In normal times, the conduct of fiscal policy is all about rationing disappointment, or at least equitably distributing grievances between stakeholders. There’s always only so much money to spend, and no more. Fiscal space, and all that. We do not live in normal times. We have a global pandemic, and we have the climate and biodiversity emergencies. Fiscally speaking, we live in times closer to wars. Money is the sinew connecting all emergencies to their solutions. Paradoxically, Covid has prepared us for what we need to do, which is spend, spend, spend. Speed, scale, and scope will again need to…

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