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As such agents choose to save now so that they have enough when taxes are increased in the future to pay back the borrowing. Due to households holding both assets (government bonds) and liabilities (future tax obligation), this does not represent net wealth for them . Consumers are saving exactly the same amount governments are overspending, and so total demand is unaffected.
As a result, Ricardian Equivalence Theorem implies that using active fiscal policy to alter aggregate demand proves ineffective. This is in stark contrast with the Keynesian economic theory (fig 1), whereby increasing government spending increases both output and the interest rate, as they base consumption on current income...
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