
Fiscal Policy Explained: Spending, Deficits, Multipliers
Governments have never paid so much interest: close to 3 percent of world GDP, against 2 percent four years ago. Yet the budget debate is still framed as a choice between spending more and spending less. Understanding fiscal policy means understanding why the same unit spent has twice the effect in a recession, and why global public debt would cross 100 percent of GDP as early as 2029.






