Why Fiscal Credibility Is Still Important

[kevinmanuel]

Hi,

Of the many phrases that pepper the UK’s political discourse, the oft used ‘Magic Money Tree’ has to be the most grating. Its employment is a rhetorical device used to shut down any talk of government spending by hawks who believe any movement away from a narrow focus on cuts as a weapon for reducing the deficit is not only ill-advised, but belongs to the realm of fairy tales. More sophisticated commentators know that macroeconomics is more complex than that and government spending can – in some circumstances – reduce budget deficits.

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