IMF gives the thumbs up for governments to pile on the debt levels
- Cutting spending too early could derail economic recovery
They're definitely not wrong in that sense but it also reaffirms the more or less global narrative that fiscal conservatism is dead. As much as the world would like to go back to thinking that mounting debt levels will eventually be repaid, that is not going to happen.
When the next crisis comes along, guess what? We'll be back here having this exact same talk again, only with even higher debt levels than before.