replace business revenue as the means to finance these decisions, along with the money-creation process. Just expect real personal incomes to fall, but economic statistics to show a continual improvement in the pseudo-outcomes GDP and employment data provide. The rise in prices will be about the only stat that will remain available to show something is wrong, because there will be no disguising the fall in living standards that is to come.
And where America leads, others in “the free world” are sure to follow.