{"id":7551,"date":"2020-06-26T15:00:00","date_gmt":"2020-06-26T05:00:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=7551"},"modified":"2020-06-27T07:19:18","modified_gmt":"2020-06-26T21:19:18","slug":"the-two-great-threats-of-2020-coronavirus-and-keynes","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-two-great-threats-of-2020-coronavirus-and-keynes\/","title":{"rendered":"The two great threats of 2020: coronavirus \u2013 and Keynes"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The fiscal response to the COVID-19 pandemic leaves an economically threatening legacy of high budget deficits and public debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Australian governments should take action to reduce the burden the stimulus measures have placed on the future economy and taxpayers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike emergency monetary responses to increase liquidity and loosen credit availability, panic government spending binges \u2014 particularly of the cash splash and welfare support kind \u2014 cannot be readily withdrawn once announced, and have lasting negative macroeconomic consequences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The idea that copious government spending necessarily mitigates the macroeconomic impact of a crisis is a Keynesian fallacy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Suddenly injecting government spending is not akin to injecting liquidity and bank credit via emergency monetary easing, because government spending has to be funded from elsewhere; in Australia\u2019s case, mostly from abroad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Announcing bonus cash payments and bolstering welfare payments under crisis conditions with public debt already escalating rapidly due to revenue loss is not unlike a household deciding to spend more each week at pricey restaurants while under pressure to meet the mortgage payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Please click here to read the full &#8216;<a href=\"https:\/\/www.spectator.com.au\/2020\/06\/the-two-great-threats-of-2020-coronavirus-and-keynes\/\">The two great threats of 2020: coronavirus \u2013 and Keynes<\/a>&#8216; article originally published at BSI Connection, written by <a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\">Griffith Asia Institute <\/a>researcher, <a href=\"https:\/\/experts.griffith.edu.au\/18543-tony-makin\">Professor Tony Makin<\/a>. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fiscal response to the COVID-19 pandemic leaves an economically threatening legacy of high budget deficits and public debt. Professor Tony Makin shares his insights. <\/p>\n","protected":false},"author":14,"featured_media":7562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1053,1055],"tags":[779,615,503,1268,1266,401],"class_list":["post-7551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australia","category-economies-and-development","tag-economic-growth","tag-economy","tag-finance","tag-fiscal-policy","tag-keynesian-fallacy","tag-professor-tony-makin"],"acf":[],"modified_by":null,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The two great threats of 2020: coronavirus \u2013 and Keynes | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"The fiscal response to the COVID-19 pandemic leaves an economically threatening legacy of high budget deficits and public debt. 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