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Around the world, a surge in debt has fueled higher government spending. But that hasn't brought a lasting, sustained rebound in the economy. Adding $30 trillion in debt with no growth to show for it only demonstrates the bankruptcy of Keynesian tax-and-spend policies...
Fiscal Folly: A new study says governments around the world boosted their debts by more than 40% to over $100 trillion in response to the global financial crisis. Where's the promised recovery from all that spending?
From mid-2007 to last summer, the world added $30 trillion in government debt to its balance sheets, the Bank for International Settlements says. By comparison, that's twice the size of the $15 trillion U.S. economy.