Is public money scarce or, on the contrary, abundant?

The "German" view of public money is that it is scarce . Public debt is a taxation of future generations, all the more so as they will be smaller since there is ageing and, accordingly, public debt should be reduced and public spending should be used only in a more selective manner. The "French" view of public money is that it is currently abundant. Given the very low long-term interest rates, it is easy to finance additional government spending and the European budgetary rules must be eliminated. In reality, these two positions can be reconciled. Whatever the level of interest rates, public debt cannot be used to finance current fiscal deficits, but, thanks to the very low interest rates, it is possible to finance very significant public investments with very long horizons (that are efficient in the long term). Public money is therefore scarce for current government spending, and abundant for efficient long-term public investment.