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Opinion | Fiscal boost should be big and widely aimed
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It’s for the government, as India’s spender of last resort, to reverse the countrywide slump in overall demand. This would require big money and heavy lifting all across the economy The view that a government must act as a spender of last resort need never have been controversial.
If it splits opinion so sharply today, it is largely because administrations the world over have taken the power to spend beyond their means as a licence for profligacy to achieve short-term political goals at the cost of people’s long-term economic well-being.
For decades, the term “fiscal" has had “rectitude" as a desirable suffix. Deficits too large have been admonished by economists, central banks freed of state control and asked not to fund fiscal gaps
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