I dont know why the ageing demographic in the West is never mentioned. It will not be a cyclic economic downer - it will be for keeps, and it is brewing. You are absolutely guaranteed a growth in debt just to deal with it. The head winds against inflation and higher interest rates look significant. Without high inflation to eat debt you're left with monumental and growing debt and low interest rates as a landscape. If you want to stimulate long term you have to diminish overvalued property prices via building programs - which then gives consumers more disposable income after housing costs (which are their biggest cost and one which has grown ridiculously) - but the banks won't want that, therefore neither will government(s).