> By "high equity levels" do you mean high levels of government ownership of corporations?

I was leaving that a bit ambiguous, because concerns about high debt levels are also often ambiguous about government debt vs private debt.

However the equivalent of government debt is not government ownership in corporations, but people owning equity stakes in governments.

(State owned companies are a problem, but not the problem I wanted to talk about in this comment.)

Yes, there are some people voicing concern about stock prices.

What does a high level of "people owning an equity stake in government" mean? Universal voting rights? UBI 'dividends'?

I don't know. Perhaps that, or perhaps tax farming?

I just know that it's not government owning other entity's equity.