This is a very depressing assessment of our possible political future. Deficit spending over the past few decades has allowed different groups in society to get most of what they want - low taxes for some, social programs for others. Benefits were positive sum, everyone got more and more, as long as the gravy train continued to flow.
Now that we're looking at austerity in the near future, and benefits might have to start contracting, we might be looking at zero sum, or even negative sum exchanges. Politics will be fought over who loses the least. This does not create a stable governing environment, but we may have to get used to it.
