Look at the chart below. It shows three possible futures and one definite future past. We begin with a toy economy growing at 2% per year forever. It begins with a national output of €100 and grows steadily thereafter. The first line shows us the future-past. It is the future we all voted on in February, the one where we had €11 billion to allocate to all the things we thought most important. This future no longer exists, thanks to Covid-19. In February our unemployment rate was below 5%, today it is above 28%. In February our largest problem was…

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