Why fiscal deficits probably will increase significantly in many countries

In many OECD countries ( United States , France, Italy, Spain, Japan , etc. ) we are now seeing : Public opinion demanding increased purchasing power, given the difficulty in meeting this demand by increasing wages; Governments being determined to prevent another recession and an increase in unemployment, as monetary policies cannot become more expansionary; The existence of new public spending needs (energy transition, education, ageing, etc.); Very low real long-term interest rates. All this will probably drive many countries to increase their fiscal deficits sharply, which is likely to create a growing gap between countries that switch to these more expansionary fiscal policies and those that reject them (Germany in particular).