Governments around the world, including in the US, Canada, Europe and Asia, are increasingly using deficit spending to fuel growth, fostering a growing dependence on borrowing. Such a trend brings the global public debt projection to exceed 100% of the global GDP by 2029, the highest since the late 1940s, and governments' fiscal policies are increasingly driven by geopolitics, such as military spending and trade tensions.
A decade ago, deficit spending still came with a little shame. Finance ministers talked about discipline. Central bankers talked about exit strategies. Today, government borrowing shows up like a standing line item, no apology required. Growth is still ha...
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