When politicians promise new free goods and services or the enhancement of existing ones without properly articulating how that will be funded, don’t believe them — especially ahead of what might be a watershed election in 2024.

When they announce that the country is in a difficult position and life will get worse before it gets better, believe them but also believe it will be far worse than they say. When a technocrat in the public service says winter is coming and it will be hard, believe them and adjust accordingly. As John Maynard Keynes said: “When the facts change, I change my mind — what do you do, sir?” ..

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