Wile E Coyote, the cartoon character, runs off the edge of the cliff. For a second, before he realises there is no more ground beneath him, his legs keep pumping away. That may be where western societies are today.
This year’s lockdowns have prompted the largest economic declines in memory. But most Europeans in particular still don’t realise that they are falling off a cliff. That’s because their governments have effectively nationalised millions of jobs by subsidising wages.
This mid-air suspension won’t last for ever. For instance, the British government’s “furlough” scheme, which supports nearly 10 million workers, is scheduled to end on October 31. That could be the moment when Coyote looks down, yellow eyes bulging, and sees the mile-deep canyon gaping below. What happens to European and American political systems then?