【论债务十】政府债务之-财政政策的目的

Core Views - The effectiveness of monetary and fiscal policies is contingent upon their ability to promote stable economic growth, but they often serve as tools rather than solutions when deep structural contradictions arise in the economy [2][7] - Government debt management is akin to operating a "super company," where the sustainability of debt relies on the expectation of future income, primarily through tax revenues [2][4] Government Debt and Expenditure - Government debt and expenditure must be built on a durable and stable system, which is essential for both corporate prosperity and government sustainability [4] - Fiscal spending should accurately address the core contradictions and pain points of the economy to yield potential economic returns and growth; misallocation of fiscal funds can erode government competitiveness and future revenue-generating capacity [4][8] Monetary and Fiscal Policies - Monetary and fiscal policies are merely means to alleviate pain during economic downturns and to temper overheating during upturns, but they do not resolve core contradictions [7][8] - High interest rates are often employed to control rapid economic expansion rather than directly causing a slowdown in growth; the key variables affecting growth are division, distribution, and leverage [7][8] Debt Sustainability - Low interest rates do not necessarily provide substantial benefits to fiscal debt; if fiscal debt loses market confidence, merely having low rates will not resolve credit crises [8] - The core issue is whether policies can promote sustainable growth, which in turn leads to long-term benefits for government departments and alleviates concerns about debt sustainability [8]