Where have all the fiscal hawks gone? We need to find some – and quickly
The article discusses the decline of fiscal responsibility among governments in the face of rising global economic challenges. It highlights the increasing debt levels across advanced economies and the pressures on public finances due to inflation and geopolitical tensions. The author calls for a resurgence of fiscal hawks to address these issues before a reckoning occurs.
- ▪Fiscal hawks, once common in political discourse, have become rare in recent years.
- ▪The average debt-to-GDP ratio in OECD countries is rising, with the US exceeding 100 percent.
- ▪Total government borrowing in advanced economies has increased significantly, reaching a record US$61 trillion.
Opening excerpt (first ~120 words) tap to expand
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.