Only of the government both simultaneously refuses to raise taxes and refuses to control spending. Because the central bank can choose to set the rate, as Japan did for decades.
Given the wealth distribution of the population has become so unequal, raising taxes for the purposes of lowering the deficit is a politically impossible option. So the only politically feasible option is controlling spending.
Given the wealth distribution of the population has become so unequal, raising taxes for the purposes of lowering the deficit is a politically impossible option. So the only politically feasible option is controlling spending.