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Technology Stocks : Investing in Exponential Growth
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From: Paul H. Christiansen8/2/2016 10:50:15 PM
   of 1084
 
Big Spending Makes a Comeback While Austerity Starts to Fade

Was Larry Summers right after all?

Around the world, governments are planning fresh spending to boost growth and support wages, heeding the advice of the Harvard University economist and others who have argued that economies need the jolt as society ages and productivity sags. That’s signaling the ascendancy of energizers like Japanese Prime Minister Shinzo Abe, and the firing of austerity advocates such as former U.K. Chancellor George Osborne.

The shift away from budget rigor and reliance on monetary policy has been subtle and isn’t universal. So while countries like Canada and South Korea are among those rolling out fiscal stimulus, others such as Germany are still holding firm. Borrowing heavily to support growth in the euro area is still out of favor.

Nevertheless, the global mood music now is different from most of the period since the last financial crisis. Instead of the doctrine of belt-tightening and spending cuts, today’s political narrative talks about higher-quality jobs, investment, or the dangers of inequality. In few economies is this more obvious than in America. Where once the government shut down during a spat over spending, now neither candidate in the U.S. presidential election is talking much about the deficit.

bloomberg.com

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