This article is titled “New Respect is bestowed on Fiscal Policy” and it reveals how the fiscal policies of major economies have featured in the recession era. The article appears in the online publication of “The New York Times” and it is authored by a renowned business reporter. According to the article, the economic outlook of many developed countries is about to enter a period of uncertainty. The author of the article notes that unlike in the past, most countries are not afraid of experimenting with their fiscal policies. Furthermore, the experimental fiscal policies that have been adopted by the world’s major economies have ushered in a period of unpredictable economic outcomes. The article also explores some of the fiscal policies that have been “used around the world since the 2008 economic crisis” (Kaletsky, 2014). Most of these ‘crunch time’ fiscal policies have revealed that governments’ decisions regarding public spending and tax rates have the biggest impacts on economic revival. The author of this article also notes that after the 2008 economic crisis, most countries came up with fiscal policies that defied “rhetorical predictions of politicians and central bankers” (Kaletsky, 2014). The article indicates that when formulating fiscal policy, the decision to reduce public spending has always yielded negative results. On the other hand, countries that are going through a financial crisis benefit more if they ignore deficits in their economies. Increased government borrowing has also emerged as a viable tool for dealing with economic recessions. The article concludes by noting that previously, it was assumed that Keynesian monetary policies were enough when dealing with economic crises. However, fiscal policies have emerged as the tools of choice when balancing global economic anomalies. This article is closely connected to several economic principles and subjects including taxation, fiscal policy, government spending, and public debt. However, the author of the article explores how government spending is used as a tool of effecting fiscal policy. The article notes that fiscal policy is emerging as the most effective tool of dealing with any economic crisis. Nevertheless, the issue of government spending versus public spending is explored in detail by the author. For instance, the article cites the examples of countries such as Britain, Japan, and the United States and their attempts to stabilize their economies by reducing public borrowing (Kaletsky, 2014). The article indicates that reducing public spending led these countries into bigger financial problems. Most economic theories present different opinions on the effectiveness of government or public borrowing during recessions. Nevertheless, since 2008 it has become clear that fiscal policies have become broad enough to encompass various economic theories. Furthermore, modern fiscal policies have to be considerate of the private sector. In times of recession, the private sector does not always conform to the government’s fiscal policy. The effects of import and export markets also feature heavily in fiscal policy formulation. The article explores all possible angles of a government’s fiscal policy. The issue of in