The Irresponsible Game Lurking Behind Fiscal Policy - 1/27/2026

Summary

Policies pursued under the name of "active fiscal policy" are fraught with distortions. To what extent should the ideals they aim for be accompanied by responsibility? Ultimately, if they allow privileged interests to be enjoyed by placing excessive risks on the public, that "responsibility" cannot be said to have been fulfilled.

Keywords

Fiscal policy, responsibility, distortion, risk, deception

Who benefits, who bears the burden?

On a street corner, I spotted some children buying balloons. They clutched coins tightly and paid with joyful looks on their faces. However, I soon realized the truth behind their actions. The act of buying balloons carries a weight greater than the small amount paid here and now. Behind the store lies a shadowy, large corporation, and a bank supporting its activities. Behind the children's joy at paying a small amount, someone is reaping the benefits and someone is bearing the costs.

As in this example, the "prosperity" we see does not necessarily come with responsibility. Modern fiscal policy is similar to this invisible hierarchy. On the surface, everyone appears to benefit. However, underneath, the burden of risk is often imposed on only a few, while the benefits are concentrated in the hands of a very few.

The Invisible Structure of Risk

The term "expanding fiscal policy" seems attractive at first glance. It is touted as a means to expand social welfare and stimulate the economy. However, a deeper look reveals a hidden contradiction. The gains from expanding fiscal policy may certainly benefit society as a whole. However, most importantly, those who enjoy the benefits and those who bear the risks are not necessarily the same.

A certain bank may enjoy the benefits of aggressive government spending, but it does not bear the risks. Banks are essentially "unharmed" because they have many ways to transfer risk to external parties. Meanwhile, ordinary citizens bear the risks. The taxes, interest, and future burdens paid by citizens all manifest as "invisible risks."

Invisible Risk = Profit Monopolization ÷ Responsibility Shifting

This equation succinctly illustrates the distortions inherent in modern fiscal policy. Profits are concentrated in the hands of a few, while responsibility is shifted to the entire population. Overlooking this structure is tantamount to imposing injustice on future generations.

Asymmetry Created by Distortion

One day, a meeting was taking place in a corporate office building. Inside, men in expensive suits were lined up, enthusiastically discussing the next investment proposal. Outside, people living in the backstreets of the city were lining up to receive their meager handouts. However, the time, resources, and decisions involved were all in the hands of those inside the building. Their profits come at the expense of the risks and burdens borne by those outside.

This is a classic example of economic asymmetry in modern society. As fiscal policy repeatedly repeats, profits accumulate in the hands of large corporations and financial institutions, who minimize their risks and avoid the responsibilities they owe. Yet ordinary citizens shoulder the burden unilaterally. This asymmetry is the essence of the deception lurking within social systems.

Where does this lead?

A couple sat in an elegant restaurant in the center of a city. They were enjoying a meal while discussing the future of fiscal policy. But they had no idea that behind the scenes, countless anonymous people were working to support their meal. The greatest inequity is the fact that the contradictions are cleverly hidden from view, and that somewhere, someone is being swallowed up by the "system."

The deception inherent in this system is repeated over and over again, sometimes unconsciously. Those who benefit bear no responsibility, while the risks are pushed onto distant citizens. This phenomenon will likely continue into the future. What's important is that we become aware of these contradictions.