the absence of private demand makes government expenditure necessary. It repays itself by creating a stronger economy than would have otherwise been the case. For me that is the macro - non-household budget - reasoning. (1/13ish)

Making G contingent on a ultra low government rate of interest (ULGROI) seems household budget thinking: lower expenditure on interest payments is being portrayed as permitting the higher expenditure on G. (2/13)

All fine that this is permitting those who think in a household budget way (OBR, IFS etc) to support spending (or rather not prescribe austerity) but it is not the macro of the situation. (3/13)

As an aside I'd rather call out the household budget mob for prescribing austerity last time, not least in the week that the OECD publicly acknowledged austerity was overdone. Parotting their present argument seems to let them off the hook. (4/13)

As you know the low rate of interest - in advanced economies on government debt - is not a matter of chance but a consequence of a decade of reliance on QE and a wider global retreat from risk. (5/13)